Quality Standards
At HLB, we are committed to the highest standards in financial reporting and auditing practises, with all our members meeting strict quality criteria both nationally and internationally. Sounds governance, integrity and high quality are deeply embedded in the DNA of our network and our member firms. We continuously aim to achieve the best service and highest standards in the work we do for our clients.
Forum of firms
HLB International is a member of IFC’s Forum of Firms. The Forum of Firms is an association of 27 international networks of accounting firms performing audits of financial statements used across borders. Members voluntarily agree to meet quality requirements such as:
- 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 regular globally coordinated internal quality assurance reviews.
- Have policies and methodologies for the conduct of transnational audits based on ISAs.
- Have policies and methodologies which conform to the IESBA Code of Ethics for Professional Accountants and national codes of ethics.
International Federation of Accountants
To pursuit the highest standards of quality, it is important to us to stay well connected with audit professionals across the world. Technological innovation is changing the profession and we recognise the importance of talent and attracting new generations of accountants.
Bettina Cassegrain, HLB Technical Director and Global Assurance Leader recently spoke to the International Federation of Accountants about the need to improve the communication the industry does in order to attract young talent. Bettina explains how young people today want to understand not only what the accountancy profession does but what it stands for. We need to communicate our values and bring forward the notion that the accountancy profession is an integral part of doing business. We need to make it clear that the role we play is ultimately for the greater good.
HLB Quality of Tax Practice Summary
One of the primary goals of providing tax services is to establish and comply with best practices by operating with due professional care. Tax practices come in all shapes and sizes where best practices may be interpreted and implemented differently.
HLB member firms are obligated to adhere to established quality control and professional standards, including for tax services. For this reason, HLB has implemented policies and procedures in a quality control system that helps communicate individual firms’ adherence to best practices. There are six elements that are essential to the HLB’s tax quality control system:
- Leadership responsibilities within the firm
- Relevant ethical requirements
- Acceptance and continuance of client relationships and specific engagements
- Human resources
- Engagement performance and training
- Monitoring
All new HLB member applications are asked to complete the Quality of Practice Questionnaire, which will be reviewed by the HLB International Tax Committee, as part of the overall HLB due diligence process. Current HLB member firms must complete the Tax Practice Standards questionnaire at each cycle. Additional oversight will be conducted by the HLB International Tax Committee to determine if the individual member firms meet the six pillars of quality of tax practice.
One tax partner is identified within each individual HLB member firm and accountable of assuring that quality standards are met, in line with the HLB’s tax quality control system.
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