Forum Of Firms

THE PUBLIC INTEREST OBJECTIVE OF THE FORUM IS TO PROMOTE CONSISTENT AND HIGH QUALITY STANDARDS OF FINANCIAL REPORTING AND AUDITING PRACTICES WORLD-WIDE. THE FORUM BRINGS TOGETHER FIRMS WHICH PERFORM TRANSNATIONAL AUDITS AND INVOLVES THEM CLOSELY WITH IFAC'S ACTIVITIES THEREBY SUPPORTING IFAC'S PUBLIC INTEREST PURPOSE.

LIKE MANY ORGANIZATIONS, THE PANDEMIC HAS CONTINUED TO INFLUENCE THE WORK PROGRAM OF THE FORUM OF FIRMS FOR 2022 KEY THEMES HAVE BEEN: HYBRID: WE WELCOMED THE RETURN OF IN-PERSON MEETINGS IN 2022 COMMENCING WITH OUR MARCH 28-30 MEETING IN LONDON FOLLOWED BY NOVEMBER 1-3 IN NEW YORK. OUR JANUARY AND JUNE MEETINGS CONTINUED TO BE FULL VIRTUAL. A FULL VIRTUAL 'TAC ONLY' MEETING DEALING TAC NOMINATIONS TO THE IAASB AND IESBA ALSO OCCURRED IN MARCH. FOF COMMUNITY: WE CONTINUED FURTHER STRENGTHENING THE 'FOF COMMUNITY' AS ALLUDED TO ABOVE THIS MEANT THE FOF HOLDING FOUR MEETINGS INVOLVING THE ENTIRE FOF MEMBERSHIP EACH DESIGNED TO FURTHER COLLECTIVE ENGAGEMENT AMONGST MEMBERSHIP AND IMPORTANTLY WITH STAKEHOLDERS IN SUPPORT OF AUDIT QUALITY. SUPPORTING STANDARD SETTING: THE FORUM CONTINUED TO SUPPORT STANDARD SETTING BY NOMINATING CANDIDATES TO THE INTERNATIONAL AUDITING & ASSURANCE STANDARDS BOARD (IAASB) AND INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS (IESBA) RESPONSIVE TO THE SKILLS, EXPERIENCE AND EXPERTISE BEING REQUESTED. THE FOF HAS A STRUCTURED VETTING PROCESS DESIGNED TO ASSIST PREPARING ALL CANDIDATES PARTICULAR EMPHASIS IS GIVEN TO FURTHER EMBEDDING IN CANDIDATES THE SIGNIFICANCE OF THE PUBLIC INTEREST, BRINGING AN EMPATHETIC GLOBAL PERSPECTIVE, STRONG TECHNICAL SKILLS AND SUPPORTING CONSENSUS BUILDING. REVISED AGENDA PLANNING: A PRIORITY WAS CONTINUING TO ENSURE AGENDAS WERE 'RELEVANT' UNDERPINNED BY COMPREHENSIVE ENGAGEMENT WITH STAKEHOLDERS COLLABORATION ON TOOLS DEVELOPMENT: CONTINUED INVESTMENT AND COLLABORATION PARTICULARLY WITH THE INTERNATIONAL FEDERATION OF ACCOUNTANTS ON THE DEVELOPMENTS OF TOOLS IN SUPPORT OF AUDIT QUALITY. ADDRESSING AUDIT TOPICS FROM ACROSS THE FOF MEMBERSHIP: IN THE DEVELOPMENT OF ALL AGENDAS AND RESOURCES/TOOLS, SIGNIFICANT CONSIDERATION IS GIVEN TO ENSURING THE ISSUES AND CHALLENGES BEING EXPERIENCED BY BOTH LARGE AND SMALLER MEMBER FIRMS ARE RECOGNIZED. IN-COUNTRY ACTIVITY THIS KEY ACTIVITY FOR THE FOF WAS NOT ABLE TO BE PROGRESSED DURING THE PANDEMIC. HOWEVER WE HAVE RE-COMMENCED WITH AN EVENT SCHEDULED IN MUMBAI ON NOVEMBER 17. MEMBERSHIP COMMITTEE THE MEMBERSHIP COMMITTEE HAS HAD AN ACTIVE YEAR PROGRESSING SEVERAL MEMBERSHIP CANDIDATES THROUGH THE FOF'S EXTENSIVE DUE PROCESS. FOF MEMBERSHIP IS CURRENTLY 33 MEMBERS + 1 AFFILIATE (2021: 31+2). FOF 101 2022 SAW A RETURN OF OUR HOSTING AN INTERNAL TUTORIAL SESSION CALLED THE FOF 101. TYPICALLY HELD ANNUALLY OR AS NEEDED, THE FOF 101 IS A DEEP DIVE TO ENABLE ALL FOF MEMBERS TO BETTER UNDERSTAND THE GOVERNANCE AND OPERATION OF THE FOF WITH A VIEW THAT INCREASED UNDERSTANDING HELPS TO SUPPORT IMPROVED TRANSPARENCY AND THEREFORE PARTICIPATION AND ENGAGEMENT IN FOF ACTIVITIES.

THE PUBLIC INTEREST OBJECTIVE OF THE FORUM IS TO ASSIST THE USERS OF FINANCIAL STATEMENTS BY PROMOTING CONSISTENT AND HIGH-QUALITY STANDARDS OF FINANCIAL REPORTING AND AUDITING PRACTICES WORLD-WIDE. THE FORUM BRINGS TOGETHER FIRMS WHICH PERFORM TRANSNATIONAL AUDITS AND INVOLVES THEM CLOSELY WITH IFAC'S ACTIVITIES THEREBY SUPPORTING IFAC'S MISSION WHICH STATES THAT: "IFAC SERVES THE PUBLIC INTEREST BY: CONTRIBUTING TO AND SUPPORTING HIGH-QUALITY INTERNATIONAL STANDARDS, HELPING TO BUILD AND ENCOURAGING STRONG PROFESSIONAL ACCOUNTANCY ORGANIZATIONS, ACCOUNTING FIRMS, AND HIGH-QUALITY PRACTICES BY PROFESSIONAL ACCOUNTANTS; AND SPEAKING ON PUBLIC INTEREST ISSUES".

FURTHER TO LINE 4A, SOME NOTABLE DELIVERABLES ARE AS FOLLOWS: FOF COMMUNITY: IN 2022, THE FOF HELD 2 VIRTUAL AND 2 HYBRID MEETINGS INVOLVING THE ENTIRE FOF MEMBERSHIP AS FOLLOWS: JANUARY 26 VIRTUAL ONLY MARCH 28-30 - LONDON JUNE 28 VIRTUAL ONLY NOVEMBER 1-3 NEW YORKALL MEETING AGENDAS ARE THOUGHTFULLY CURATED FOCUSING ON THE FOF'S AUDIT QUALITY OBJECTIVE WHICH INCLUDES EXTENSIVE OUTREACH AND ENGAGEMENT WITH EXTERNAL STAKEHOLDERS (SEE LINE 4C FOR FURTHER DETAIL) COLLABORATION ON TOOLS DEVELOPMENT: IN COLLABORATION WITH THE INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC), KEY DELIVERABLES IN 2022 RELATED TO THE DEVELOPMENT OF FOCUSED USER FRIENDLY 'PRACTICAL' RESOURCES AND TOOLS TO ASSIST NAVIGATING OR SUPPORTING THE REAL PRACTICAL FINANCIAL REPORTING AND AUDIT QUALITY CHALLENGES. THESE RESOURCES CONTINUE TO BE AVAILABLE ON THE IFAC WEBSITE INCLUDING:- SUPPORTING IFAC IN THE PROVISION OF MULTIPLES SPEAKERS FOR PANELS AT THE WORLD CONGRESS OF ACCOUNTANTS (WCOA)- BOTH LEVERAGING AND SUPPORTING THE WCOA THROUGH THE FOF HOSTING AN IN-COUNTRY EVENT IN MUMBAI- CLOSE TO 20 FOF AUDIT NETWORKS PROVIDED FORMAL FEEDBACK ON IFAC'S DRAFT STRATEGIC PLAN- FOF REPRESENTATIVES ON AN IFAC TECHNICAL GROUP REVIEWING ISQM A&I MATERIAL- APPEARING IN IFAC WEBINARS, BEING PRESENTERS ETC - THE IMPORTANCE OF COLLABORATION WILL CONTINUE BEING A PRIORITY THROUGHOUT 2023.

THE FORUM OF FIRMS RECOGNIZES THE IMPORTANCE OF BROAD STAKEHOLDER ENGAGEMENT ON KEY TOPICS AND ISSUES RELATED TO SUPPORTING AND FURTHER ADVANCING AUDIT QUALITY. FOR 2022, THE FORUM OF FIRMS HAD ENGAGEMENT AND PRESENTATIONS FROM: DEEP DIVE AND/OR GENERAL UPDATE ENGAGEMENTS FROM THE FOLLOWING ON KEY PROJECTS FROM THEIR WORK PROGRAMS- GLOBAL REPORTING INITIATIVE GRI- INTERNATIONAL ACCOUNTING STANDARDS BOARD IASB- INTERNATIONAL AUDITING & ASSURANCE STANDARDS BOARD IAASB- INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS IESBA- INTERNATIONAL FINANCIAL REPORTING FOR NON-PROFIT ORGANISATIONS IFRS4NPO- INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD IPSASB- INTERNATIONAL SUSTAINABILITY STANDARDS BOARD ISSB- VALUE REPORTING FOUNDATION VRF REGULATORS- CANADIAN PUBLIC ACCOUNTABILITY BOARD CPAB (PANEL SESSION)- US PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD PCAOB- INTERNATIONAL FORUM OF INDEPENDENT AUDIT REGULATORS (IFIAR) GLOBAL AUDIT QUALITY WORKING GROUP- COMMITTEE OF EUROPEAN AUDITING OVERSIGHT BODIES CEAOB- UK FINANCIAL REPORTING COUNCIL FRC WELL REGARDED PANELISTS SUPPORTING PANEL DISCUSSIONS ON THE FOLLOWING TOPICS- ROUNDTABLE UPDATES KEY ACTIVITIES HAPPENING ACROSS IFAC'S CONSTITUENCY GROUPS - ENGINEERING YOUR TECH FORWARD FUTURE - CHALLENGES FACING THE PROFESSION - QUALITY MANAGEMENT ISQM COUNTING DOWN TO DECEMBER 15 IMPLEMENTATION CHECK-IN NETWORK FIRM PERSPECTIVES ON IMPLICATIONS FOR AUDIT OVERSIGHT IN THE CONTEXT OF ISQM QUALITY MANAGEMENT WHAT HAPPENS NEXT? MONITORING, REMEDIATION & EVALUATION ACTIVITY REQUIRED IN 2023 - ENGAGEMENT IN SUPPORT OF TOPICAL ISSUES THE STATE OF PLAY IN SUSTAINABILITY ASSURANCE: CORPORATE DISCLOSURE EMISSIONS TARGETS AND TRANSITION PLANS IMPLEMENTATION OF AI/MACHINE LEARNING IN THE PROFESSION INSIGHTS AND TREND LINES INSIGHTS FROM THE IAASB'S PARIS CONFERENCE ON LCES REGIONAL AND COUNTRY UPDATES COVERING- CHINA/HK SAR- EU POLITICAL INSIGHTS MARCH 2022- EU & US POLITICAL INSIGHTS IN A RAPIDLY CHANGING ENVIRONMENT NOVEMBER 2022- INDIA- SINGAPORE & SOUTH-EAST ASIA ACCOUNTANCY EUROPE IFAC CEO A STANDING AGENDA ITEMS FOR ALL TAC/FOF MEETINGS IFAC'S SMALL AND MEDIUM PRACTICES ADVISORY GROUP INTERNATIONAL BAR ASSOCIATION FURTHER, THE FORUM OF FIRMS ALSO HAS FORMAL REPRESENTATIVES INVOLVED IN THE FOLLOWING GROUPS ALL IN SUPPORT OF AUDIT QUALITY: THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD CONSULTATIVE ADVISORY GROUP THE PRACTITIONER ADVISORY GROUP FOR THE FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS