Horwath International Association has been named one of the first full members of the Forum of Firms after reporting that it has implemented a globally coordinated quality assurance program.
Horwath committed to the use of International Standards of Auditing and met other specific ethics requirements to join the group. The Forum of Firms is an association of international networks of accounting firms.
"Its main mission is to improve auditing standards around the world," said Julian Jacoby, accounting and assurance director at Horwath. "We believe that our member firms provide good quality service so we wanted to be in the same marketplace as the larger firms. To some degree this organization will help us do that."
Horwath already has a network of 130 firms around the world. But the firm wanted to have the credential of belonging to the Forum. "If we can meet the obligations of that organization, then we're entitled to a membership," said Jacoby. "We have to look at our quality annually in order to sustain that membership."
Members of the Forum have to maintain appropriate quality control standards in accordance with International Standards on Quality Control issued by the International Auditing and Assurance Standards Board in addition to relevant national quality control standards, and conduct regular globally coordinated internal quality assurance reviews. They must also have policies and methodologies for the conduct of transnational audits that are based on ISAs issued by the IAASB; and have policies and methodologies that conform to the International Federation of Accountants' Code of Ethics for Professional Accountants and national codes of ethics.
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