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Audit Quality Control

Quality, integrity and independence: our minimum standards for transnational audits

As a global audit network, Russell Bedford International is totally committed to quality, integrity and independence.

Following several years of dedicated effort and significant financial investment, we have successfully developed and implemented a globally-coordinated system for monitoring the audit quality control standards of our member firms.

We have policies and procedures, backed by rules and bye-laws, that require member firms conducting transnational audits to:

  • maintain appropriate quality control standards in accordance with International Standards on Quality Control, issued by the International Auditing and Assurance Standards Board (IAASB), in addition to relevant national quality control standards
  • participate in the network's audit quality control review programme
  • have policies and methodologies for the conduct of audits that are based, to the extent practicable, on International Standards on Auditing
  • have policies and methodologies in place that, as a minimum, conform to the International Ethics Standards Board (IESBA) Code of Ethics for Professional Accountants and national codes of ethics

In accordance with the IESBA Code of Ethics, member firms are required to use their best endeavours to ensure that they are independent of the financial statement audit clients of other members. The network maintains a register of transnational audit clients in order to facilitate the independence checking process.

IFAC Forum of Firms

In January 2008, having confirmed the successful implementation of the network's globally-coordinated quality control system, Russell Bedford International was named among the first 17 full members of the IFAC Forum of Firms.

The Forum is an association of international audit networks, and its goal is to promote consistent and high quality standards of financial reporting and auditing practices worldwide.

As a full member of the Forum, Russell Bedford International is entitled to indicate Forum membership on its letterhead and promotional materials. In addition, member firms of Russell Bedford International are permitted to indicate that they are members of Russell Bedford International and that their network is a member of the Forum.

Approved Transnational Audit Firms

Selected members are currently designated as Approved Transnational Audit Firms (ATAF) and other members are aiming to receive this designation.

To achieve such approval, firms must: perform audits in accordance with International Standards on Auditing or a very close substitute; have audit quality controls in accordance with ISQC 1; have participated in the network's AQC programme in the prior year with results that indicated substantial compliance with policies and procedures; and have received a positive report from an external audit inspection regime or an independent network-appointed reviewer in the prior two years. In addition, firms should normally have at least 2,000 hours of audit work per year and two partners who have knowledge of ISA and are capable of managing or performing the work.

Approved transnational audit firms (as at December 2016) are designated in the Locations section of this website by the following symbol:

Approved Transnational Audit Firm logo

Further firms will gain approved status in 2017, upon completion of the current year's quality control review process.

Firms that have the ATAF designation are assessed annually to determine whether it is appropriate for the status to continue.