Reanda International has beend admitted as a member of Forum of Firms (FoF) effective 1 January 2022. Reanda International is the first and presently the only international accounting network from the Greater China region that achieved this global recognition for top audit quality.
As a member of FoF, Reanda International is a part of this prestigious and globally recognized association of international networks of accounting firms under IFAC, the most influential international accounting policy and standard setting organisation. Reanda International joined FoF as an affiliate in 2019. In order to obtain the FoF full membership, the network has demonstrated that it had successfully implemented a globally coordinated internal quality assurance review programme as coordinated by our Global Technical and Quality Assurance Department and complied with other quality control and ethical requirements. In an effort to enhance the technical level of the network, Reanda International has been running tailored trainings to the member firms on the use of the latest Reanda International technical manuals with dedicated support according to the specific needs of members. Besides, the network also launched a new web-based centralised database search engine with the objectives of assisting member firms to avoid threats to independence and potential conflicts of interest. After going through the extensive and thorough 3-year review by the FoF membership committee on the network’s audit quality control system, Reanda International has been admitted as a full member effective 1 January 2022. While we strongly believe that maintaining appropriate control for high audit quality is paramount for a successful and sustainable network, this significant milestone of our Forum membership indeed manifests our strong commitment to audit quality as well as our long-term strategy to drive the consistency of our members’ quality level globally.
The FoF membership opens up tremendous opportunities for Reanda International members especially when it comes to competing for international projects from the world class financial institutions and sizable MNCs. Meanwhile it also enables our network’s access and participation in contributing to the global standard setting and regulatory developments in the audit quality context.
The Forum’s membership obligations require members to:
- Maintaining quality management standards in accordance with the International Standards on Quality Management issued by the IAASBin addition to relevant national quality management standards;
- Conducting, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews;
- Having policies and methodologies for the conduct of transnational audits that are based, to the extent practicable, on the International Standards on Auditing issued by the IAASB; and
- Having policies and methodologies that conform to the IESBAInternational Code of Ethics for Professional Accountants and national codes of ethics