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.

The International Federation of Accountants (IFAC) released new global research analyzing the rapid growth of private equity (PE) investment in professional accountancy firms and its potential implications for the future of the profession. 

As a global organization representing over 188 professional accountancy organizations in more than 140 jurisdictions, IFAC is sizing the scale of the trend and identifying its potential implications for transaction structures, firm oversight, independence and conflicts of interest, audit quality, consolidation and competition, and the attractiveness of the profession through research and extensive engagement with stakeholders, including firms, regulators, investors, and professional bodies.  

As part of a broader global phenomenon, IFAC has identified more than 1,000 accountancy firms worldwide that have experienced private equity investment over the past ten years, with activity accelerating significantly since 2022. While transactions are currently concentrated in Continental Europe, the United Kingdom and Ireland, and the United States, the trend is increasingly shaping the profession globally. The research indicates that fewer than 200 initial or direct private equity investments have facilitated nearly 900 subsequent transactions, underscoring a significant wave of consolidation across the profession. 

Lee White, Chief Executive Officer, IFAC said: “Regardless of ownership structure, the integrity, quality, and independence that underpin our work as professional accountants must remain non-negotiable. Trust, confidence, and a steadfast commitment to the public interest are what define the profession—and they must continue to guide its future development. Some firms are exploring private equity as a way to accelerate transformation, strengthen their capabilities, and offer new career pathways.  

I would like to thank Fiona Wilkinson and the members of the Private Equity Task Force for their diligent work and thoughtful analysis in advancing this important conversation.” 

Fiona Wilkinson, Chair of IFAC’s Private Equity Task Force, said: “As Chair of a task force of volunteers established by IFAC last year,  I have had the opportunity to talk with many experts representing different points of view on the potential risks and benefits of PE investment in the accountancy profession. Our approach has been balanced and data-driven. 

I encourage leaders in the profession to do the same and to assess whether or not, over the long run, firms that focus on the benefits and opportunities of PE investment—while managing the potential challenges and risks—can become more resilient, future-fit, and more attractive, while upholding their public interest responsibility.” 

The objective of this work is to raise awareness and enhance understanding so that accountancy professionals can engage in informed, evidence-based discussions with regulators, clients, and other stakeholders, while providing a globally comprehensive source of data and analysis on this rapidly emerging market trend. IFAC will continue to engage with its member organizations and stakeholders worldwide to monitor developments, share insights, and support the profession in navigating this period of change responsibly and transparently. 

Visit the “Private Equity Investment in Accountancy” webpage to access the research, data, and related resources.
 

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.