PKF is delighted to be able to inform that Mr. Theo Vermaak has been appointed Chairman of the Forum of Firms last week. Mr. Vermaak joined PKF in 2000 and he currently holds the position of an Executive Director of the Africa Region and the Chairman of the International Professional Standards Committee.

This is a great honour both for Mr. Vermaak and for PKF as he fits well with PKF's value proposition of Quality with Integrity. PKF is convinced that his professionalism in raising the standards will give a valuable lesson to all the members of the Forum of Firms.

The Forum of Firms, which was formally established in 2002, is an association of the international networks of accounting firms that perform transnational audits. Members of the Forum have committed to adhere to and to promote the consistent application of high-quality audit practices worldwide.

The Forum's membership obligations require that members will first and foremost maintain quality control standards in accordance with the International Standard on Quality. Secondly, it should conduct regular globally coordinated internal quality assurance reviews. Another important obligation is to have policies and methodologies for the conduct of transnational audits based on the International Standards on Auditing (ISAs). Having policies and methodologies which conform to the IESBA Code of Ethics for Professional Accountants would need to go hand in hand with agreeing to submit to the Secretary of the Forum an annual report. As a result, all of this will also confirm that they meet the Forum's membership obligations.

There are currently 18 members including all of the Big4. The fact that Mr. Vermaak was elected on the first ballot in front of candidates says a lot for the very positive impression he has made representing PKF in the past. PKF International wishes Mr. Vermaak best of luck in this new opportunity and also commits to support him in every way.