Baker Tilly International and Nexia
International have joined the Forum of Firms (FoF),
a group of global accounting networks that promote
consistent and high-quality transnational auditing
practices.
Baker Tilly International was previously
a member of the FoF but pulled out in 2009 because it did
not perceive a value in membership at the time. Aside from
meeting FoF criteria, annual membership fees are not
cheap.
A perceived benefit of membership is that firms who are FoF
members will be considered more favourably for transnational audit
work than firms who are not. Forum of Firms chairman Robert Dohrer
told International Accounting Bulletin in April that
“various regulators and organisations” view FoF membership as a
prerequisite to bidding for audit work.
The fact that Baker Tilly International decided to reapply is at
least a sign the FoF’s perception as a kitemark of
quality has improved.
“Although we believe that some of the issues
which led to our decision to resign remain valid, there have been
changes,” Baker Tilly International chief executive Geoff Barnes
said. “One of these is that membership of the forum is now
recognised, by certain international institutions as being a sign
of commitment to quality.”
Nexia International executive director Kevin
Arnold said that FoF membership demonstrates the
network’s commitment to high-quality assurance and ethical
standards.
“It is a reflection of the financial and
resource investment we have made in recent years in supporting this
quality ethos throughout our organisation,” Arnold said.
To be an FoF member, networks must
maintain quality control standards in accordance with International Standard on Quality Control (ISQC
1), conduct internal quality reviews of member firms, have
transnational audit methodoligies that are based on ISAs, conform
to global standards on ethics and produce an annual report to the
FoF.
The addition of the two networks means there
are now 24 full FoF members.
