The forms go below ground to frostline where they sit on the footers. I was wondering if the outside of these forms neeed some kind of waterproofing where they go below the surface of the ground to keep water from leeching up the wall.

ICFs (Insulated Concrete Forms) require specialized dampproofing and waterproofing materials for below grade habitable and usuable spaces.

You can use plastic roof cements, acrylic coatings, latex coatings, mortars and pargings.

Where damproofing and waterproofing is required, ICF forms themselves are not enough to provide adequate potection.