[1][2] The objective of the Forum is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide.
[6] Members of the Forum have committed to adhere to and promote the consistent application of high-quality audit practices worldwide, as detailed in the FOF Constitution.
The Forum's membership obligations require that members: • Maintain quality control standards in accordance with the International Standard on Quality Control (ISQC 1)[9] issued by the IAASB [10] in addition to relevant national quality control standards; • 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 the International Standards on Auditing (ISAs) [11] issued by the IAASB; • Have policies and methodologies that conform to the IESBA Code of Ethics for Professional Accountants [12] and national codes of ethics; and • Agree to submit to the Secretary of the Forum an annual report, in an approved format, indicating that it meets the membership obligations set forth above.
Members are those networks or firms that have satisfactorily submitted an annual report to the Transnational Auditors Committee (TAC) [13] indicating that they have met the Forum's membership obligations during the reporting period.
Members shall be entitled to describe themselves as such in accordance with wording to be determined by the Forum.