The most important value shared among our member firms is “a safe pair of hands”. When one of our firms is supported by a fellow member in another part of the world, they need to be sure that their client’s precious business will be looked after with the high quality and expertise that they are used to at home. Our quality assurance (QA) systems are innovative and efficient. While we do not have the resources of the very biggest firms, with their globe-trotting QA departments, we leverage member expertise and technology to focus QA review and remediation where it is most needed.
Membership of the Forum of Firms
The Forum of Firms is an independent association of international networks of firms that perform transnational audits. The objective of the Forum is to promote consistent and high-quality standards of financial reporting and auditing practices worldwide — bringing together firms that perform transnational audits and involving them more closely with IFAC’s activities in audit and other assurance-related areas. Members of the Forum of Firms must demonstrate their commitment to adhere to and promote the consistent application of high-quality audit practices worldwide, as detailed in the FoF Constitution. The Forum was founded in 2002 by the Big Four firms plus BDO and Grant Thornton and now comprises 31
MGI Worldwide Quality Assurance
The MGI Worldwide QA system is based on the international quality standard ISQC-1. Every year, firms report through responsive, multilingual, online systems on their compliance with our standards. Our systems give immediate feedback for items that need improvement and remediation. To help foster continuous improvement, we offer web-based training and support.
Every three years each member firm is subject to an onsite review. The whole of our review process is supported and operated by a leading audit and accountancy training and quality review company, Mercia Group, part of the training and quality specialist group, Wilmington plc. Our Technical Committee, which supervises the QA system, evaluates the level of QA controls in each firm and scores its performance. Improvement and rereview plans are agreed and, in some cases, disciplinary actions are taken. Firms which systematically score low in QA and show no sign of improvement are dismissed from MGI Worldwide.
MGI Worldwide takes quality assurance seriously – it is at the heart of how we deal with our clients and the reputation we have built during more than 70 years of international service.
For more information on MGI Worldwide visit www.mgiworld.com