07-Mar-2009
NEW YORK--- March 7, 2009-- Members of the Forum of Firms (FoF) announced on March 3, 2009 the completion of the International Auditing and Assurance Standards Board's (IAASB) Clarity Project and are encouraging their members to plan now for the timely implementation of the revised International Standards osn Auditing (ISAs).
"This is one of the most significant projects in the history of the IAASB. Completion of this project will result in many improvements to the ISAs and significantly advance global convergence of auditing standards," FOF Chair David Maxwell stated.
The IAASB Clarity Project involves a comprehensive review of all ISAs and the international standards on quality control to improve their clarity and thereby their consistent application.
During the process, a number of standards, including those dealing with group audits, related parties, external confirmations, audit of accounting estimates, and the use of experts were also significantly revised in order to enhance audit quality in these key areas.
Thirty-six standards in all were revised or restated. The due process surrounding their development and approval has been reviewed and endorsed by the Public Interest Oversight Board, an independent body established by the international financial regulatory community. All 36 clarified ISAs come into effect for audits of financial statements for periods beginning on or after December 15, 2009.
It is worth mentioning that the Talal Abu-Ghazaleh & Co. International (TAGI) maintained its membership for the second year to be the only Arab company that has been listed as a full member of the Forum of Firms (FOF) and continues to report its adherence to the Forum’s membership obligations.
The FoF, established by the International Federation of Accountants (IFAC), released on January 30, 2009 its 2009 members list that included two new companies; these are: the IEC and JHI along with nineteen other international networks of accounting firms that achieved full membership status in 2008.
TAGI has joined the membership of the FOF in 2008 after it met the Forum’s membership standards; this includes reporting that TAGI has implemented a globally coordinated quality assurance program, had policies and methodologies based on the International Standards on Auditing, and has met other specific ethics requirements.
The Forum of Firms is an association of international networks of accounting firms. These firms perform a major global share of the audits of financial statements that are or may be used across national borders. The Forum's goal is to promote consistent and high quality standards of financial reporting and auditing practices worldwide.
IFAC is the worldwide organization for the accountancy profession dedicated to serve the public interest by strengthening the profession and contributing to the development of strong international economies.
For more information, please visit the following website: www.ifac.org
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