Two international networks of accounting firms, IEC and JHI, have been admitted as full members of the Forum of Firms after indicating that they have met the Forum's membership standards. This includes reporting that they have implemented a globally coordinated quality assurance program, have policies and methodologies based on the International Standards on Auditing (ISAs), and have met other specific ethics requirements. Nineteen other international networks of accounting firms achieved full member status in 2008 and continue to report their adherence to the Forum's membership obligations. A list of the Forum's members is attached.
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. "Membership of the Forum demonstrates a network's commitment to meeting its public interest responsibilities and the highest level of quality in auditing on an international scale," emphasized David Maxwell, Chair of the Forum of Firms. "In these tumultuous economic times, such a public commitment to International Standards on Auditing and rigorous quality control standards is an active support to public confidence in the accountancy profession and in financial reporting in general."
In order to achieve full membership status, IEC and JHI 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 which conform to the IFAC Code of Ethics for Professional Accountants and national codes of ethics.
For additional details on the Forum of Firms, please visit: http://www.ifac.org/Forum_of_Firms/.