Launched in January 2001, the Forum of Firms (FoF) is an organisation of international firms that perform audits of financial statements that are or may be used across national boundaries. All members of the FOF meet certain requirements as detailed in FOF's Constitution. Members'commitment to the obligations of membership of FOF contributes in raising the standards of auditing internationally in the interests of users of the profession's services.

FOF is part of the The International Federation of Accountants (IFAC), the worldwide organisation of the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of international economies. IFAC's current membership consists of approximately 160 professional accountancy bodies in 120 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC, through its independent standard-setting boards, sets international standards on ethics, auditing and assurance, education, and public sector accounting. It also issues guidance to encourage high-quality performance by professional accountants in business. FOF conducts its business primarily through the Transnational Audit Committee (TAC), an IFAC committee whose members are nominated by FOF members.

IEC was present at the 2008 FOF meeting in NY. Our representative were Stefano Ciccioriccio and IEC Chairman Michel De Wolf.

Among the items in the agenda the major highlights were:

-The International Auditing and Assurance Standards Board (IAASB) activity report
- The IAASB Implementation Monitoring Project
- The participation in an information-gathering project relating to the implementation of the new clarified ISAs
- The Report from the Compliance Advisory Panel (CAP)
- The Report on IFAC reforms to the monitoring group
- The Report from TAC Chair
- The International Accounting Education Stan

In June 2008 the IAASB approved as final standards seven redrafted ISAs. They should be released in early October 2008 after the PIOB’s review.
In July 2008 the IAASB released the final standards of ISAs 550 (revised and redrafted), 250 (redrafted), 510 (redrafted) and 570 (redrafted).
In September 2008 the IAASB approved other 12 ISAs and proposed a redrafted ISQC 1.
The IAASB has set up a Task Force to review whether further guidance need to be developed relating to fair value accounting estimates.

There was a discussion about a possible distinction between "audit" (fully submitted to ISAs) and "review". Michel De Wolf intervened in that debate in order to draw the attention on possible risks linked with that approach. The fear was that in some European countries, audit would be in the long term limited to "public interests entities" (listed companies, banks, etc.), while Member States will choose to submit SMEs to "reviews". And that "reviews" will be done not only by auditors (in the meaning of the EU directive), but to more or less everybody, with a very fierce competition.

Brian Smith, FoF Secretary, reported upon the last decision concerning how to communicate the membership and the network status to the FoF.
Communications regarding the membership of larger structures which are or include a member of the Forum must be done in such a way that only those entities which are part of the member for Forum purposes are indicated as such. Communications on web-sites and in brochures both “centrally” and at individual firm level, where reference is made to membership of the Forum, need to clearly distinguish between entities which are part of the member for Forum purposes and those which are not. Only those entities which are part of the Forum member may make reference to membership of the Forum. Individual organizations will need to develop wording which fits the structure of their organization as well as the Forum membership requirements.

tives had the opportunity to meet and have some discussion with Mr. Fermin del Valle, the Argentinean colleague who will be shortly appointed as the new IFAC Chairman.