TAGI Maintains Its FOF Membership As the Only Arab Company

NEW YORK - Talal Abu-Ghazaleh 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 Forum, 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 (ISAs), 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 Forums goal is to promote consistent and high quality standards of financial reporting and auditing practices worldwide.

?The membership of the Forum demonstrates a commitment to meet the public interest responsibilities and the highest level of quality in auditing on an international scale,? emphasized David Maxwell, chair of the Forum of Firms.

It is worth noting that Mr. Talal 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.

He also became a member at the Public Sector Consultative Group, International Federation of Accountants (IFAC), New York-USA, 2003- 2006, and a member of the Board of the International Accounting Standards Committee (IASC), London, United Kingdom, 1988-1990; in addition to his membership at the Board of the International Auditing Practices Committee (IAPC) of IFAC, New York, USA, 1987-1990.

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.