Press Releases
UHY joins Forum of Firms
25th January, 2008
UHY International among first full members of Forum of Firms after meeting international quality, ethics requirements
UHY International has been named one of the first full members of the Forum of Firms after reporting it has implemented a globally coordinated quality assurance programme, committed to the use of International Standards on Auditing (ISAs), and met other specific ethics requirements, the Forum announced today.
"UHY International is proud to be among the first group of Forum members," said John Wolfgang, chairman of UHY International. "We have embraced the high quality assurance and ethics standards required of Forum members in order to serve the public interest and to help raise the standards of the international practice of auditing.
"More specifically, so many mid-tier companies now have interests in at least one country outside their home base – many have wider international operations. UHY International’s membership of the Forum of Firms means these mid-market clients have access to the same quality of professional service from firms like ours. We not only have the global spread but now have the attested compliance infrastructure to deliver a transnational service that any client can count on," he added.
The Forum of Firms is an association of international networks of accounting firms. These firms perform 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. It conducts its business through its executive arm, the Transnational Auditors Committee (TAC), which is also a committee of the International Federation of Accountants (IFAC). The members of the TAC are nominated by Forum members; UHY International has been represented on TAC since 2004 by Marilyn Pendergast.
Jack Easton, chairman of UHY International’s audit quality programme, said: "Quality control is of great importance to UHY International. The effort involved in achieving international quality standards across our entire network has required diligent work by our member firms to comply with the Forum's quality standards. However, we feel it has been a worthwhile and, ultimately, rewarding endeavor."
In order to achieve full membership status, UHY International had to commit to meet 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.
Like all the other full members announced today, UHY International originally joined the Forum as a provisional member. As of January 2008, of the 21 Forum members, 17 are full members and four are provisional members. The Forum’s remaining provisional members are working toward becoming full members in 2008.
As a full member of the Forum, UHY International is entitled to indicate Forum membership on our website, on letterhead, and in our publications.
Sixteen other international networks of accounting firms also achieved full member status, the first group of firms to do so since the Forum was formally established in 2002. See below for a list of the Forum’s members.
Forum of Firm Members (as at 21st January 2008):
Full Members:
- Baker Tilly International
- BDO International
- Constantin Associates
- Deloitte Touche Tohmatsu
- Ernst & Young Global Limited
- Grant Thornton International
- HLB International
- Horwath International Association
- INPACT Audit
- KPMG International
- Mazars
- PKF International
- PricewaterhouseCoopers International
- RSM International Limited
- Russell Bedford International
- Talal Abu-Ghazaleh International
- UHY International
Provisional Members:
- IEC
- JHI
- Moore Stephens International
- Polaris International
Affiliates:
- None
CONTACT DETAILS: For Immediate Release/ 24 January 2008
Jenina Bas on +44 (0)7971 551778
Email: jbas@pendrywhite.com
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