UHY GLOBAL AUGUST 2020 COGS AND WHEELS QUALITY CULTURE


In our regular Cogs & Wheels section, we look at some of the components that make up a successful international accountancy network. In this issue, our focus is on quality, one of the most critical dimensions for a professional service organisation, and its clients. In a world of globalising standards, increasing regulatory cooperation across international borders, and calls for better transparency and data protection, it is no wonder that one of the biggest goals for an organisation operating across the world, is to achieve compliance and consistency with the profession’s international standards. Quality standards in audit and assurance are the measures of corporate financial integrity that underpin global commerce, so it is no surprise that accounting regulators and professional bodies are on a mission of continuous improvement. Global networks like UHY, delivering client services through independent member firms across more than 300 business centres worldwide, must continue to achieve the highest standards of performance, now and in the future. And not only in audit, but in tax, advisory, consultancy and every other service, regulated or not, that will help to support the health and growth of its client businesses. FORUM OF FIRMS MEMBERSHIP The International Federation of Accountants (IFAC) is the accountancy profession’s global voice, and is best known for its development of international accounting standards that define the work of over 3 million accounting professionals across the world. A raft of quality-driven programmes ensures that current and future performance of auditors and accountants provides businesses and the public with the reassurances of financial integrity they demand. The scope is wide: from auditing, ethics and public sector accounting, to education, quality assurance, investigation and financial reporting. These standards are researched, developed, consulted upon and implemented through four standard-setting bodies. You can read more about their work here. THE FORUM OF FIRMS One of IFAC’s key committees, the Transnational Auditors Committee (TAC), was established 20 years ago and provides the link between IFAC and the Forum of Firms (FOF), a membership-based Forum comprising international accounting networks - including UHY and the Big Four – whose firms worldwide conduct cross-border client audits. Through the Forum of Firms, TAC is able to encourage, promote and support best practice quality auditing. Forum of Firms membership requires networks like UHY to demonstrate commitment to high quality audit practice worldwide, including adherence to IFAC’s international standards. FoFmembership is therefore seen as a quality accreditation, a reassurance to clients that the network’s firms offer national and transnational audit services to the highest global standards; and that a quality infrastructure is in place to monitor, manage and maintain these standards, year after year. UHY’S STRATEGIC HEART The UHY network has always chosen to put quality centre-stage in its global strategy, recognising that network integrity, a robust compliance infrastructure and the professional quality and competence of its member firms, are essential to success. Quality informs the organisational culture, the brand values and the goals of carefully managed growth. UHY continues to extend its national and global footprint to meet the growing needs of international clients, ensuring that a rigorous member firm recruitment process includes significant due diligence on quality measures, client delivery and brand fit. All UHY member firms adhere to a stringent quality charter as a condition of membership. In order to compete with the best, UHY member firms lock into the network’s compliance infrastructure, engaging with its quality management processes and a plethora of support mechanisms designed to ensure that performance to standards remains world class and consistent across the board. This reassures regulatory bodies and clients, and further strengthens UHY’s international reputation. SUPPORTIVE INFRASTRUCTURE Having one-to-one engagement with member firms, set within a friendly and relaxed but always professional culture of working together, is critical in a profession where regulatory development can move quickly to address corporate stakeholder concerns on, for example, audit efficacy or tax transparency. UHY’s membership quality and membership training working groups, comprised of senior member firm partners representing the network’s primary regions of EMEA, Asia-Pacific and the Americas, ensure not only that the quality strategy is maintained and developed, but also that member firms fully understand and are ready to implement regulatory revisions to practice in good time to support their clients. COMMUNICATING AND SHARING Fundamental to the success of UHY’s quality strategy and operations, is the network’s relationship with its member firms and the firms’ relationships with each other. Sharing news, updates, case studies, knowledge and expertise around the world means there is plenty of opportunity to discuss, prepare and implement quality management changes at practice level - and when member firms in different countries are working with the same cross-border clients, maintaining a consistent quality of service is paramount. As member firms in the network share an international outlook, the annual programme of regional and global events that UHY organises provides an excellent platform for coming together, networking, learning, sharing and doing business. From a managing partners forum to the annual conference, the events programme is a key component for member firms’ quality development and every event includes a rich technical programme. COPING WITH COVID While Covid-19 has necessitated the cancellation of UHY’s physical regional events this year, these have been replaced with interactive online sessions, and member firms have been communicating with each other, and with the UHY Board, via videoconference. Now, more than ever, mutual support and sharing ideas for the benefit of their clients, is critical. The network-wide intranet, UHY Exchange, also provides a 24/7 online platform for communicating and sharing, and every firm can access a comprehensive library of news, materials and resources. This has been indispensable in meeting the need to update and communicate fast-evolving professional guidance from the world’s accounting and regulatory bodies, on how Covid-19 impacts audit and assurance work, financial reporting deadlines and a whole host of related tax and accounting issues. With quality at the very heart of the organisation, an infrastructure to deliver consistent client service to international standards, and a culture of communicating and working together, the UHY network of member firms is well-prepared to support clients through the most challenging times. For more information about UHY’s capabilities, email the UHY executive office, info@uhy.com, or visit www.uhy.com.


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