FORUM OF FIRMS
SFAI is member of the Forum of Firms
SFAI has committed to practice with a consistent application of high-quality audit practices worldwide, and to meet the Forum’s membership obligations as detailed in the FOF Constitution.
The Forum’s membership obligations require to the 27 firms presently within that Forum:
- 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.