2024-11-07T09:23:03-06:00 2023-12-31 872525370 CITRIN COOPERMAN ADVISORS LLC 180 PARK AVENUE SUITE 200 FLORHAM PARK NJ 07932 990 2023-01-01 141858441 FORUM OF FIRMS FORU 2122869344 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 10017 BARRY NAIK DIRECTOR 2122869344 2024-11-01 1 0 PAULA VUKSIC P00360739 9732180500 2024-11-01 2023 2024-10-15 13:58:12Z BARRY NAIK 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 10017 18584589 0 X WWW.FORUMOFFIRMS.ORG X 2002 NY THE PUBLIC INTEREST OBJECTIVE OF THE FORUM IS TO PROMOTE CONSISTENT AND HIGH QUALITY STANDARDS OF FINANCIAL REPORTING AND AUDITING PRACTICES WORLD-WIDE. THE FORUM BRINGS TOGETHER FIRMS WHICH PERFORM TRANSNATIONAL AUDITS AND INVOLVES THEM CLOSELY WITH IFAC'S ACTIVITIES THEREBY SUPPORTING IFAC'S PUBLIC INTEREST PURPOSE. 21 21 0 34 0 0 12641642 18535722 0 0 12963 48123 1243 744 12655848 18584589 0 0 0 0 0 0 0 0 0 12401825 18655430 12401825 18655430 254023 -70841 1911867 1883395 331572 373941 1580295 1509454 X THE PUBLIC INTEREST OBJECTIVE OF THE FORUM IS TO PROMOTE CONSISTENT AND HIGH QUALITY STANDARDS OF FINANCIAL REPORTING AND AUDITING PRACTICES WORLD-WIDE. THE FORUM BRINGS TOGETHER FIRMS WHICH PERFORM TRANSNATIONAL AUDITS AND INVOLVES THEM CLOSELY WITH IFAC'S ACTIVITIES THEREBY SUPPORTING IFAC'S PUBLIC INTEREST PURPOSE. 0 0 LIKE MANY ORGANIZATIONS, THE RETURN TO THE 'NEW NORMAL' HAS CONTINUED TO INFLUENCE THE WORK PROGRAM OF THE FORUM OF FIRMS (FORUM, FOF) FOR 2023 KEY THEMES HAVE BEEN: HYBRID: ALL GLOBAL FOF MEETINGS WERE PROVIDED 'HYBRID' IN 2023 COMMENCING WITH OUR MARCH 28-31 MEETING IN PARIS, THEN JUNE 27-28 IN NEW YORK WITH OUR FINAL GLOBAL FOF MEETING OCTOBER 31 NOVEMBER 3 IN LONDON. A FULL VIRTUAL 'TAC ONLY' (TAC = THE BOARD OF THE FOF) MEETING DEALING WITH TAC NOMINATIONS TO THE INTERNATIONAL AUDITING & ASSURANCE STANDARDS BOARD (IAASB) AND INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS (IESBA) OCCURRED ON FEBRUARY 1. FOF COMMUNITY: WE CONTINUED FURTHER STRENGTHENING THE 'FOF COMMUNITY' AS ALLUDED TO ABOVE THIS WAS SUPPORTED HOLDING THREE GLOBAL MEETINGS INVOLVING THE ENTIRE FOF MEMBERSHIP (INCLUDING OFFERING A VIRTUAL ATTENDANCE OPTION) EACH MEETING DESIGNED TO FURTHER COLLECTIVE ENGAGEMENT AMONGST MEMBERSHIP AND IMPORTANTLY WITH STAKEHOLDERS FROM ACROSS THE CORPORATE REPORTING ECO-SYSTEM IN SUPPORT OF AUDIT QUALITY. SUPPORTING INTERNATIONAL STANDARD SETTING: THE FORUM CONTINUED TO SUPPORT STANDARD SETTING BY NOMINATING CANDIDATES TO THE IAASB AND IESBA RESPONSIVE TO THE SKILLS, EXPERIENCE AND EXPERTISE BEING REQUESTED. THE FOF HAS A STRUCTURED VETTING PROCESS DESIGNED TO ASSIST PREPARING ALL CANDIDATES. PARTICULAR EMPHASIS IS GIVEN TO FURTHER EMBEDDING IN CANDIDATES THE PARAMOUNT IMPORTANCE OF THE PUBLIC INTEREST IN STANDARD SETTING, BRINGING AN EMPATHETIC GLOBAL PERSPECTIVE, STRONG TECHNICAL SKILLS AND SUPPORTING CONSENSUS BUILDING. RELEVANT AGENDAS: A PRIORITY WAS CONTINUING TO ENSURE ALL FOF MEETING AGENDAS WERE 'RELEVANT' UNDERPINNED BY COMPREHENSIVE ENGAGEMENT WITH STAKEHOLDERS FROM ACROSS THE CORPORATE REPORTING ECO-SYSTEM IN SUPPORT OF AUDIT QUALITY. IN THE DEVELOPMENT OF ALL AGENDAS AND RESOURCES/TOOLS, SIGNIFICANT CONSIDERATION IS GIVEN TO ENSURING THE ISSUES AND CHALLENGES BEING EXPERIENCED BY BOTH LARGE AND SMALLER MEMBER FOF MEMBERS FIRMS ARE TAKEN INTO CONSIDERATION. COLLABORATION ON TOOLS DEVELOPMENT: CONTINUED INVESTMENT AND COLLABORATION PARTICULARLY WITH THE INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC) IN THE DEVELOPMENT OF TOOLS IN SUPPORT OF AUDIT QUALITY (SEE MORE UNDER 4B). COUNTRY/REGIONAL AUDIT QUALITY MEETINGS/EVENTS: THIS KEY ACTIVITY FOR THE FOF WAS NOT ABLE TO BE PROGRESSED DURING THE PANDEMIC. THESE ACTIVITIES DIFFER TO GLOBAL MEETINGS AS THE AGENDA IS CUSTOMIZED FOR AUDIT QUALITY RELATED TOPICS OF MOST RELEVANCE FOR FOF PRACTITIONERS IN THAT COUNTRY/REGION. POST PANDEMIC WE RE-COMMENCED WITH AN EVENT IN NOVEMBER 2022 AND THEN FOR 2023 FURTHER EXPANDED WITH AN AUDIT QUALITY EVENT IN SAO PAULO IN MAY 8 (DEVELOPED SPECIFICALLY FOR FOF AUDIT PRACTITIONERS FROM THE FOF OPERATING IN THE LATIN AMERCIA REGION) AND A FURTHER AUDIT QUALITY EVENT IN MUMBAI ON NOVEMBER 30 (DEVELOPED SPECIFICALLY FOR AUDIT PRACTITIONERS OPERATING IN INDIA) FOF MEMBERSHIP COMMITTEE: THE FOF MEMBERSHIP COMMITTEE HAS HAD AN ACTIVE YEAR PROGRESSING SEVERAL MEMBERSHIP CANDIDATES THROUGH THE FOF'S EXTENSIVE MEMBERSHIP DUE PROCESS (DUE PROCESS CAN RANGE FROM 6 MONTHS TO SEVERAL YEARS). FOF MEMBERSHIP FOR 2023 IS 34 (2023: 33). FOF 101: 2023 SAW A CONTINUATION OF OUR HOSTING AN INTERNAL TUTORIAL SESSION CALLED THE FOF 101. TYPICALLY HELD ANNUALLY OR AS NEEDED, THE FOF 101 IS A DEEP DIVE TO ENABLE ALL FOF MEMBERS TO BETTER UNDERSTAND THE GOVERNANCE AND OPERATION OF THE FOF WITH A VIEW THAT INCREASED UNDERSTANDING HELPS TO SUPPORT IMPROVED TRANSPARENCY AND THEREFORE PARTICIPATION AND ENGAGEMENT IN FOF ACTIVITIES. FOF GOVERNANCE FIT FOR PURPOSE: IN 2023, THE FOF UNDERTOOK OUR CONSTITUTIONALLY MANDATED TRI-ANNUAL REVIEW OF FOF VOTING RIGHTS AND REPRESENTATION ON THE TAC. AFTER MUCH HEALTHY DISCUSSION AND CONSIDERATION, THE FOF VOTED TO MAINTAIN THE STATUS QUO. FURTHER TO LINE 4A, SOME NOTABLE DELIVERABLES ARE AS FOLLOWS: FOF COMMUNITY: IN 2023, THE FOF HELD 3 HYBRID GLOBAL MEETINGS INVOLVING THE ENTIRE FOF MEMBERSHIP AS FOLLOWS: MARCH 28-31 PARIS (4 DAYS) JUNE 27-28 - NEW YORK (2 DAYS) OCTOBER 31 NOVEMBER 3 LONDON (4 DAYS) COLLABORATION WITH IFAC IN SUPPORT OF AUDIT QUALITY PRACTICAL RESOURCES: IN COLLABORATION WITH IFAC, KEY DELIVERABLES IN 2023 INCLUDED THE DEVELOPMENT OF FOCUSED USER FRIENDLY 'PRACTICAL' RESOURCES AND TOOLS TO ASSIST NAVIGATING OR SUPPORTING THE REAL PRACTICAL FINANCIAL REPORTING AND AUDIT QUALITY CHALLENGES. THESE RESOURCES CONTINUE TO BE AVAILABLE ON THE IFAC WEBSITE INCLUDING:O IFAC MATERIALS SUPPORTING ADOPTION & IMPLEMENTATION OF THE IAASB'S INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT (ISQM)O IFAC'S SMALL BUSINESS SUSTAINABILITY CHECKLISTO THE FOF IDENTIFYING INSPIRING INDIVIDUALS FROM WITHIN OUR MEMBERSHIP FOR INTERVIEW/PROFILE - AS PART OF IFAC'S "CHANGEMAKER SERIES" (PROMOTING DIVERSITY, EQUITY AND INCLUSION IN THE ACCOUNTANCY PROFESSION)OTHER COLLABORATIVE EFFORTS BY THE FOF WITH IFAC INCLUDED:O SEVERAL MEMBERS OF FOF WERE INTERVIEWED BY IFAC SUPPORTING THE REVIEW OF IFAC'S STATEMENT OF MEMBERSHIP OBLIGATIONS 1 IN THE CONTEXT OF ISQMO THE FOF FOR MANY YEARS HAS SUPPORTED IFAC WHERE REQUESTED IN PROVIDING PANELISTS/SPEAKERS FOR IFAC PANELS/ACTIVITIES ETC IN SUPPORT OF AUDIT QUALITY.O THE FOF FOR MANY YEARS HAS HAD A REPRESENTATIVE OF THE CONSULTATIVE ADVISORY GROUP OF THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD (IPSASB)O THE FOF HAS PUT FORWARD A REPRESENTATIVE FOR THE IPSASB'S NEWLY ESTABLISHED SUSTAINABILITY REFERENCE GROUPO FOF Q1 2024 MEETING TO BE HELD ADJACENT TO A PLANNED FOF EVENT ON THE INTERNATIONAL STANDARD ON SUSTAINABILITY ASSURANCE (ISSA) 5000 SINGAPORE OFFERING A PACKAGE OF POWERFUL PACKAGE (FOF + IFAC) OF PROFESSIONAL DEVELOPMENT IN SUPPORT OF AUDIT QUALITY FOR FOF MEMBERSO FOF ACTIVELY PLANNING WITH IFAC IN 2024 FOR A MULTI-DAY LATAM EVENT (MAY 7, 8 AND 9) OFFERING A POWERFUL PACKAGE (FOF + IFAC) OF PROFESSIONAL DEVELOPMENTO FOF Q4 2024 MEETING IN PARIS TO BE ALIGNED WITH THE IFAC COUNCIL MEETING THIS WILL BE A FIRST BETWEEN THE FOF AND IFAC FOR THE FORUM OF FIRMS THIS IS ALL IN SUPPORT OF AUDIT QUALITYTHE IMPORTANCE OF COLLABORATION WILL CONTINUE BEING A PRIORITY THROUGHOUT 2024. THE FOF RECOGNIZES THE IMPORTANCE OF BROAD STAKEHOLDER ENGAGEMENT ON KEY TOPICS AND ISSUES RELATED TO SUPPORTING AND FURTHER ADVANCING AUDIT QUALITY. FOR 2023, THE FOF HAD ENGAGEMENT AND PRESENTATIONS AS FOLLOWS: ENGAGEMENT ACROSS THE INTERNATIONAL STANDARD SETTING COMMUNITY EUROPEAN FINANCIAL REPORTING ADVISORY GROUP EFRAG GLOBAL REPORTING INITIATIVE GRI INTERNATIONAL ACCOUNTING STANDARDS BOARD IASB INTERNATIONAL AUDITING & ASSURANCE STANDARDS BOARD IAASB INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANTS IESBA INTERNATIONAL FINANCIAL REPORTING FOR NON-PROFIT ORGANISATIONS IFR4NPO INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD IPSASB INTERNATIONAL SUSTAINABILITY STANDARDS BOARD ISSB ENGAGEMENT ACROSS THE REGULATORY COMMUNITY CANADIAN PUBLIC ACCOUNTABILITY BOARD CPAB COMMITTEE OF EUROPEAN AUDITING OVERSIGHT BODIES CEAOB EUROPEAN SECURITIES AND MARKETS AUTHORITY ESMA LE HAUT CONSEIL DU COMMISSARIAT AUX COMPTES (FRANCE) H3C NATIONAL FINANCIAL REPORTING AUTHORITY (INDIA) NFRA FINANCIAL REPORTING COUNCIL (UK) FRC PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD (USA) PCAOB PANEL SESSIONS FOCUSING ON TOPICAL ISSUES IN SUPPORT OF AUDIT QUALITY ATTRACTIVENESS OF THE PROFESSIONO LATIN AMERICA: CHALLENGES AND OPPORTUNITIES FACING THE PROFESSION IN ATTRACTING AND RETAINING TALENT WITH PRACTICAL INSIGHTS ON ADDRESSING TRENDSO GLOBAL: CHALLENGES FACING THE PROFESSION IN ATTRACTING AND RETAINING TALENT WITH PRACTICAL INSIGHTS ON ADDRESSING TRENDSO GLOBAL: ATTRACTIVENESS OF THE PROFESSION HOW CAN THE FIRMS CONTRIBUTE SUPPORTING FURTHER IMPROVING PUBLIC FINANCIAL MANAGEMENTO GLOBAL PUBLIC SECTOR REPORTING ENVIRONMENTO REGIONAL UPDATE ON ACCRUAL ADOPTION QUALITY MANAGEMENTO MONITORING AND REMEDIATION, AND EVALUATION REQUIREMENTS OF ISQM 1O PRACTICAL INSIGHTS SUPPORTING QUALITY MANAGEMENT ON SUSTAINABILITY REPORTING AND ASSURANCEO PRELIMINARY INSIGHTS APPLYING ISQM (MINI PANEL) LATIN AMERICA: GLOBAL DEVELOPMENTS WITH THE PROFESSION CHALLENGES AND OPPORTUNITIES SUPPORTING AUDIT QUALITY IN LATIN AMERICA ENGAGEMENT WITH OTHER IMPORTANT STAKEHOLDERS FROM ACROSS THE AUDIT QUALITY ECO-SYSTEM IFACO IFAC CEO A STANDING AGENDA ITEMS FOR ALL FOF MEETINGSO MULTIPLE ENGAGEMENTS ON THE IFAC 'STATE OF PLAY' SERIES (RELATING TO GLOBAL TRENDS ON ASSURANCE ON SUSTAINABILITY REPORTING)O IFAC COMMUNICATION DEPT: INTEGRATED STRATEGIES TO ADVOCATE FOR THE PROFESSIONO IFAC COMMUNICATION DEPT: GLOBAL PLATFORM FOR FOF MEMBER RESOURCES IN SUPPORT OF AUDIT QUALITYO IFAC INTERNATIONAL PANEL ON ACCOUNTANCY EDUCATION (PANELIST)O SUPPORTING IFAC WHENEVER ASKED IN PROVIDING PANELISTS, SPEAKERS, ETC NATIONAL/REGIONAL ACCOUNTING BODIES/ORGANIZATIONSO CHARTERED PROFESSIONAL ACCOUNTANTS OF CANADA CPA CANADAO INSTITUTO MEXICANO DE CONTADORES PUBLICOS IMCPO INSTITUTO NACIONAL DE CONTADORES PBLICOS DE COLOMBIA INCPO INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES ICAEW (PANELIST)O ACCOUNTANCY EUROPE CENTERS FOR AUDIT QUALITYO CANADIAN CENTRE FOR AUDIT QUALITY CCAQO US CENTER FOR AUDIT QUALITY CAQ ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT OECD GROUP OF LATIN AMERICAN ACCOUNTING STANDARD SETTERS - GLASS REGIONAL AND COUNTRY REGULATORY UPDATES COVERINGO POLITICAL DEVELOPMENTS IN THE EU INSIGHTS FOR THE PROFESSIONO US POLITICAL DEVELOPMENTS IMPLICATIONS FOR CONSIDERATION FOR THE PROFESSIONO THE GLOBAL JUNE FOF MEETING GAVE CONSIDERABLE FOCUS TO FURTHER UNDERSTANDING THE LATIN AMERICAN REGION AND HOW THE FOF CAN PROVIDE REGIONAL SUPPORT TO FURTHER ADVANCE AUDIT QUALITY IN LATIN AMERICA. THE PUBLIC INTEREST OBJECTIVE OF THE FORUM IS TO ASSIST THE USERS OF FINANCIAL STATEMENTS BY PROMOTING CONSISTENT AND HIGH-QUALITY STANDARDS OF FINANCIAL REPORTING AND AUDITING PRACTICES WORLD-WIDE. THE FORUM BRINGS TOGETHER FIRMS WHICH PERFORM TRANSNATIONAL AUDITS AND INVOLVES THEM CLOSELY WITH IFAC'S ACTIVITIES THEREBY SUPPORTING IFAC'S MISSION WHICH STATES THAT: "IFAC SERVES THE PUBLIC INTEREST BY: CONTRIBUTING TO AND SUPPORTING HIGH-QUALITY INTERNATIONAL STANDARDS, HELPING TO BUILD AND ENCOURAGING STRONG PROFESSIONAL ACCOUNTANCY ORGANIZATIONS, ACCOUNTING FIRMS, AND HIGH-QUALITY PRACTICES BY PROFESSIONAL ACCOUNTANTS; AND SPEAKING ON PUBLIC INTEREST ISSUES". 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 3 0 1 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 X BARRY NAIK 2122869344 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 10017 SAM BURKE CHAIRMAN-TAC 1.00 X 0 0 0 MARION HANNON EXEC COMMITTEE 0.25 X 0 0 0 STEWART DUNNE EXEC COMMITTEE 0.25 X 0 0 0 PABLO SAN MARTIN EXEC COMMITTEE 0.25 X 0 0 0 BETTINA CASSEGRAIN EXEC COMMITTEE 0.25 X 0 0 0 ED FOX EXEC COMMITTEE 0.25 X 0 0 0 MATTHEW COOK EXEC COMMITTEE 0.25 X 0 0 0 SHERI ANDERSON EXEC COMMITTEE 0.25 X 0 0 0 WALLY GREGORY EXEC COMMITTEE 0.25 X 0 0 0 MATTHEW HALLETT EXEC COMMITTEE 0.25 X 0 0 0 PAUL GINMAN EXEC COMMITTEE 0.25 X 0 0 0 CHRISTINE ALBRECHT CHAIR - TAC 0.25 X X 0 0 0 DAVID CHITTY EXEC COMMITTEE 0.25 X 0 0 0 JEAN-LUC BARLET EXEC COMMITTEE 0.25 X 0 0 0 DAVID KANE EXEC COMMITTEE 0.25 X 0 0 0 GARY HENGELSBERG EXEC COMMITTEE 0.25 X 0 0 0 NICK JEFFREY EXEC COMMITTEE 0.25 X 0 0 0 KATHERINE SCHAMERHORN EXEC COMMITTEE 0.25 X 0 0 0 DAVID ISHERWOOD CHAIR 1.00 X X 0 0 0 BRIAN SMITH SECRETARY 1.00 X X 0 0 0 ANTONI GOMEZ EXEC COMMITTEE 0.25 X 0 0 0 LINA LEMESTO EXEC COMMITTEE 0.25 X 0 0 0 JILL STARRS EXEC COMMITTEE 0.25 X 0 0 0 BARRY NAIK DIRECTOR 5.00 35.00 X 0 285864 62396 0 285864 62396 0 0 1 0 0 18535722 18535722 48123 48123 FOREIGN EXCHANGE GAIN 900099 744 744 744 18584589 0 0 48867 93413 31758 112411 298035 7310 MEMBERSHIP DUES TO IFAC 18105758 BANK & MISC CHARGES 673 6072 18655430 1910212 1883395 1655 1911867 1883395 88469 79661 243103 294280 331572 373941 X 1580295 1509454 1580295 1509454 1911867 1883395 -70841 0 X 0 1 X 1 0 0 1 0 0 DUE TO INT'L FEDERATION OF ACCTS 294280 294280 18583845 0 18583845 744 744 18584589 18654686 -744 -744 18655430 0 18655430 PART XI, LINE 4B - OTHER ADJUSTMENTS: FOREIGN EXCHANGE GAIN PART XII, LINE 2D - OTHER ADJUSTMENTS: FOREIGN EXCHANGE GAIN 0 0 0 BARRY NAIK DIRECTOR 0 250864 0 35000 0 0 0 22874 0 39522 0 348260 0 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THE FORUM IS OPEN TO NETWORKS AND FIRMS OF ALL SIZES THAT CONDUCT, OR HAVE AN INTEREST IN CONDUCTING, TRANSNATIONAL AUDITS; PROMOTE THE CONSISTENT APPLICATION OF HIGH-QUALITY AUDIT PRACTICES AND STANDARDS WORLDWIDE; SUPPORT CONVERGENCE OF NATIONAL AUDIT STANDARDS WITH THE INTERNATIONAL STANDARDS ON AUDITING (ISAS); AND COMMIT TO MEETING THE FORUM'S MEMBERSHIP OBLIGATIONS. THE FORUM'S MEMBERSHIP OBLIGATIONS REQUIRE THAT MEMBERS: I) MAINTAIN APPROPRIATE QUALITY MANAGEMENT STANDARDS IN ACCORDANCE WITH INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT ISSUED BY THE IAASB IN ADDITION TO RELEVANT NATIONAL QUALITY MANAGEMENT STANDARDS AND CONDUCT, TO THE EXTENT NOT PROHIBITED BY NATIONAL REGULATION, REGULAR GLOBALLY COORDINATED INTERNAL QUALITY ASSURANCE REVIEWS II) HAVE POLICIES AND METHODOLOGIES FOR THE CONDUCT OF SUCH AUDITS THAT ARE BASED, TO THE EXTENT PRACTICABLE, ON ISAS III) HAVE POLICIES AND METHODOLOGIES WHICH CONFORM TO THE INTERNATIONAL ETHICS STANDARDS BOARD FOR ACCOUNTANT'S CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS AND NATIONAL CODES OF ETHICS. FORM 990, PART VI, SECTION A, LINE 7A THE TRANSNATIONAL AUDITORS COMMITTEE (TAC) IS THE EXECUTIVE ARM OF THE FORUM AND A COMMITTEE OF IFAC AND, THEREFORE, PROVIDES THE OFFICIAL LINKAGE BETWEEN THE FORUM AND IFAC. IN ACCORDANCE AND AS PRESCRIBED BY THE FORUM'S CONSTITUTION, THE COMPOSITION OF THE TAC SHALL REFLECT THE MEMBERSHIP OF THE FORUM. THE ALLOCATION OF REPRESENTATION ON THE TAC SHALL BE REVIEWED BY THE TAC FOR RECOMMENDATION TO AND APPROVAL BY THE FORUM AND THE IFAC BOARD. TAC REPRESENTATIVES (ONE OF WHOM SHALL BE THE CHAIR) ARE APPOINTED IN ACCORDANCE WITH SECTION 35 OF THE FORUM'S CONSTITUTION AND THE PROVISIONS OF SECTION 25.1.G OF THE IFAC BY-LAWS. FORM 990, PART VI, SECTION A, LINE 7B THE TAC RECOMMENDS TO THE ANNUAL MEETING OF THE FORUM FOR ITS APPROVAL: - PROPOSALS FOR POLICY AND STRATEGIC INITIATIVES, INCLUDING PROPOSED WORK PLANS AND ESTIMATES FOR TOTAL COSTS FOR THE FOLLOWING YEAR; - THE ANNUAL ALLOCATION OF THE FINANCIAL CONTRIBUTIONS TO BE PAID BY MEMBERS INCLUDING ANY CONTRIBUTIONS REQUIRED REGARDING THE COST OF CLAIMS; - THE ANNUAL REPORT AND ACCOUNTS OF THE FORUM; - THE FORUM'S OPERATING PROCEDURES AND ANY AMENDMENTS THERETO; AND - ANY OTHER MATTERS RESERVED UNDER THE TERMS OF THE FORUM'S CONSTITUTION FOR DECISION OR APPROVAL BY THE MEMBERS. FURTHER, THE TAC RECOMMENDS TO THE ANNUAL MEETING OF THE FORUM FOR ITS APPROVAL AND SUBSEQUENT RECOMMENDATION FOR ITS APPROVAL TO THE IFAC BOARD: - AMENDMENTS TO THE FORUM'S CONSTITUTION INCLUDING THE FORUM'S MEMBERSHIP OBLIGATIONS; - CHANGES TO THE BASIS FOR THE ALLOCATION OF VOTING RIGHTS AT ANNUAL AND SPECIAL MEETINGS OF THE FORUM; AND - CHANGES TO THE BASIS FOR THE ALLOCATION OF REPRESENTATIVES ON THE TAC. FORM 990, PART VI, SECTION B, LINE 11B NO REVIEW WAS OR WILL BE CONDUCTED. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC CAN ACCESS THESE DOCUMENTS LISTED IN THE ORGANIZATION'S WEB SITE AT WWW.FORUMOFFIRMS.ORG (GOVERNING DOCUMENTS ONLY). INTERNATIONAL FEDERATION OF ACCOUNTANTS 529 FIFTH AVENUE 6TH FLOOR NEW YORK NY 10017 132915461 PROMOTE CONSISTENT & HIGH QUALITY STANDARD OF FINANCIAL REPORTING NY 501(C)(6) N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0