Member firms of PKF Global are separate independent firms. Each member is an independent legal, financial and administrative entity, commonly organised under the laws of the country where it practices. Member firms are locally owned, operated and managed and are responsible for their own liabilities.
Member firms are not members of one international partnership or otherwise legal partners with each other. No single firm is responsible for the services or activities of any other. Member firms of PKF International may consist of more than one legal entity.
Member firms are responsible for any disciplinary measures taken against their individual partners and their personnel. In addition, each member firm is responsible for its own partner nominations, admission, remuneration, advancement and monitoring.
PKF International operates a globally directed quality assurance programme covering Member firms. Member firms have access to PKF International's audit methodology, training and seminars and are permitted to use the PKF name.
For the purposes of the IFAC Code of Ethics only member firms are considered to fall within the PKF International Network.
Exclusive and non exclusive correspondent firms
In some countries, PKF Global enters into exclusive or, very rarely, non-exclusive relationships with firms referred to as 'correspondent firms' to perform certain services on behalf of member firms' clients. Correspondent firms have none of the rights and privileges or responsibilities of member firms and therefore are not member firms of PKF Global.
Unlike member firms, correspondent firms are not permitted to use the PKF name and are not covered by PKF International's globally directed quality assurance programme.
Like member firms, correspondent firms are not members of one international partnership or otherwise legal partners with each other or with PKF International or any member firm in PKF International. Nor is any one correspondent firm responsible for the services or activities of any other correspondent or member firm. Each correspondent firm governs itself and handles its administrative matters on a local basis, and is locally owned, operated and managed and is responsible for its own liabilities.