Friday 7th of January 2022
Reanda Hong Kong is proud to announce that Reanda International is admitted as a member of Forum of Firms (FoF) effective 1 January 2022. Reanda International is the first and presently the only international accounting network from the Greater China region that achieved this global recognition for top audit quality. Reanda Hong Kong is one of the founding member firms of Reanda International since 2010.
Reanda Hong Kong has been supporting the Hong Kong membership administration office of Reanda International to develop and exercise the audit quality control of the global network. Our managing partner Mr. Franklin Lau is appointed as the CEO of the Reanda International network and Mr. Kenny Choi, technical director, is appointed as the global technical officer to lead the global technical and quality assurance department of the network. Our 9 senior personnel from Reanda Hong Kong’s audit team are designated as country coordinators to collaborate with the 50 global presence of Reanda International and support the intra-network activities.
As a member of FoF, Reanda International is a part of this prestigious and globally recognized association of international networks of accounting firms under IFAC, the most influential international accounting policy and standard setting organisation. Reanda International joined FoF as an affiliate in 2019. In order to obtain the FoF full membership, the network has demonstrated that it had successfully implemented a globally coordinated internal quality assurance review programme as coordinated by the network’s Global Technical and Quality Assurance Department and complied with other quality control and ethical requirements. In an effort to enhance the technical level of the network, Reanda International has been running tailored trainings to the member firms on the use of the latest Reanda International technical manuals with dedicated support according to the specific needs of members. Besides, the network also launched a new web-based centralised database search engine with the objectives of assisting member firms to avoid threats to independence and potential conflicts of interest. After going through the extensive and thorough 3-year review by the FoF membership committee on the network’s audit quality control system, Reanda International has been admitted as a full member effective 1 January 2022. While we strongly believe that maintaining appropriate control for high audit quality is paramount for a successful and sustainable network, this significant milestone of the network’s Forum membership indeed manifests its strong commitment to audit quality as well as its long-term strategy to drive the consistency of members’ quality level globally.
The FoF membership opens up tremendous opportunities for Reanda International members especially when it comes to competing for international projects from the world class financial institutions and sizable MNCs. Meanwhile it also enables our network’s access and participation in contributing to the global standard setting and regulatory developments in the audit quality context.
The Forum’s membership obligations require members to:
Ø Maintaining quality management standards in accordance with the International Standards on Quality Management issued by the IAASB in addition to relevant national quality management standards;
Ø Conducting, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews;
Ø Having policies and methodologies for the conduct of transnational audits that are based, to the extent practicable, on the International Standards on Auditing issued by the IAASB; and
Ø Having policies and methodologies that conform to the IESBA International Code of Ethics for Professional Accountants and national codes of ethics
About Forum of Firms The Forum of Firms is an independent association of international networks of firms that perform transnational audits. The Forum's objective 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. Forum members must demonstrate their commitment to adhere to and promote the consistent application of high-quality audit practices worldwide. The Forum now comprises 32 full members including the Big Four, Reanda International and other leading networks – www.forumoffirms.org.
About Reanda International
Reanda International is the 23rd largest international network of independent CPA and consulting firms providing full service scope in audit, tax and advisory. Our global presence now covers 50 countries/territories with over 150 offices and a staff force of over 250 partners and 4,500 staff.
Member firms of Reanda International are subject to the rigorous globally coordinated internal monitoring programme by the Global Technical and Quality Assurance Department of Reanda International from time to time. This demonstrates the strong commitment to audit quality and client service of our member firms. With the common system of quality control, we ensure that Reanda clients’ international venture will be looked after by other fellow overseas member firms in good hands, with consistently same high-quality services that they could expect from their local Reanda member firm.
About Reanda Hong Kong
Reanda Lau & Au Yeung (HK) CPA Limited (“Reanda Hong Kong”) is a medium-sized CPA firm with 9 partners and 100 professional accountants and staff in Hong Kong. The firm is ranked number 14 (including Big Four firms) according to the 2021 Hong Kong survey conducted by the International Accounting Bulletin; also ranked as the top no. 8 firm in Hong Kong by the HKEx according to a research on “Top 10 accountant groups by number of new listings” published in January 2007.