IFAC welcomes the opportunity to comment on the Independent Review into the Quality and Effectiveness of Audit. IFAC provides an international perspective, drawing on input from across our global network of member organizations. The full response letter is published here.

Chairs of the International Auditing & Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) respond to the UK's Brydon review. In addition to responding to the Brydon review's proposals, this letter highlights how both Boards act in the public interest to support public confidence in audits of financial statements and other assurance engagements, and also serve to reinforce the important ethical responsibilities of professional accountants in business (PAIBs) in the external reporting ecosystem.