Private Equity & Other External Investments

The objective of the workstream is to enhance the IESBA’s understanding of private equity and other external investments (PE&OEI) in accounting firms, including their structures, ownership arrangements, governance and control characteristics, and related ethical and independence implications.

The PT will coordinate closely with the IAASB on the information gathering, given potential matters of mutual interest from a quality management perspective and broader audit quality considerations. This will include, as appropriate, IAASB participation in the information-gathering activities.

Project Team

• Jon Reid
• Jeanne Viljoen
• Elaine Cahoon

Board Advisors

• Saadiya Adam
• Mark Babington
• Luigi Nisoli

IESBA Board Advisor to the IESBA’s FCG workstream acting as a liaison member to this workstream: Channa Wijesinghe

IESBA September 2026 Meeting Highlights

The IESBA considered an update from the PE&OEI Project Team on its information-gathering activities since the June 2026 meeting, including: 

• Desktop research on:
  •  Jurisdictional regulatory frameworks and oversight requirements for accounting firms; 
  • Regulatory responses to PE&OEI in accounting firms; o Recent market developments in PE&OEI in accounting firms; and 
  • PE investment in other industries. 
• Stakeholder outreach, including the development and dissemination of stakeholder questionnaires. 
• The development of a joint IESBA–IAASB Action Plan to support both Boards in considering potential implications of PE&OEI in firms for ethics, independence, quality management, audit and other assurance quality, and the public interest. 

At its December 2026 meeting, the IESBA will receive an update on the themes, issues and insights emerging from the stakeholder outreach and information-gathering activities in Q4 2026.