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 2021 KEY THEMES HAVE BEEN:- VIRTUAL: ALL KEY EVENTS/ACTIVITIES MOVED TO ZOOM PLATFORM.- FOF COMMUNITY: IN RESPONSE TO THE NEED TO BE VIRTUAL, THE FOF INCREASED THE EMPHASIS ON FURTHER STRENGTHENING THE 'FOF COMMUNITY' - FOR 2021 THIS HAS MEANT THE FOF HOLDING SIX VIRTUAL MEETINGS INVOLVING THE ENTIRE FOF MEMBERSHIP (2020 FOUR)- REVISED AGENDA PLANNING: THOUGH MEETING DURATIONS HAVE BEEN REDUCED DUE TO THE SWITCH TO A VIRTUAL PLATFORM, WE HAVE REVISED AGENDAS TO BE FURTHER FOCUSED.- COLLABORATION ON TOOLS DEVELOPMENT: HEAVY INVESTMENT AND COLLABORATION PARTICULARLY WITH THE INTERNATIONAL FEDERATION OF ACCOUNTANTS. - 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.- MEMBERSHIP COMMITTEE MEMBER COMPLIANCE WITH THE FOF MEMBERSHIP OBLIGATIONS IS A KEY TO ADVANCING AUDIT QUALITY. THE MEMBERSHIP COMMITTEE HAS HAD A PARTICULARLY ACTIVE YEAR PROGRESSING SEVERAL MEMBERSHIP CANDIDATES THROUGH ITS EXTENSIVE DUE PROCESS. FOF MEMBERSHIP AS AT DEC 31 2021 WAS 31 MEMBERS + 2 AFFILIATES (2020: 31+1).

FURTHER TO LINE 4A, SOME NOTABLE DELIVERABLES ARE AS FOLLOWS:FOF COMMUNITY: IN 2021, THE FOF HELD SIX VIRTUAL MEETINGS INVOLVING THE ENTIRE FOF MEMBERSHIP AS FOLLOWS: - JANUARY 26 - MARCH 23-25 - MAY 5 - JUNE 23 - JUNE 28 - NOVEMBER 2-4ALL 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 2021 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:O WEBINAR: MENTAL WELLNESS AN INFORMATIVE DISCUSSION WITH PRACTICAL INSIGHTS AS THE PANDEMIC CONTINUESO SUPPORTING THE UPDATING OF THE PUBLIC SECTOR FINANCIAL ACCOUNTABILITY INDEX O THROUGHOUT 2021 THE FOF HAS BEEN OPEN TO COLLABORATION AS USEFUL - THIS HAS ESPECIALLY BEEN THE CASE WITH THE IMPLEMENTATION OF THE HIGHLY ANTICIPATED STANDARDS ON QUALITY MANAGEMENT FROM THE IAASB.O THE IMPORTANCE OF COLLABORATION WILL CONTINUE BEING A PRIORITY THROUGHOUT 2022.

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 2021, THE FORUM OF FIRMS HAD ENGAGEMENT AND PRESENTATIONS FROM:- MULTIPLE INTERNATIONAL STANDARD SETTERS (WHICH OFTEN INCLUDED TECHNICAL DEEP DIVE ELECTIVE SESSIONS):O INTERNATIONAL AUDITING & ASSURANCE STANDARDS BOARD - IAASBO INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS - IESBAO INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD - IPSASBO INTERNATIONAL ACCOUNTING STANDARDS BOARD - IASBO INTERNATIONAL PANEL ON ACCOUNTANCY EDUCATION - IPAEO INTERNATIONAL FINANCIAL REPORTING FOR NON PROFIT ORGANISATIONS - IFRS4NPO- THE CEO OF THE INTERNATIONAL FEDERATION OF ACCOUNTANT- REGULATORSO INTERNATIONAL FORUM OF INDEPENDENT AUDIT REGULATORS - IFIARO INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSION - IOSCOO CANADIAN PUBLIC ACCOUNTABILITY BOARD - CPABO UK FINANCIAL REPORTING COUNCIL - FRC- REGULATORY SPECIALISTS ON REGULATORY DEVELOPMENTS IN THE FOLLOWING JURISDICTIONSO BRAZILO CHINAO EUO GERMANYO HONG KONGO UKO US PRESIDENTIAL ELECTIONS - DOMESTIC AND FOREIGN POLICY OUTLOOK- WELL REGARDED PANELISTS SUPPORTING PANEL DISCUSSIONS ON THE FOLLOWING TOPICSO PRACTICAL CONSIDERATIONS IN RESPONSE TO STAKEHOLDER EXPECTATIONS FOR DETECTING FRAUDO MENTAL WELLNESS DURING AND AFTER THE PANDEMIC - PRACTICAL INSIGHTS TO SUPPORT OUR PEOPLEO PRACTICAL INSIGHTS EMBEDDING THE IAASB'S QM STANDARDS - EFFECTIVE DECEMBER 15 2022 - THE ASSOCIATION OF ACCOUNTING TECHNICIANS- THE INSTITUTE OF NUCLEAR POWER OPERATORS - INPO - A VERY HIGHLY REGARDED ORGANIZATION SHARING KEY PRINCIPLES, STRATEGIES AND LESSONS IN SUCCESSFULLY FACILITATING QUALITY AND CULTURE IMPROVEMENTS IN THE NUCLEAR POWER INDUSTRY- IN-COUNTRY ACTIVITY - THIS IS USUALLY A KEY ELEMENT OF OUR WORK PROGRAM BUT WAS NOT ABLE TO BE PROGRESSED IN 2021 DUE TO THE PANDEMIC- 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

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".