In an IESBA "Message from the Chair", IESBA Chair Gabriela Figueiredo Dias discusses the key points of the December 2025 IESBA Meeting in New York.

• IESBA has launched a new five‑part Firm Culture and Governance Update series exploring why strong ethical culture and governance frameworks matter, and the practical challenges accounting firms face in implementing them.
• The series supports deeper stakeholder engagement as part of IESBA’s Firm Culture and Governance Project and its Dialogues Initiative.
• Through interviews, case studies, and IESBA Viewpoints, the series aims to broaden global discussion and gather insights that will shape the future direction of the project.

The International Ethics Standards Board for Accountants (IESBA) has launched the Firm Culture and Governance Update, a new five‑part newsletter series dedicated to exploring the relevance – and the reality – of building strong ethical culture and governance within accounting firms.

As firms worldwide navigate growing complexity, heightened regulatory expectations, and increasing public scrutiny, culture and governance have become central to safeguarding trust in financial and non‑financial information and to supporting professional accountants in adhering to existing provisions in the IESBA Code of Ethics. This series aims to shine a light on those questions and gather meaningful insights from across the global ecosystem.

Over the coming months, the newsletter will feature:

• Perspectives from prominent leaders and experts in culture, governance, ethics, and management;
• Insights from firms piloting approaches to culture and governance;
• Highlights from IESBA’s Viewpoints which outline characteristics of eight key elements of a potential global framework for ethical firm culture; and
• Monthly updates on the engagement and ongoing discussions with stakeholders.

This month’s edition features Carmine Di Noia, Director for Financial and Enterprise Affairs at the OECD; practical insights from PKF-CAP in Singapore shared by its Managing Partner Eng Kian Lee; and a window on work being developed by the IESBA project team.

Building Dialogues

The series forms part of the broader IESBA’s Firm Culture and Governance Dialogues Initiative.

As part of this initiative, IESBA started in-person engagement with stakeholders in Asia early 2026, while also “designing and preparing the dialogues we will be having with stakeholders, from representatives of small to large firms to investors and regulators” in the coming months, explains in the first edition of the newsletter Kam Leung, IESBA Director leading the project.

The Dialogues Initiative aims to raise awareness and stimulate discussion about the Firm Culture and Governance project so that IESBA can better understand how different stakeholders view the need, scope and design of a global baseline on firm ethical culture.

Subscribe to the series here.

About IESBA

The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.

Along with the International Auditing and Assurance Standards Board (IAASB), the IESBA is part of the International Foundation for Ethics and Audit (IFEA). The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards.

Contact Information:

Rui Peres Jorge 
Director, Strategy and Communications 
International Ethics Standards Board for Accountants (IESBA) 
ruiperesjorge@ethicsboard.org | Direct: +351 966-301-383

Zsolt Bobis 
Lead, Communications 
International Ethics Standards Board for Accountants (IESBA) 
zsoltbobis@ethicsboard.org

The International Federation of Accountants (IFAC) welcomes the announcement of Emily Fitts as the new Chair of the Monitoring Group.

The Monitoring Group plays an important role in advancing the public interest by supporting the governance and oversight of the international audit, assurance, and ethics standard-setting system.

Lee White, Chief Executive Officer of IFAC, said:

“We congratulate Emily on her appointment and look forward to working with her as the new Chair of the Monitoring Group.”

IFAC will continue to work closely with the Monitoring Group and other stakeholders to support high-quality global standards that strengthen trust and confidence in the accountancy profession.
 

About IFAC 

IFAC, by connecting and uniting its members, makes the accountancy profession truly global.

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.

IFAC and its members work together with the Forum of Firms and other key stakeholders to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.

The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) welcome the appointment of Emily Fitts as the new Chair of the Monitoring Group. The Monitoring Group is a group of international financial institutions and regulatory bodies committed to advancing the public interest in areas related to international audit standard setting and audit quality.

Commenting on Ms. Fitts’ appointment, Gabriela Figueiredo Dias and Tom Seidenstein, Chairs of the IESBA and IAASB respectively, said: 

“We are pleased to welcome Emily Fitts as the new Chair of the Monitoring Group. Her extensive experience in public accounting and public service, including her leadership on international audit and standard-setting matters at the U.S. Securities and Exchange Commission, brings valuable insight to this important role. 

“The Monitoring Group plays a vital role in supporting the credibility and effectiveness of the international audit, assurance, ethics, and independence standard-setting system. We are confident that under Ms. Fitts’ leadership, the Monitoring Group will continue to advance high-quality global standards that serve investors and the broader public interest. 

“We look forward to working closely with Ms. Fitts and continuing our strong engagement with the Monitoring Group. Together, we remain committed to ensuring that international standards evolve in step with the needs of global markets and stakeholders. 

“We also thank Ryan Wolfe for his leadership and contributions during his tenure as Chair.” 

Note for Editors
Monitoring Group Members: The Basel Committee on Banking Supervision, European Commission, Financial Stability Board, International Association of Insurance Supervisors, International Forum of Independent Audit Regulators, International Organization of Securities Commissions, and the World Bank

About IAASB and IESBA 
The International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants are part of the International Foundation for Ethics and Audit (IFEA), a nonprofit organization that supports high-quality, international ethics, audit, and assurance standards in the public interest. The IAASB and IESBA develop and issue their standards independently and in accordance with an approved due process and the Public Interest Framework, overseen by the Public Interest Oversight Board. 

The IAASB develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. 

The IESBA is an independent global standard-setting board that serves the public interest by developing high-quality international ethics and independence standards. These standards promote ethical behavior in business and strengthen public trust in financial and non-financial information, which is essential for the effective functioning and long-term sustainability of organizations, markets, and economies worldwide. 

The IAASB and IESBA develop and issue their standards independently and in accordance with an approved due process and the Public Interest Framework, overseen by the Public Interest Oversight Board. 

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Professional skepticism is fundamental to a high-quality audit. It is not a single step; it is a mindset maintained throughout the audit.

In this short video, the IAASB highlights the importance of pausing to critically assess audit evidence, challenge assumptions, and remain alert to conditions that may indicate possible material misstatement due to fraud or error.

Through a series of reflective prompts, The Skeptic’s Pause encourages auditors to consider whether they have obtained sufficiently persuasive evidence, addressed higher assessed risks appropriately, and remained mindful of potential bias.

Watch the video and reflect on how maintaining professional skepticism strengthens audit quality and supports the public interest.