The most important value shared among our member firms is “a safe pair of hands”. When one of our firms is supported by a fellow member in another part of the world, they need to be sure that their client’s precious business will be looked after with the high quality and expertise that they are used to at home.
Our quality assurance (QA) systems are innovative and efficient. While we do not have the resources of the very biggest firms, with their globe-trotting QA departments, we leverage member expertise and technology to focus QA review and remediation where it is most needed.
We must make it clear that our partner firms in the MGI Association, are not covered by our quality assurance procedures nor membership of the Forum of Firms.
Membership of the Forum of Firms
MGI Worldwide is a full member of the prestigious Forum of Firms, an association of some 30 international accounting networks, including the Big 4 firms. The membership acceptance process included a year-long, detailed evaluation of our QA systems and demonstrates our commitment to international quality standards. We are extremely proud to be an active member of this prestigious body.
The MGI Worldwide Quality Assurance
The security and reputation of the network’s global quality assurance (QA) systems are innovative and efficient and benefit many members, particularly in developing countries. While we do not have the resources of the very biggest firms, with their globe-trotting QA departments, we leverage member expertise and technology to focus QA review and remediation where it is most needed.
Our QA system is based on the international quality standard ISQM1. Every year, firms report through responsive, multilingual, online systems on their compliance with our standards. Our systems give immediate feedback for items that need improvement and remediation.
On a cycle of between three to six years each member of the network is subject to an onsite review. The whole of our review process is supported and operated by a leading audit and accountancy training and quality review company, Mercia Group, part of the training and quality specialist group, Wilmington plc.
Our Technical Committee, which supervises the QA system, evaluates the level of QA controls in each firm and scores its performance. Improvement and re-review plans are agreed and, in some cases, disciplinary actions are taken. Firms that systematically score low in QA and show no sign of improvement are dismissed from our global accounting network.
Web-based training & support
Our quality review company, Mercia Group also offers web-based training and support to help foster continuous improvement, including a new online and downloadable Audit Manual available for members who subscribe.
We take quality assurance seriously – it is at the heart of how we deal with our clients and the reputation we have built during more than 70 years of international service.
Are you ready to take your firm to the next level?
We always look firmly to the future and seeking new ideas to make sure being a member adds value and helps our members to do more and better business.