PKF International Network

Introduction

The company is a member firm of the PKF International Limited (PKFI) network of legally independent firms. The network’s 220 member firms operate under the PKF brand in 150 countries across 5 regions and encompasses over 20,000 professionals. It has achieved Top 10 firms in key markets globally by acting in unison, sharing diverse ideas, expertise and specialist resources, and building personal and meaningful relationships that are beneficial for all. The network is a member of the Forum of Firms - an organisation dedicated to consistent and high-quality standards of financial reporting and auditing practices worldwide. The company does not accept any responsibility or liability for actions or inactions on the part of any other individual member firm or firms within PKFI.

Legal Basis

The network formed by PKFI (the Licensor) and the member firms (the Licensees) is regulated by adherence to an Operating Licence Agreement (OLA) between the Licensor and individual Licensees. The form of the OLA authorises the Licensee to use the PKF name as defined under specific circumstances, under specific conditions, for specific purposes (The Business) and in a specific territory (The Territory), in consideration for which, the Licensee pays a Licence fee to the Licensor.

THE LICENSOR PKFI is a company registered in England and limited by guarantee. The Company’s Articles of Association require a Board of Directors who conduct the business of the Company. The Board has a strategic and co-ordinating role but has no executive authority of the operations of individual member firms.

THE LICENSEES Each Licensee is a legally independent entity owned and managed in each location. Contractual relations are only formed between a client and the member firm engaged by the client and no other member firm may be held liable. PKFI has no financial or management interest in any member firm. None of the directors of PKFI has a financial or management interest in any member firm other than his or her own.

Structure

Member firms are organised into five geographical regions. Each region elects or nominates representatives to the PKFI Board of Directors.

There are six international committees - Professional Standards, Tax, Corporate Finance, Business Development, Hospitality Consulting, and Corporate Recovery & Advisory; each of which is central to the development of the PKF Brand throughout the world.

Quality Assurance

PKFI operates a globally directed quality assurance program covering member firms. The principal objectives are to ensure that the standards expected for the performance of certain types of professional work by member firms are promulgated and communicated to firms, that those standards meet appropriate recognised professional practice requirements at least for transnational and referred work, and that a program of monitoring of compliance with expected standards is operating effectively.

Member Firms

PKFI distinguishes between member firms and correspondent firms. Correspondent firms have none of the rights and privileges or responsibilities of member firms and are not covered by the globally directed quality assurance program. An up to date list of member and correspondent firms can be found on the website www.pkf.com