Forum of Firms

“Membership in the forum is open to networks and firms of all sizes that conduct, or have an interest in conducting, transnational audits; promote the consistent application of high-quality audit practices and standards worldwide; support convergence of national audit standards with the international standards on auditing (isas); and commit to meeting the forum's membership obligations. The forum's membership obligations require that members: - maintain quality control standards in accordance with the international standard on quality control (isqc 1) issued by the iaasb in addition to relevant national quality control standards; - 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 the international standards on auditing (isas) issued by the iaasb; - have policies and methodologies that conform to the iesba code of ethics for professional accountants and national codes of ethics; and - agree to submit to the secretary of the forum an annual report,in an approved format, indicating that it meets the membership obligations set forth above. Membership to the forum can be found at www.forumoffirms.org”

“The transnational auditors committee (tac) is the executive arm of the forum and a committee of ifac and, therefore, provides the official linkage between the forum and ifac. In accordance and as prescribed by the forum's constitution, the composition of the tac shall reflect the membership of the forum. The allocation of representation on the tac shall be reviewed by the tac for recommendation to and approval by the forum and the ifac board. Tac representatives (one of whom shall be the chair) are appointed in accordance with section 36 of the forum's constitution and the provisions of section 25.1.g of the ifac by-laws.”

“The tac recommends to the annual meeting of the forum for its approval: - proposals for policy and strategic initiatives, including proposed work plans and estimates for total costs for the following year; - the annual allocation of the financial contributions to be paid by members including any contributions required regarding the cost of claims; - the annual report and accounts of the forum; - the forum's operating procedures and any amendments thereto; and - any other matters reserved under the terms of the forum's constitution for decision or approval by the members. Further, the tac recommends to the annual meeting of the forum for its approval and subsequent recommendation for its approval to the ifac board: - amendments to the forum's constitution including the forum's membership obligations; - changes to the basis for the allocation of voting rights at annual and special meetings of the forum; and - changes to the basis for the allocation of representatives on the tac.”

“No review was or will be conducted.”

“Public can access these documents listed in the organization's web site at www.forumoffirms.org (governing documents only).”

“The forum of firms has an audit committee, which oversees the audit. There was no change in the oversight procedures.”