Established in 2002, the FORUM of FIRMS is a prestigious association of international networks of accounting firms.
Kreston IOM is aligned with this association, through its Kreston International membership.
The forum’s goal is to promote consistent and high quality standards of financial reporting and auditing practices worldwide.
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.
For additional details on the Forum of Firms visit their website here.