Overview
What is Forum Of Firms?
The Forum of Firms is a nonprofit organization that fosters consistent and high-quality financial reporting and auditing practices worldwide. Based in New York, the Forum brings together firms conducting transnational audits and engages them closely with the International Federation of Accountants (IFAC) to support IFAC's public interest mission. In response to the pandemic, the Forum adapted to a hybrid work model, welcoming the return of in-person meetings while continuing virtual events. They prioritized collaboration and agenda planning, invested in tools development, and addressed audit topics from across their membership. The Forum also continued their commitment to standard setting by nominating candidates to international boards and implementing a comprehensive vetting process. Despite pandemic-related challenges, they re-commenced in-country activities and welcomed new members, currently totaling 33 members and 1 affiliate. The Forum hosted an internal tutorial session, FOF 101, to enhance members' understanding of the organization's governance and operation.
Official website here: www.forumoffirms.org
Is Forum Of Firms legitimate?
Forum Of Firms is a legitimate nonprofit organization registered as a 501(c)(6) entity. Forum Of Firms submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.forumoffirms.org
What is the mission statement of Forum Of Firms?
The Forum of Firms is a global organization with a mission to promote consistent and high-quality standards of financial reporting and auditing practices worldwide. It brings together firms that perform transnational audits and closely involves them in the activities of the International Federation of Accountants (IFAC), thereby supporting IFAC's public interest purpose. The Forum continued its efforts in 2022 by focusing on hybrid meetings, strengthening the FOF community, supporting standard setting, revising agenda planning, collaborating on tools development, addressing audit topics from across the membership, and restarting in-country activities. Despite the impact of the pandemic, the Forum managed to progress several membership candidates, and its membership currently consists of 33 members and 1 affiliate. The Forum also hosted an internal tutorial session, FOF 101, to enhance members' understanding of the Forum's governance and operation.
Official website here: www.forumoffirms.org
Who is the CEO of Forum Of Firms?
Barry Naik is the Chairman-Tac of Forum Of Firms.
Official website here: www.forumoffirms.org
What is the revenue of Forum Of Firms?
Forum Of Firms's revenue in 2022 was $12,655,848.
Official website here: www.forumoffirms.org
Who are the executives of Forum Of Firms and what are their salaries?
There 33 volunteers at Forum Of Firms.
Here are 24 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $260,667
- Other: $58,368
Official website here: www.forumoffirms.org
Where can I find the form 990 for Forum Of Firms?
Forum Of Firms's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.forumoffirms.org
Learn more at the official website: www.forumoffirms.org
Mission Statement of Forum Of Firms
The Forum of Firms is a distinguished organization with a public interest objective of promoting consistent and high-quality standards of financial reporting and auditing practices worldwide. By bringing together firms that conduct transnational audits and engaging them closely with the International Federation of Accountants (IFAC), the Forum supports IFAC's public interest purpose.
The Forum's mission is geared towards ensuring that financial reporting and auditing practices adhere to the same high standards, no matter the location. The organization achieves this by collaborating with IFAC on initiatives and involving firms in its activities. With a structured vetting process, the Forum carefully selects and prepares candidates for nomination to the International Auditing & Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA), prioritizing those with a deep understanding of the public interest, global perspective, empathy, and strong technical skills.
Throughout the year, the Forum focuses on agenda planning, ensuring that all agendas are relevant and comprehensive, with significant consideration given to the issues and challenges faced by both large and smaller member firms. The organization also invests in collaboration with the International Federation of Accountants on the development of tools in support of audit quality.
Despite the challenges posed by the pandemic, the Forum continues to make strides in addressing audit topics from across its membership and re-commenced with an event in Mumbai on November 17. The Forum's membership currently consists of 33 members and one affiliate. Additionally, the Forum hosts an internal tutorial session called FOF 101, a deep dive meant to help all Forum members better understand the governance and operation of the organization, ultimately increasing transparency and engagement in its activities.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
The Forum of Firms significantly impacts global financial reporting and auditing standards by promoting consistency and high quality practices on an international scale. By facilitating collaboration among firms engaged in transnational audits, it enhances the collective ability to influence compliance with established standards, ultimately benefiting stakeholders across various sectors.
Through regular in-person and virtual meetings, the Forum ensures that its members remain engaged and well-informed about current challenges and best practices, fostering a community dedicated to audit quality. The Forum also plays a vital role in supporting standard-setting bodies like the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) by nominating qualified candidates who understand the significance of public interest and can contribute relevant skills and insights.
Moreover, the Forum places a strong emphasis on stakeholder collaboration to maintain the relevance of its initiatives. By developing tools and resources that address the specific needs of both large and smaller member firms, it demonstrates a commitment to inclusivity and comprehensive understanding of the challenges faced in the auditing landscape.
With an expanding membership base, the Forum of Firms continues to enhance its influence and reach. Its structured approach to membership vetting and active participation in knowledge-sharing initiatives—such as its internal tutorial sessions—strengthen the governance and operational transparency of the organization, leading to increased engagement and effectiveness in fulfilling its mission. Overall, the Forum of Firms plays an essential role in advancing high-quality financial reporting and auditing practices globally, thereby supporting the integrity and reliability of financial information in the public interest.
This information is meant to be a general summary of Forum Of Firms. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $12,963
- Gross Receipts: $12,655,848
Assets and Liabilities:
- Total Assets: $1,911,867
- Total Liabilities: $331,572
- Net Assets: $1,580,295
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2002
Phone
(212) 286-9344Principal Officer
Barry Naik
Main Address
529 FIFTH AVENUE 6TH FLOOR, NEW YORK, NY, 10017
Website
www.forumoffirms.orgNTEE Category
Code: W052 - Public benefit
If you are a representative of Forum Of Firms and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.