Press Releases/News Alerts
Kreston International Joins Forum of Firms
International network of accounting firms Kreston International has been admitted as a full member of the Forum of Firms after confirming that it has met the Forum's membership standards. This includes reporting that it has implemented a globally coordinated quality assurance program, has policies and methodologies based on the International Standards on Auditing (ISAs), and has met other specific requirements of the Code of Ethics for Professional Accountants.
As of January1, 2011, twenty-one other international networks of accounting firms are full members of the Forum of Firms and continue to report their adherence to the Forum's membership obligations. A list of the Forum's members is available at www.forumoffirms.org.
The Forum of Firms is an association of international networks of accounting firms. These firms perform a major global share of the audits of financial statements that are or may be used across national borders. The Forum's goal is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide. “We are delighted at Kreston’s decision to join the Forum and their public commitment to International Standards on Auditing and rigorous quality control standards,” says Robert Dohrer, chair of the Forum of Firms. “By taking part in the Forum’s activities, Kreston and other Forum members have an important role in contributing to public confidence in the accountancy profession and in financial reporting in general.”
In order to achieve full membership status, Kreston International had to commit to meeting the Forum's membership obligations, which require members to:
- Maintain appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board (IAASB), in addition to relevant national quality control standards and conduct, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews;
- Have policies and methodologies for the conduct of transnational audits that are based, to the extent practicable, on ISAs issued by the IAASB; and
- Have policies and methodologies that conform to the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants and national codes of ethics.
For additional details on the Forum of Firms, please visit: www.forumoffirms.org.
About the Forum of Firms
The Forum of Firms is an association of networks of international accounting firms that perform transnational audits. Members of the Forum have committed to adhere to and promote the consistent application of high-quality audit practices worldwide, including the use of International Standards on Auditing, and the maintenance of appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board. Through their organizations, members also conduct globally coordinated internal quality assurance reviews on a regular basis and have policies and methodologies that conform to the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants. The Transnational Auditors Committee is the Executive Committee of the Forum of Firms and a committee of the International Federation of Accountants (IFAC).
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.