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.