Abu-Ghazaleh: ASCA Develops Audit Manual

LONDON --- April 7, 2009 ---In the aftermath of the G-20 meeting in London April 2, 2009, The Arab Society of Certified Accountants (ASCA) President Mr. Talal Abu-Ghazaleh, participated in the Forum of Firms (FoF) meeting (the leading 21 transnational auditing firms).
This follows the issue of the decisions and resolutions of the G-20 as well as the earlier issuance on March 13, 2009 by the Ministers of Finance of the G-20.
Both meetings called for the development of the international accounting standards that address the needs of the global financial and economic crisis involving standards setters, multinational organizations and governments.
Among other things, the resolutions called for standards on: valuation including (fair value) of financial instruments and other assets, off-balance sheet items, off-shore secret accounts, going concern, due diligence, provisions for losses, transparency, disclosure, risks and more.
It is worth noting that Mr. Abu-Ghazaleh announced recently to media in the State of Kuwait that in response to this need, ASCA is developing an Audit Manual, and tool kit that would seek to address these needs, while fully conforming to the prevailing international standards.
This is in view of ASCA?s president knowledge which serving on the international standard setting bodies that the due process may take years to reach consensus, while the G-20 is looking for action by the end of 2009.
The Forum of Firms, established by the International Federation of Accountants (IFAC), 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 Forums goal is to promote consistent and high quality standards of financial reporting and auditing practices worldwide.