• The IESBA Ethics & Independence Conference 2025 will bring together international leaders in Lisbon to discuss global trends and explore how ethics and independence can anchor trust, resilience, and competitiveness amid uncertainty.
• Sessions will explore how the accounting profession, business leaders, and regulators are responding to global challenges, navigating regulatory shifts, embedding ethical culture, adapting to tech and AI, and reinforcing integrity in the fight against financial crime.
• The conference will feature influential voices from across business, accounting, finance, regulation, and standard setting, leading figures shaping the future of ethics, governance, and audit independence on the global stage.

The IESBA Ethics & Independence Conference 2025 will bring together global leaders this September in Lisbon to address some of the most urgent ethical and public interest questions facing business, the accounting profession, and financial markets. Under the theme “Ethics and Audit Independence: Pillars of Resilience and Competitiveness in Turbulent Times,” the conference will feature senior leaders from across business, regulation, and professional services exploring how ethics can anchor the accounting profession in an era of disruption and major business transformations.

Across the globe, businesses, firms, regulators, and investors, are navigating growing public demands for transparency and integrity and accelerating advances in technology, amidst shifting regulatory environments. In some jurisdictions, new pressures around competitiveness have led to delayed or scaled-back regulation and oversight, particularly in areas like sustainability reporting. Meanwhile, technology and AI are rapidly evolving beyond existing paradigms, and recent financial failures have exposed gaps in ethics and accountability. In this context, ethics and audit independence emerge not only as foundational safeguards, but as strategic tools to guide innovation, reduce risk, and reinforce public confidence.

IESBA Chair Gabriela Figueiredo Dias said:

“This conference comes at a time when ethical leadership has never been more critical. As regulatory frameworks shift, uncertainty grows and public scrutiny intensifies, we must reaffirm our leaders’ commitment to ethical values. Upholding ethics and the public interest is not optional; it is a strategic imperative. Ethics is not a barrier to innovation or competitiveness; it is the foundation for growth, sustainability, and trust. For the accounting profession operating in today’s volatile environment, it’s also the most powerful key to earning or keeping the license to operate.”

Registration for the conference is open. Participants will join global leaders in business, accounting, finance, regulation and standard setting for a high-impact, one-day event exploring how ethical leadership and independent judgment can drive progress and safeguard public trust.

Participants can expect insightful keynotes and panel discussions covering the evolving regulatory landscape, ethical culture, sustainability, artificial intelligence, and financial crime. The program will feature a spirited debate on the dynamics between ethics and innovation, as well as global perspectives from business and accounting firm leaders, regulators, standard setters, and subject-matter experts. The conference also offers valuable networking opportunities with peers and thought leaders shaping the future of the profession.

The conference features a distinguished group of already confirmed speakers, listed below in alphabetical order: Neil Acres (MSCI), Maria Luís Albuquerque (European Commission), Gabriela Figueiredo Dias (IESBA), João Duque (ISEG – Lisbon School of Economics and Management), Paula Franco ( OCC), Alan Johnson (IESBA and IAASB Stakeholder Advisory Council), Gilly Lord (PwC), Virgílio Macedo (OROC), Maggie McGhee (ACCA), Joaquim Miranda Sarmento (Government of Portugal), Jens Poll (Accountancy Europe), Panos Prodromides (CEAOB), José Ranito (European Public Prosecutor’s Office), Pascal Saint-Amans (University of Lausanne, formerly OECD), Tom Seidenstein (IAASB), Jean-Paul Servais (IOSCO), Nandini Sukumar (World Federation of Exchanges), Lee White (IFAC), and Megan Zietsman (Deloitte). Information on additional speakers will be available on the IESBA’s website.

The IESBA Ethics and Independence 2025 Conference is part of the IESBA September Board Meeting, which will take place in Lisbon at the ISEG – Lisbon School of Economics and Management Campus.

The conference benefits from the generous support of ISEG – Lisbon School of Economics and Management, as well as the two Portuguese Professional Accountancy Organizations: OCC – Ordem dos Contabilistas Certificados and OROC – Ordem dos Revisores Oficiais de Contas.

For the full program, updates, and registration, please visit: https://www.ethicsboard.org/iesba-conference-2025

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.

In partnership with the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC has released a timely report emphasizing the critical role of the accountancy profession in accelerating climate resilience and energy transformation across the Caribbean.

Launched today at ICAC’s 42nd Annual Caribbean Conference of Accountants, Navigating the Energy Transition in the Caribbean: The Accountancy Profession Enabling Climate Resilience outlines how professional accountants can help address the urgent climate challenges facing the region by advancing decarbonization efforts and enabling access to climate-aligned investment.

“The accountancy profession plays an essential role in the Caribbean with climate transition. The profession brings its expertise and skills with governance, strategic planning, and risk assessments to allow better decisions to be made,” said IFAC Chief Executive Officer Lee White. “As part of the change at IFAC and how it operates, I am very focused on alignment of activities by IFAC and regional bodies of our global profession, and I am pleased to partner with ICAC on this report.”

Climate Challenges Demand Professional Action

The Caribbean is on the front lines of climate change. Increasingly frequent extreme weather events and rising sea levels pose significant threats to long-term economic growth, infrastructure, and prosperity. Additionally, Caribbean nations rank among the world’s most energy-insecure, with many heavily dependent on imported fossil fuels.

Transitioning to a low-carbon, climate-resilient future will require an estimated $5–7 billion in upfront investment. Without adequate support and investment, the region risks being locked into high energy costs and missing out on the long-term benefits of clean energy and resilient infrastructure.

A Roadmap for Collective Impact

The report serves as both a call to action and a practical roadmap for the profession, offering case studies and recommendations for embedding climate considerations into business, accounting, and reporting practices. It encourages collaboration among accountants, governments, financial institutions, and development partners to align regional priorities with global climate goals.

“By strengthening, connecting and uniting the accountancy profession in the Caribbean, we enable our 12 member organizations and affiliates across the region to promote regional integration, knowledge sharing and peer learning to strengthen progress on the climate transition,” said ICAC Chief Executive Officer David Simpson. "This report highlights the key areas in which the accountancy profession and professional accountants in the region can influence transformation to achieve a climate and energy transition for the Caribbean.”

Access the report: Navigating the Energy Transition in the Caribbean: The Accountancy Profession Enabling Climate Resilience.

This piece is second in our series on accountants’ role in regional transformation following The Accountancy Profession Enabling Africa’s Transformation, published with the Pan African Federation of Accountants.

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 to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.    

About ICAC

The Institute of Chartered Accountants of the Caribbean (ICAC) was established on October 28, 1988, to unify and advance the accountancy profession across the English-speaking Caribbean. With a network of over 4,000 professionals, ICAC serves as the leading regional organization dedicated to promoting internationally acceptable standards, best practices, and continuous professional development within the accounting and finance industry in the Caribbean and parts of Latin America. Recognized by the International Federation of Accountants (IFAC) as an “Acknowledged Regional Grouping,” ICAC fosters a cohesive and self-regulated profession through its annual conferences, regional monitoring programs, and strategic partnerships with global accountancy bodies. Committed to upholding the values of truth, fairness, integrity, justice, and prosperity, ICAC continues to provide leadership on emerging issues affecting the accounting profession in the region.

• Joint FAQs from IAASB and IESBA Staff support interoperability and consistent application of ISSA 5000 and IESSA
• IESBA Staff Q&As explain key aspects of IESSA to support effective implementation of the ethics and independence standards for sustainability assurance engagements
• Resources help stakeholders implement the new global sustainability standards with clarity and confidence

The Staffs of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) today released two new publications to support implementation of the IAASB’s and IESBA’s global sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).

Developed in close coordination and launched in January 2025, ISSA 5000 and IESSA provide a coordinated global assurance and ethics framework for sustainability assurance engagements. The new publications aim to highlight the interoperability of the two Boards’ standards and to assist practitioners in the consistent application of the standards.

Frequently Asked Questions (FAQs) on Sustainability Assurance Engagements

These FAQs issued jointly by IAASB and IESBA Staff address practical questions about applying ISSA 5000 and IESSA together. They address the following areas:

• Identifying relevant ethical requirements
• Determining group and value chain components
• Using the work of another practitioner
• Addressing IESSA disclosure requirements in the assurance report

IESBA Staff Q&As on IESSA

The IESBA Staff Questions and Answers publication focuses on ethics and independence considerations for practitioners performing sustainability assurance engagements.

Topics covered include:

• The scope of the ethics and independence standards in IESSA
• Independence considerations for group sustainability assurance engagements, including value chain components
• Independence considerations applicable to using the work of another practitioner
• Providing non-assurance services to a sustainability assurance client
• Effective date of the IESSA

The joint IAASB and IESBA Staff FAQs are available on both the IAASB and IESBA websites; the IESBA Staff Q&A publication is available on the IESBA website. For more information, visit www.ethicsandaudit.org/TrustInSustainability.

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. 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.

The Staff of the International Ethics Standards Board for Accountants (IESBA) today released a questions and answers (Q&A) publication to support the adoption and implementation of the IESBA Tax Planning and Related Services Standards. The standards provide a principles-based framework and a global ethical benchmark to guide professional accountants in public practice and in business when they provide tax planning services or perform tax planning activities, respectively.

The Q&A publication is designed to highlight, illustrate, or explain aspects of the standards and is intended to complement the Basis for Conclusions for the final pronouncement. It will assist firms, jurisdictional standards setters, and professional accountancy organizations in adopting and/or implementing the standards, and individual professional accountants in applying them. The Q&As will also assist tax authorities, the corporate governance community, investors, business preparers, educational bodies or institutions, and other stakeholders in understanding the standards.

The development of the Q&As has been informed by the IESBA’s extensive discussions and consultations with a wide range of stakeholders and the IESBA’s own deliberations during the development and finalization of the standards.

The Tax Planning and Related Services standards come into effect July 1, 2025.

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.

The International Auditing and Assurance Standards Boards (IAASB) has approved the withdrawal of International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements.

This decision follows the approval and certification in 2024 of the International Standard on Sustainability Assurance (ISSA)^TM 5000, General Requirements for Sustainability Assurance Engagements. ISSA 5000 addresses assurance of all types of sustainability information, including greenhouse gas emissions, regardless of how that information is presented.  It is effective for assurance engagements on sustainability information reported for periods beginning on or after December 15, 2026, or as at a specific date on or after December 15, 2026.

Consequently, the withdrawal of ISAE 3410 will take effect from the effective date of ISSA 5000.

The Stakeholder Advisory Council (SAC) of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) convened in New York on May 5-6 providing strategic advice to the two boards on key challenges and opportunities in global standard setting for audit, assurance and ethics, including independence.

The SAC is the multi-stakeholder body appointed by the Public Interest Oversight Board (PIOB) to offer input and recommendations to the two standard setting boards (SSB). Reflecting its diverse regional and stakeholder composition, the meeting brought forward a wide range of perspectives to support the public interest and reflect the changing external environment.

Amid today’s volatile global regulatory and economic context, the SAC emphasized the growing relevance of robust standard setting as a stabilizing force, underscoring it should remain anchored in its long-term value and the public interest.

Discussions highlighted the importance of:

• Effective strategic positioning to address key trends impacting the reporting ecosystem, namely deregulation and fragmentation, emerging developments in technology (e.g., artificial intelligence, digital assets), continued demand for sustainability information, and challenges in talent attraction and retention.
• Clear definition and proactive communication of the value and impact of the global international standards produced by both boards, including the role they play in supporting confidence in capital markets.
• Regular dialogue and engagement between the Boards and stakeholders to ensure that the standard-setting work remains responsive to market needs and serves the public interest. These include targeted outreach with users of financial statements and partnering with professional accounting organizations, regulators, investor representatives and other relevant institutions.

Alan Johnson, the SAC Chair, commented on the value of the strategic advice provided by the SAC Members and the Observers during the meeting and their engagement with the two Boards on significant issues and potential challenges affecting the standard-setting environment.

“High-quality global standards are essential tools for mitigating risks to companies, investors, firms, and other stakeholders that may arise from financial market fragmentation and poor-quality financial and non-financial information. SAC remains fully committed to supporting both the IAASB and IESBA in advancing their important public interest missions”, said SAC Chair Alan Johnson.

Gabriela Figueiredo Dias and Tom Seidenstein, respectively the IESBA and IAASB Chairs, thanked the SAC for their excellent contributions, advice and support, and welcomed continued engagement with the SAC members.

A summary of the meeting will be published on the SAC web page in the coming weeks. The SAC is scheduled to meet again on October 21–22, 2025.

SAC Members and Observers participating in the meeting were:

In Person:

• Abdelilah Belatik – General Council, Islamic Banks and Financial Institutions
• Alan Johnson – Chair, Stakeholder Advisory Council
• Bello Lawal Danbatta – Accounting and Auditing Board of the Accounting and Auditing Organisation for Islamic Financial Institutions
• Chikako Matsumoto – Managing Executive Officer, Sumitomo Mitsui Trust Bank
• Claes Norberg – Corporate Reporting Specialist, FAR
• Doug Niven – Chair, Australian Auditing and Assurance Standards Board
• Dr. Jianhua Tang – Director of Professional Standards, Chinese Institute of Certified Public Accountants
• Duane DesParte – Independent Non-Executive, Ernst and Young Global Governance Council
• Hilde Blomme – Deputy Chief Executive, Accountancy Europe
• Ivanyra Correia – Board Member and Finance Executive (Brazil)
• Javier de Frutos – Chair of the Commission on Financial Reporting, European Federation of Financial Analysts’ Societies
• Jennifer Haskell – Global Audit & Assurance Quality Excellence Leader, Deloitte
• Koichiro Kuramochi – Chief Accountant/Director for International Accounting, Japan Financial Services Agency
• Matthew Winters – Senior Director of Financial Reporting Policy Advocacy, CFA Institute (USA)
• Monica Foerster – Partner, Confidor
• Natasha Landell-Mills – Partner and Head of Stewardship, Sarasin & Partners
• Nicole Ratzinger-Sakel – Auditing and Accounting Professor, University of Hamburg
• Nikolaos Papadimos – Vice Chair, Hellenic Accounting and Auditing Standards Oversight Board
• Steven Lipiner – Independent Board Trustee, Pacific Investment Management Company
• Susan Coffey – Chief Executive Officer of Public Accounting, United States Association of International Certified Professional Accountants
• Toshimitsu Suzuki – Chief Representative, Daiwa Institute of Research Ltd.
• Vicki Myburgh – Partner & Africa Risk and Quality Leader, PwC

Virtually:

• Ashley Rangel – Deputy Chief Accountant, Office of the Chief Accountant, United States Office of the Comptroller of the Currency
• Conchita Manabat – Chair, Advisory Council, International Association of Financial Executives Institutes
• David Correia – Director, Accounting Policy Division, Office of the Superintendent of Financial Institutions (Canada)
• Hina Usmani – Founder and Managing Partner, Usmani & Co.
• Iheanyi Anyahara – Financial Reporting Council of Nigeria
• Isabelle Grauer-Gaynor – Head of the Corporate Finance and Reporting Unit, European Securities and Markets Authority
• Jose Esposito – Chief Audit Executive, Banco de Crédito del Perú / Credicorp Ltd
• Nana Li – Head of Sustainability & Stewardship, Asia-Pacific, Impax Asset Management

Observers:

• George Kabwe – Assistant Director, Finance, International Monetary Fund
• James Ferris – Director, UK Audit Policy, United Kingdom Financial Reporting Council
• Dave Sullivan – Member, Public Interest Oversight Board

The meeting was also attended by the SSB chairs, vice-chairs, and staff and was open to public observation.

About the Stakeholder Advisory Council
The Stakeholder Advisory Council (SAC) provides input and recommendations to the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA). It is a forum for the IAASB and IESBA to engage with a diverse range of their external stakeholders, thereby drawing on additional expertise and experience for their standard-setting projects. Members are appointed by the Public Interest Oversight Board (PIOB).

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. 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.

The International Federation of Accountants (IFAC) and the International Ethics Standards Board for Accountants (IESBA), alongside the International Auditing and Assurance Standards Board (IAASB), convened a multi-stakeholder Summit in Paris on 14 April 2025. 

The Summit, held in response to a call to action by Lee White, Chief Executive Officer of IFAC, focused on the practical implementation of the new International Ethics Standards for Sustainability Assurance (IESSA), and strengthening current and future engagement with the IESBA and the IAASB in the evolving global standard-setting landscape. 

Hosted by IFAC French member the Compagnie Nationale des Commissaires aux Comptes (CNCC), and opened by its President Philippe Vincent, the summit was observed by the Public Interest Oversight Board (PIOB) and brought together over 50 global leaders from Africa, Asia-Pacific, the  Americas, and Europe, including IFAC member organizations and other professional accounting organizations, practitioners, regulators, investors, business preparers, supervisors and standard setters, offering a remarkable blend of perspectives, skills, and knowledge. 

The summit reaffirmed the important role that global assurance and ethics standards need to play in building trust in reported sustainability information, and hence the importance of ensuring successful global adoption and implementation. 

Drawing on the rich and diverse contributions, IFAC, IESBA, and IAASB leadership acknowledge two priority areas highlighted by participants for engagement among the standard-setters, oversight bodies, and IFAC: 

1. The clear value of enhanced coordination among the IESBA, the IAASB and IFAC leadership, working together to maximize the use of limited resources to progress the adoption of the IESBA’s and the IAASB’s international standards globally and support their consistent implementation.
2. The importance of continued improvement in the transparency and effectiveness of the due process for standard setting, including: 
   • Appropriate effects analysis of new or revised standards; 
   • The performance of post-implementation reviews of significant new or revised standards, generally within five years post-effective date; 
   • Use of narrow scope amendments to resolve relevant issues identified through implementation or emerging issues monitoring mechanisms; and 
   • Enhanced engagement and feedback on how stakeholder input is considered and feeds into decisions. 

The IESBA and IAASB chairs committed to taking forward those suggestions through engagement with their respective boards, the PIOB as their oversight body, and other governance and institutional bodies in their system. 

Participants at the roundtable also supported active engagement with the Monitoring Group and the PIOB to inform the approach to, and timing of, a post-implementation review of the July 2020 Monitoring Group reforms to strengthen the international audit and ethics standard-setting system. 

IFAC, IESBA, and IAASB will continue to focus on furthering the public interest and commit to convening another multistakeholder summit in Q4 2026 or Q1 2027. 

Lee White, CEO of IFAC, said “I thank all of those who participated in the summit. What encouraged me most was the spirit of serving the public interest, shared responsibility and collaboration amongst all stakeholders. I am delighted to see there is consensus that standards should be of high-quality, but also practical, inclusive, and fit for purpose. That’s how we build trust and resilience across the entire ecosystem.” 

Gabriela Figueiredo Dias, Chair of the IESBA, said “The IESBA commends IFAC for convening this important summit and is encouraged by constructive suggestions shared by a wide range of participants. We are fully committed to improving the practices that connect us all, as well as to the adoption and effective implementation of global standards on assurance, ethics, and independence. Both I, personally, and the IESBA call for and stand ready to support impactful initiatives from all involved parties that promote the public interest and embed ethics as the DNA that guides the global accountancy profession in all its activities and services.” 

Tom Seidenstein, Chair of the IAASB, said “I welcomed the invitation to participate in this timely event. I am heartened by the continued support for international standards set by independent standard-setters committed to robust due process. Ever deepening engagement with IAASB stakeholders and coordination with IESBA are leading strategic objectives of the IAASB, and the summit provided valuable recommendations in both of those areas.”  

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 to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.   

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

About the IAASB 

The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. 

The International Auditing and Assurance Standards Board (IAASB) has opened a public consultation on narrow-scope amendments to its standards to maintain interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). These proposed amendments address recent revisions to the IESBA Code related to using the work of an external expert.

The targeted amendments focus on the following IAASB standards:

• ISA 620, Using the Work of an Auditor’s Expert
• ISRE 2400 (Revised), Engagements to Review Historical Financial Statements
• ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information
• ISRS 4400 (Revised), Agreed-upon Procedures Engagements

How to Comment
The IAASB invites all stakeholders to comment using the digital Response Template, which is available on the IAASB website. Feedback is requested by July 24, 2025.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

The International Federation of Accountants (IFAC) has launched a public consultation on targeted revisions to its Statements of Membership Obligations (SMOs), a cornerstone of IFAC and its members’ commitment to a strong and sustainable global accountancy profession. These requirements provide the foundational framework that supports the profession in upholding high-quality international standards and best practices.

The proposed revisions focus on key areas to reflect developments in international standards and reinforce the profession’s role in serving the public interest. When final, the proposed changes will require IFAC members to:

• Enhance Quality Assurance Reviews – Updates quality assurance review procedures to align with the International Auditing and Assurance Standards Board’s (IAASB) quality management standards.
• Emphasize Flexible Entry Requirements for Accounting Education Programs – Reinforces the evaluation of flexibility entry pathways into professional accounting education as outlined in the International Education Standards (IES).
• Evaluate Adoption of the IAASB’s ISA for LCE – Clarifies expectations for adopting and implementing the International Standard on Auditing for Less Complex Entities (ISA for LCE).
• Adopt IFRS Sustainability Disclosure Standards – Formalizes the expectation to adopt or work toward the adoption of all IFRS Standards, including S1 and S2, issued by the International Sustainability Standards Board (ISSB).

In line with IFAC’s commitment to delivering value to its members and upholding global best practice, IFAC invites feedback from its members, members of the Forum of Firms, Network Partners and other regional accountancy organizations, regulators, standard setters, and other key stakeholders. These insights are crucial to ensuring the SMOs remain relevant, fit for purpose, and aligned with evolving international standards.

Feedback can be provided via a response template form, available on the IFAC website. The consultation is open until August 8, 2025. Following this public consultation and IFAC Board approval, the revised SMOs are expected to take effect on January 1, 2026.

For more information and to participate in the current consultation, visit the IFAC website.

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 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 and the International Ethics Standards Board for Accountants applaud the appointment of Ryan Wolfe as the new Chair of the Monitoring Group.

Commenting on Mr. Wolfe’s appointment, Gabriela Figueiredo Dias and Tom Seidenstein, IESBA and IAASB Chairs, respectively, said: “We are delighted to welcome Mr. Wolfe as the new Chair of the Monitoring Group. His extensive experience in regulatory oversight roles and his new role as Acting Chief Accountant of the U.S. Securities and Exchange Commission will bring invaluable perspective and expertise to this important position.

“The Monitoring Group plays a crucial role in advancing the public interest in international standard setting. We are confident that under Mr. Wolfe's leadership, the Monitoring Group will continue to promote high-quality international audit, assurance, ethics, and independence standards, benefiting investors and other stakeholders in global capital markets.

“We look forward to working closely with Mr. Wolfe, and continuing to partner with the Monitoring Group. Together, we will strive to ensure that our standards remain relevant and aligned with evolving international practices.

“Congratulations, Mr. Wolfe, on this new role. We wish you great success.”