This 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.

This publication is intended to be a useful reference to stakeholders, including regulators and audit/assurance oversight bodies, sustainability assurance (SA) practitioners (SAPs) (including audit firms, conformity assessment bodies or other practitioners), the corporate governance community, investors, preparers, and educational bodies or institutions. References to the relevant provisions in the IESSA are provided in footnotes to assist further understanding of the prohibitions.

This publication provides an overview of the key differences between the IESSA and the ethics and independence provisions in the Code applicable to an audit of financial statements. It is intended to facilitate the understanding and implementation of the IESSA by firms that also follow the Code when performing audits of financial statements. Jurisdictional standard setters, regulators and oversight bodies, professional accountancy organizations, educational bodies and other stakeholders may also find the publication helpful.

The Firm Culture and Governance: Summary of Feedback from Global Roundtables publication captures stakeholder perspectives from six global roundtables held in 2025 as part of the Board’s Firm Culture and Governance (FCG) project.