INPACT Audit
Network
INPACT AUDIT Limited, an International Accounting Network, of which Vasan & Sampath is a founder member, is one of only 21 accounting networks that are members of the Forum of Firms, including the likes of Delloites, E&Y, KPMG and PWC.
90% of the world's professional accounting revenue is generated by the current members of the Forum of Firms.
INPACT AUDIT is dedicated to providing quality transnational audit and assurance services through the international auditing and quality control standards and the code of ethics issued by IFAC.
Our partner Mr. Arun Srinivasan was the first Chairman of the Board of Directors of INPACT Audit Limited and is currently serving his second term as Chairman.
We at Vasan & Sampath are proud to be part of this elite list through INPACT Audit and are committed to the stringent requirements of the membership.
The Forum of Firms
Formally established in 2002, the Forum of Firms (FOF) is an association of international networks of accounting firms that perform audits of financial statements that are or may be used across national borders. Commitment to the obligations of membership in the Forum contributes to raising the standards of the international practice of auditing in the interest of users of the profession's services. A fact sheet summarizes the Forum's structure, role and responsibilities and membership requirements
Membership in the Forum is open to networks and to firms of all sizes that:
- Have transnational audit appointments or are interested in accepting such appointments;
- Promote the consistent application of high quality audit practices worldwide, including the use of International Standards on Auditing (ISAs);
- Support convergence of national audit standards with ISAs; and
- Agree to meet the Forum's membership obligations.
The Forum's membership obligations require that members:
- Maintain appropriate quality control standards in accordance with International Standards on Quality Control issued by the IAASB in addition to relevant national quality control standards and 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 ISAs;
- Have policies and methodologies which conform to the IFAC Code of Ethics for Professional Accountants and national codes of ethics; and
- Agree to submit to the Secretary of the Forum an annual report, in a form approved by the TAC, indicating that it meets the membership obligations set forth above.
International networks of firms practicing under the same name or whose member firms are otherwise closely identified with one another, such as through common elements in their name will be expected to join as one organization.
We are happy to state that Vasan & Sampath has, by becoming a member of INPACT AUDIT, opted to be governed by the directives of the Forum of Firms to meet the requirement of Transnational Audit & Assurance services.
Our growth quality moves are centred around our valued clients. This move is consistent with our firm philosophy of maintaining the highest ethical and professional standards, and the highest quality in all our work. Being part of INPACT AUDIT would afford us to the opportunity to stay abreast of the developments in the profession and allow the benefits to flow through to our customers.
