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 program, committed to the use of International Standards on Auditing (ISAs), and met other specific ethics requirements, the Forum announced today.
"We are proud to be among the first group of Forum members," said John Wolfgang, a New York City-based partner with UHY LLP who also serves as 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."
The Forum of Firms is an association of international networks of accounting firms like UHY International. 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).
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;
• Have policies and methodologies which conform to the IFAC Code of Ethics for Professional Accountants and national codes of ethics.