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. 

IFAC's Financial Statements are prepared in accordance with International Public Sector Accounting Standards (IPSAS) and include an independent auditor’s report.

As economies face converging challenges, global solutions must reflect regional realities.    

That’s the purpose of IFAC Connect, a global event series from the International Federation of Accountants (IFAC), that brings together professional accountancy organizations, regulators, businesses, investors, and other leaders to share insights and work together to drive meaningful change. 

Lee White, Chief Executive Officer, and Manuel Arias, Principal, Introduce IFAC Connect

Now in its second year, IFAC Connect is a platform for engagement and action. Stakeholders share insights and develop solutions that align with global baselines, and local leaders are empowered to drive transformation.   

In 2025, IFAC will hold four events in the series across the globe:  

• Africa: Nairobi, Kenya. August 19-20.  
• Middle East & North Africa (MENA): Riyadh, Saudi Arabia. October 2.  
• Latin America (IFAC Connect Global): Mexico City, Mexico. November 12-13.  
• Asia Pacific: Jakarta, Indonesia. December 5.  

Lee White, Chief Executive Officer of IFAC said, “Through IFAC Connect, we work alongside our members and the Forum of Firms to promote international standards, share best practices, and collectively shape the future of the profession in service of the public interest and stronger, more resilient economies. 

To meaningfully respond to global challenges, we must have alignment and cooperation with governments, regulators, standard setters, and the entire ecosystem. As our profession’s our collective voice, we are key drivers of positive momentum by breaking across those sector silos and creating real progress.”  

Participation is by invitation only. Visit IFAC Connect for more information or contact your IFAC regional manager.

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 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 Federation of Accountants (IFAC) warmly welcomes the appointment of Ryan W. Wolfe as the new Chair of the Monitoring Group, and extends its appreciation to Paul Munter, outgoing Chair, for his leadership and service.

Lee White, Chief Executive Officer of IFAC, said: "The Monitoring Group plays a critical role in supporting and upholding the integrity of global capital markets and serving the public interest. Ryan Wolfe brings a wealth of technical expertise, regulatory insight, and a deep commitment to high-quality financial reporting and audit oversight. His appointment is a positive step for the continued advancement of the Monitoring Group’s reform agenda and its strong partnership with IFAC on behalf of the global accountancy profession."

Mr. Wolfe, a Certified Public Accountant in Virginia and Chartered Financial Analyst (CFA) Charterholder currently serving as the Acting Chief Accountant at the U.S. Securities and Exchange Commission (SEC), brings over 20 years of experience from his tenure at both the U.S. Securities and Exchange Commission (SEC) and as a Managing Director at Credibility International LLC.

IFAC also acknowledges the significant contributions of Paul Munter, former Chief Accountant at the SEC, during his tenure as Chair of the Monitoring Group, and congratulates him on his retirement from federal service.

"We thank Paul Munter for his leadership and unwavering dedication to advancing audit quality and investor confidence and the key role he played in the MG reform process. We wish him all the best in his future activities," concluded Mr. White.

IFAC looks forward to working closely with Mr. Wolfe and continuing to support the Monitoring Group’s mission to enhance international standard-setting in the public interest.

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.   

As the European Union (EU) moves to simplify its sustainability legislation, global sustainability reporting and assurance practices are evolving to meet growing demands for transparency, credibility, and impact.

Accountancy Europe and the International Federation of Accountants (IFAC), as representatives of the European and global accountancy profession, reaffirm their commitment to high-quality and consistent sustainability assurance. Achieving this requires a collective effort by all stakeholders, robust professional standards, and regulatory consistency.

Global baseline for consistent assurance

Independent external assurance enhances information’s credibility and supports investors and other users in making informed decisions. To fully deliver on this potential, a global baseline for assurance and ethical standards are vital to meet users’ needs and ensure quality, consistency and efficiency of assurance engagements. High-quality sustainability assurance, based on globally accepted standards, is critical to reinforcing trust and ensuring comparability and usefulness of disclosures across markets.

As a stand-alone, profession-agnostic and principles-based standard, the IAASB’s International Standard on Sustainability Assurance (ISSA 5000) could fulfil this role.

IOSCO recognises the potential of the ISSA 5000 and IESBA’s International Ethics Standard for Sustainability Assurance to enhance consistency, comparability and reliability of sustainability information provided to the market. The ISSA 5000 could provide a strong basis for adoption of a future sustainability assurance standard in the EU and beyond.

Level playing field

It is vital that all providers, regardless of their background, operate under an equivalent framework, ensuring a level playing field on professional assurance standards, qualification, ethical requirements including independence, quality framework and public oversight.

“It is absolutely critical for investor and consumer protection that practitioners outside of the audit profession are held by jurisdictional regulators to the same regulatory oversight, disciplinary responsibility and requirements that apply to professional accountants”, said Lee White, CEO of IFAC.

Connectivity for better decision-making

Connectivity between financial and sustainability reporting helps to provide a full picture of the company’s viability and performance. Integrated information allows investors, regulators, and other stakeholders to understand how sustainability risks and opportunities translate into financial outcomes.

The accountancy profession has provided assurance on sustainability information for over two decades, building expertise through professional standards and extensive experience in evaluating systems, processes and controls throughout companies. This is crucial for improving the connectivity between financial and sustainability information. Engaging a single assurance provider for both financial and sustainability reporting enhances consistency, efficiency, and the integration of financial results with ESG performance while reducing administrative complexity.

“When sustainability and financial data align, companies present a clearer, more consistent narrative to the market, enabling stakeholders to make effective and sustainable decisions. Statutory auditors are also well placed to provide assurance on sustainability reporting to support information’s connectivity”, said Eelco van der Enden, CEO of Accountancy Europe.

Notes to Editors

Contacts:

For Accountancy Europe
Nha Vy Nguyen, Head of Communications
Email: nhavy@accountancyeurope.eu

For IFAC
IFAC Communications
Tel: +1-212-286-9344
Email : ifaccommunications@ifac.org

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 Accountancy Europe

Accountancy Europe unites 49 professional organisations from 35 countries that represent 1 million qualified accountants, auditors and advisors. As Accountancy Europe, we translate professional accountants’ daily experience from across Europe to inform the European policy debate. Accountancy Europe is in the EU Transparency Register (No 4713568401-18). 

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