TAG-Org News

23-May-2011
TAGI Participates in IFAC -FOF in London

TAGI Participates in IFAC –FOF in London

The Forum, which was attended by Mr. Ahmed Abu Al Humos, executive director of TAGI, tackled various issues related to the clarified International Standards on Auditing (ISA) and their applicability.

LONDON--------- May 16, 2011--------- The Talal Abu-Ghazaleh & Co International (TAGI) has recently participated in the meetings of the Forum of Firms (FOF) organized by the International Federation of Accountants (IFAC) held at the Hilton Hotel in London.

The Forum, which was attended by Mr. Ahmed Abu Al Humos, executive director of TAGI, tackled various issues related to the clarified International Standards on Auditing (ISA) and their applicability. The IFAC officials indicated that over the years, most countries will apply the clarified ISA.

During the gathering, the representative of the International Accounting Standards Board (IASB) briefed the participants on the ISA and their applicability in member countries and it has been explained that the gradual adoption process is in progress and will last for few years.

It is worth mentioning that the clarified ISAs have been translated by the Arab Society of Certified Accountants (ASCA), chaired by HE Senator Talal Abu-Ghazaleh.

Moreover, TAGI has conducted various training courses to promote such standards in many countries and will conduct more illustrative training sessions throughout the Arab world.

Furthermore, TAGI is the only Arab organization which is a member of the twenty two transcontinental accounting firms forming the FOF. The FOF members apply the highest quality standards in their audits.

It is worth noting that HE Senator Abu-Ghazaleh, chairman and CEO of TAGI, was the first Arab to be elected to the IFAC Board of Directors in 1992. In addition he was the Chairman of the United Nations Committee of Experts on Professional Qualifications Standards, Geneva, 1995-1998 and the Chairman of the UN Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), New York – USA, 1995-1996.

Mr. Abu-Ghazaleh was also elected the Chairman of the Committee for the Newly Industrialized and Developing Countries Affairs, the International Accounting Standards Committee (IASC), 1989-1992.

IFAC is the worldwide organization for monitoring the accountancy profession. It is comprised of 156 member bodies in 114 countries, representing over 2.5 million accountants employed in public and private practices, government and education.

IFAC founded the FOF in 2002 with the purpose of enrolling these firms that perform transnational activities, adhere to international auditing standards, implement a quality control program on these transnational audits and meet professional ethical standards.

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TAGI Participates in IFAC -FOF in London

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