• Narrow screen resolution
  • Wide screen resolution
  • Increase font size
  • Decrease font size
  • Default font size
Adjust Size
You are here: Home arrow News arrow HLBI Joins the Forum of Firms
HLBI Joins the Forum of Firms
Sample imageHLB International is delighted to announce that it 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.

Seventeen other international networks of accounting firms also achieved full member status, the first group of firms to do so since the Forum was formally established in 2002.

“HLB International is proud to be among the first group of full Forum members,” said Peter Frost. “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. 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), which is also a committee of the International Federation of Accountants (IFAC). Members of the TAC are nominated by Forum members. Professor Dr Edelfried Schneider from the HLB member firm in Germany, is a member of the TAC, having served since 2004.

In order to achieve full membership status, HLB 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; and
• Have policies and methodologies which conform to the IFAC Code of Ethics for Professional Accountants and national codes of ethics.

HLB International originally joined the Forum as a provisional member. As of January 2008, of the 21 Forum members, 18 are full members and four are provisional members. The Forum’s remaining provisional members are working toward becoming full members in 2008.