• Private equity (PE) investment in accounting firms has grown significantly over the past five years in a number of major jurisdictions
• Private equity investment in accounting firms may trigger ethical and independence implications as a result of related structural, strategic and operational changes to a firm
• Staff Alert aims to raise awareness and foster understanding of key ethical and independence matters for accounting firm leadership to consider, both pre- and post-PE investment

A Staff Alert highlighting key ethical matters that accounting firms should pay particular attention to when considering or accepting investment from PE organizations has today been issued by the International Ethics Standards Board for Accountants (IESBA).

Titled  “Private Equity Investment in Accounting Firms: Key Ethics and Independence Considerations”, the Staff Alert draws the attention of professional accountants in public practice, particularly accounting firm leadership, to important ethics and independence provisions in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) that remain applicable both before and after PE investment in an accounting firm. The Staff Alert highlights various possible ethical and independence implications arising from PE investment in accounting firms.

These include:

• From an ethics perspective:
  • threats to compliance with some of the Code’s fundamental principles, such as confidentiality;
  • shifts in a firm’s ethical culture resulting from organizational restructurings, different incentives and evolving growth expectations that may undermine ethical obligations; or
  •  undue pressure to act unethically in pursuit of new revenue goals.
• From an independence perspective:
  • concerns arising from a PE organization holding a controlling interest in the firm while also having a financial interest in the firm’s audit clients;
  • the inclusion of new entities as network firms and the complexities in identifying them, and potential related independence threats, if the firm becomes part of a larger, evolving post-investment structure; or
  • situations where individuals in the PE organization’s management could fall within the Code’s “audit team” concept and the applicable independence framework.

The Staff Alert emphasizes the importance of firms maintaining ongoing monitoring for changes in clients, services, business and network relationships, and other relevant factors with potential ethics and independence implications, both during the pre-investment phase and after completion of the PE transaction, and continuing to act in the public interest.

It also underscores in the context of PE investment that compliance with the Code by firms enhances the quality and consistency of the services they provide and underpins public trust and confidence in their work.

Besides accounting firms, this publication may also be of interest to regulators and audit oversight bodies, jurisdictional standard setters (JSS), private equity entities and other investors, professional accountancy organizations (PAOs), and others with an interest or role in the work of accounting firms.

The development of the Staff Alert has been informed by the IESBA’s ongoing engagement with various stakeholders, including accounting firms, private equity organizations, regulators and oversight bodies, JSS, and PAOs.

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.

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

David Johnson 
Senior Manager
IESBA Communications
davidjohnson@ethicsboard.org | Direct: +1 (212) 471-8732

The Staff of the International Ethics Standards Board for Accountants (IESBA) has released two implementation support publications to help sustainability assurance practitioners understand and apply the International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA):

• Key Differences: A comparison document outlining the main differences between the IESSA and the corresponding provisions of the IESBA Code applicable to audits of financial statement.
• List of PIE Prohibitions: A list of specific prohibitions in the IESSA applicable to sustainability assurance engagements of public interest entities (PIEs).

The Key Differences Between IESSA and Parts 1 to 4A of the Code provides an overview of how the IESSA compares to the ethics and independence provisions in the IESBA Code that apply to audits of financial statements. It is intended to support firms that already follow the Code in understanding and implementing the IESSA for sustainability assurance engagements. For reference purposes, the publication is accompanied by a marked-up version of the IESSA showing changes from the corresponding sections of the extant Code.

The List of Prohibitions for PIEs in IESSA summarizes the specific interests, relationships, non-assurance services and other circumstances prohibited under the IESSA when performing sustainability assurance engagements for PIEs. It is intended as a high-level reference to help sustainability assurance practitioners in further understanding the prohibitions in the IESSA.

Jurisdictional standard setters, regulators and oversight bodies, professional accountancy organizations, educational institutions and other stakeholders may also find the publications useful.

These new resources are part of a comprehensive implementation support program the IESBA has put in place—a strategic priority aimed at promoting the adoption and consistent and effective implementation of the IESSA, which becomes effective in December 2026. Led by a dedicated Adoption and Implementation Working Group, this effort includes a growing suite of guidance materials, webinars, and other resources to back the rollout of the Global Ethics Sustainability Standards.

Read the publications on IESBA’s Support and Resources Page
Visit the IESBA Sustainability Focus Page
 

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.

• Mais de 300 participantes já inscritos, incluindo mais de 100 participantes presenciais oriundos de 28 jurisdições e 6 continentes, para o encontro em Lisboa de líderes globais do setor financeiro
• Programa atualizado inclui novas sessões sobre Confiança e Transparência nos Mercados de Capitais e o Crescimento do Private Equity nos Serviços de Contabilidade e Auditoria
• Mais de 20 oradores confirmados, incluindo reguladores, investidores, standard setters e líderes empresariais

O International Ethics Standards Board for Accountants (IESBA) anunciou hoje o programa atualizado da sua Conferência International 2025 sobre Ética e Independência, que se realiza a 15 de setembro de 2025, focado nos desafios éticos mais prementes que se colocam à profissão contabilística e ao mundo empresarial global.

Os oradores principais incluem Maria Luís Albuquerque, Comissária Europeia para os Serviços Financeiros e para a União da Poupança e dos Investimentos, Jean-Paul Servais, Presidente da IOSCO, e Joaquim Miranda Sarmento, Ministro de Estado e das Finanças de Portugal. Juntam-se a um prestigiado painel com mais de 20 especialistas e líderes internacionais.

A participação é gratuita, mas os lugares são limitados à capacidade do local.

O programa completo, as atualizações mais recentes e o formulário de inscrição estão disponíveis em: https://www.ethicsboard.org/iesba-conference-2025

Sob o tema “Ética e Independência na Auditoria: Pilares de Resiliência e Competitividade em Tempos de Incerteza”, a conferência reunirá reguladores, investidores, standard setters, firmas de contabilidade e auditoria e líderes profissionais e empresariais. O objetivo é analisar o papel central da ética na preservação da confiança e estabilidade, bem como no apoio à inovação num contexto de disrupção.

Destaques do programa incluem:

• Seis sessões temáticas dedicadas a áreas como alterações regulatórias com impacto nas atividades de auditoria e contabilidade e nos mercados de capitais, cultura e governação nas empresas de auditoria e contabilidade, desenvolvimentos relacionados com a informação de sustentabilidade, ética em planeamento fiscal e o papel dos profissionais de contabilidade e auditoria no combate ao crime financeiro;
• Painéis dedicados ao impacto da disrupção tecnológica, da inteligência artificial e do investimento de private equity nas firmas de auditoria e contabilidade, com análise das respetivas implicações éticas na transformação do setor;
• Uma lista global de oradores com mais de 20 vozes de referência nos mercados de capitais, sociedades de contabilidade e auditoria, autoridades reguladoras e instituições internacionais, incluindo os oradores principais.

Num momento em que a pressão regulatória evolui e a inovação acelera, a conferência oferece uma oportunidade para explorar o papel das práticas éticas e regras de independência  no reforço da competitividade, resiliência e confiança dos cidadãos e investidores nos setores da contabilidade e auditoria, nos mercados financeiros e na economia.

Esta  é a primeira conferência internacional dedicada à ética e à independência em serviços financeiros organizada pelo IESBA, refletindo o compromisso do Board com a promoção do diálogo com os seus stakeholders a nível internacional. Igualmente, visa contribuir para a adoção dos seus standards, consagrados no seu código internacional de ética de independência — um benchmark já adotado, utilizado ou usado como referência em mais de 130 jurisdições em todo o mundo.

A Conferência IESBA 2025 marca também o início da reunião do board do IESBA de setembro, que terá lugar em Lisboa, no campus do ISEG – Lisbon School of Economics and Management.

O evento conta com o apoio generoso do ISEG – Lisbon School of Economics and Management, bem como das duas organizações profissionais portuguesas do setor: a OCC – Ordem dos Contabilistas Certificados e a OROC – Ordem dos Revisores Oficiais de Contas.

Estes apoios são críticos para permitir a realização da conferência em Lisboa, evidenciando a associação destas organizações ao propósito desta iniciativa do IESBA de dinamização do diálogo internacional, ao mais alto nível, sobre temas de grande atualidade para o setor da contabilidade e auditoria, os mercados financeiros e a economia.

Sobre o IESBA

O International Ethics Standards Board for Accountants (IESBA) é um organismo independente de definição de normas internacionais. A sua missão é servir o interesse público através da definição de standards éticos internacionais de elevada qualidade (incluindo normas sobre independência), como base para o comportamento ético nos negócios e nas organizações, e para a confiança pública na informação financeira e não financeira — essencial ao funcionamento e sustentabilidade das organizações, dos mercados financeiros e das economias a nível global.

Juntamente com o International Auditing and Assurance Standards Board (IAASB), o IESBA integra a International Foundation for Ethics and Audit (IFEA). As atividades do IESBA e do IAASB, bem como a adequação dos seus standards ao interesse público, são supervisionadas pelo Public Interest Oversight Board (PIOB).

• The IESBA and IAASB have established technical expert groups to support effective global implementation of the two boards’ sustainability standards.
• Group members bring deep expertise and hands-on experience with the application of the IESSA and ISSA 5000 standards.
• The groups will provide timely, practice-informed feedback and help develop implementation resources that the IESBA and IAASB might commission to support consistent global application.

The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) today announced the recent formation of two expert implementation groups that will play important roles in supporting the effective implementation and application of the Boards’ recently released global sustainability standards:

• The IESBA’s IESSA Implementation Monitoring Advisory Group (IIMAG) will support the implementation of the International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and revisions to the IESBA code for sustainability reporting.
• The IAASB’s ISSA 5000 Technical Implementation Contact Group (TICG) will support implementation of the International Standard on Sustainability Assurance (ISSA 5000).

Each group comprises a diverse and globally representative set of professionals with a high level of familiarity with the standards and direct involvement in implementation-related activities. The IIMAG and TICG will provide regular feedback to the Boards to ensure that emerging issues relating to the implementation of the standards are identified and addressed timely, and that implementation support resources remain relevant and practical.

The work of these groups will support and contribute to IESBA and IAASB efforts to support stakeholders’ adoption and implementation of IESSA and ISSA 5000, thereby helping build trust in sustainability information and advancing high-quality assurance practices worldwide.

For more information, visit:

• IESBA’s IESSA Implementation Resources
• IAASB’s ISSA 5000 Technical Implementation Contact Group details
• IAASB’s ISSA 5000 Implementation Resources

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 first global Ethics Standards on Tax Planning, launched by the IESBA in April 2024, become effective today.

The landmark standards are designed to provide a robust ethical framework to guide professional accountants when providing tax planning services or performing tax planning activities, thereby enabling them to make ethical judgments and decisions in this complex area.

Instead of relying solely on a technical or rules-based approach, professional accountants apply a principles-driven framework that offers consistent guidance for tax planning services or activities. This framework may also be followed by other tax practitioners who wish to adhere to a high ethical benchmark.

The objective of the framework is to help ensure that tax planning decisions take into account the public interest, including that they have a credible basis in laws and regulations and that they take into consideration the potential reputational, commercial, and broader economic consequences to which the tax planning arrangement could give rise.

Given the growing public scrutiny of certain tax avoidance practices which can undermine public trust in companies and damage reputations, these standards help accounting firms and tax practitioners by offering a sound ethical foundation for advising on tax planning. In doing so, they contribute to building public and institutional confidence in tax – an area that sits at the heart of the implicit social contract between individual and corporate taxpayers and the societies in which they live or operate.

“Today marks an important milestone for IESBA and the global accounting profession," said Gabriela Figueiredo Dias, IESBA Chair. "The Global Ethics Standards on Tax Planning provide a vital tool to help firms and professionals navigate the complex and often grey areas of tax planning, ensuring the public interest remains at the forefront. I commend all those who are leading the way by adopting or working towards the adoption of these standards”.

The IESBA is pleased to recognize and congratulate the following jurisdictions, which have already adopted the standards: Australia, Hong Kong SAR, Saudi Arabia, Singapore, and South Africa.

“The adoption of IESBA’s new global tax planning standards into the Australian Code constitutes a significant enhancement to the ethical framework governing the behavior of the accounting profession providing tax services in Australia, and upholds the paramount principle of serving the public interest.”

Nancy Milne OAM, Chair, Accounting Professional & Ethical Standards Board (APESB)

“At HKICPA, we uphold the public interest and professional integrity and are committed to proactively aligning with international benchmarks. Embracing the IESBA’s Tax Planning Standards strengthens trust in our profession and bolsters the credibility of our members and tax professionals as ethical, trusted advisors.”

Edward Au, President, Hong Kong Institute of Certified Public Accountants (HKICPA)

“As part of SOCPA’s commitment to serve the public interest and ensure harmony with the international professional and ethical standards, we adopted the Tax Planning standards as we found them providing additional clear guidance for professionals to act in accordance with the Ethical Requirements (approved IESBA Code of Ethics) in Saudi when dealing with complex tax issues.”

Dr. Ahmed bin Abdullah Al-Meghames, CEO, Saudi Organization for Chartered and Professional Accountants (SOCPA)

“ISCA is proud to be among the early adopters of IESBA’s Tax Planning and Related Services standards. The standards provide a clear, globally applicable ethical framework for professionals navigating complex tax issues, serving as a practical guide to help them comply with the IESBA’s Code of Ethics. This is a step forward in promoting responsible tax conduct and upholding the reputation of the profession.”

Ms. Fann Kor, CEO, Institute of Singapore Chartered Accountants (ISCA)

“We are proud to be among the first jurisdictions to adopt these standards, affirming our leadership in global ethics and governance. Harmonizing with the IESBA Code underscores our role as a forward-looking jurisdiction that supports transparency and global accountability.”

Imre Nagy, CEO, Independent Regulatory Board for Auditors (IRBA)

Other jurisdictions, such as India and Japan, are also making significant progress toward adopting, or actively considering adopting, the standards, which helps build momentum toward further alignment around a global ethical foundation and baseline for tax planning.

Implementation Support Resources

The IESBA encourages all professional accountants to familiarize themselves with the standards in order to uphold the profession’s commitment to ethical tax practices. Implementation support resources, including IESBA Staff Questions & Answers, can be accessed on the IESBA website.

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.

At its June Board meeting, the International Ethics Standards Board for Accountants (IESBA) approved updates to its 2025-2026 Work Plan to better support ethical behavior and independent judgment in an increasingly volatile and uncertain environment.

Amid rapid shifts in financial markets, stakeholder expectations, and the regulatory landscape, the IESBA reaffirmed its commitment to strengthening the ethical foundations of accounting, business and finance.

“The current challenges require us to focus on what matters most: stronger ethical cultures, better support for global adoption of our standards, and a smarter, more responsive approach to our work,” said Gabriela Figueiredo Dias, IESBA Chair. “We’ve developed strong standards — now it’s time to focus on supporting their use in day-to-day decisions. The IESBA remains committed to helping professional accountants apply ethics in real-world contexts and to strengthening public trust where it’s needed most.”

The revised work plan reflects three key decisions:

1. A Resequenced Approach to the Firm Culture and Governance Project

Building on extensive stakeholder feedback and market analysis, IESBA remains firmly committed to taking decisive steps to address the cultural and governance dimensions at accounting firms that have implications for ethical behavior. Following up on the January 2025 landmark IESBA Firm Culture and Governance (FCG) Working Group Report, over the next 6 months the IESBA will develop a series of IESBA viewpoints on the eight elements of an FCG framework highlighted in the Working Group report, including ethical leadership, accountability, and incentives and rewards. At the same time, the IESBA will develop a plan for practical guidance and other initiatives in 2026 to help firms foster ethical culture and embed values that support long-term trust.

By mid-2026, informed by its further engagement with stakeholders on the viewpoints, the IESBA will consider the approach to the development of the FCG framework to guide firms’ cultural alignment and related governance practices, including consideration of the benefit of including the framework in the IESBA’s International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code).

This resequenced approach reflects the IESBA’s leadership role in responding to ethical gaps in practice and strengthening public trust and confidence in the accountancy profession, while recognizing that the current volatile and uncertain context calls for increased support to market participants.  This recognition is also reflected in the IESBA’s strategic decision to slow down the issuance of new standards, especially in light of the adoption and implementation efforts required for the significant ethics and independence standards recently issued, including on sustainability reporting and assurance, tax planning and related services, group audits, definition of a public interest entity, and technological transformations in the accounting, assurance and finance functions.

2. The Introduction of the SMART Strategic Framework

To enhance the clarity, impact, and coherence of its activities, the IESBA approved the SMART framework — a new stakeholder-centric strategic lens to guide its work, driving effective consistency and strategic alignment. SMART stands for:

• Simplification of processes and outputs;
• Mobilization of stakeholders to act with impact and purpose;
• Adoption support of the IESBA Code across jurisdictions;
• Responsiveness to stakeholders in the face of emerging risks and expectations; and
• Targeted Action by tailoring efforts and engagement to different stakeholders.

This framework translates the IESBA’s vision into an operational roadmap that will shape planning, communications, and coordination across projects.

3. Slowing the Pace of Standard-Setting: A Reinforced Focus on Stakeholder Engagement and on Adoption and Implementation

Recognizing that to be relevant and impactful, robust standards require real-world application to drive change, the IESBA is stepping up its support for jurisdictions and professionals adopting and implementing the Code. Therefore, the IESBA is slowing the pace of new standards to allow consolidation of recently issued standards, with no new significant standards to be issued before 2027. The updated plan places increased emphasis on:

• Tailored stakeholder outreach and engagement
• Dedicated mechanisms to address challenges in the implementation of the Code
• Post-implementation reviews of significant recent standards
• Development of non-authoritative and other supporting materials and initiatives to aid implementation and application of standards issued over the last few years
• Coordination with IFAC and other global bodies as well as jurisdictional standard setters to address adoption barriers and increase support for the adoption and implementation of the IESBA Code

The updated IESBA Work Plan 2025-2026 can be accessed 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.

• 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.

• 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 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.