IPSAS 51 introduces new, public sector-specific accounting guidance on accounting for natural resources with physical substance, such as land, trees, and water, often held by governments to preserve or protect them. IPSAS 51 also highlights guidance in other standards that applies to natural resources that are held for other purposes.
Jon Walters was appointed by the Public Interest Oversight Board (PIOB) in November 2025 for a three-year term.
Mr. Walters is the Global Independence Leader for the PriceWaterhouseCoopers network of member firms, bringing global leadership experience in ethics and independence to the International Ethics Standards Board for Accountants.
PIOB also decided to re-appoint Rania Uwaydah Mardini for a three-year term, also beginning on January 1 2026.
On January 1, 2026, the International Ethics Standards Board for Accountants (IESBA) welcomed a new Board member following his appointment by the Public Interest Oversight Board (PIOB) in November 2025.
Jon Walters (United Kingdom) is currently the Global Independence Leader for the PriceWaterhouseCoopers network of member firms. In this role, he leads a global team of independence professionals responsible for establishing PwC’s independence policies, processes, and systems, and for providing advice and consultations on a wide range of auditor independence–related matters.
Prior to becoming PwC’s Global Independence Leader in January 2025, Mr. Walters served as the UK Independence Partner from 2014 and previously held leadership roles related to Ethics and Business Conduct for PwC UK. Outside of PwC, he was a member of the FRC’s Ethical Standards Technical Advisory Group from 2016 to 2025 and served on the ICAEW Ethics Standards Committee from 2013 to 2018.
Mr. Walters is a Chartered Accountant and a Fellow of the ICAEW. He also holds a Bachelor of Engineering (Hons) degree in Aeronautical Engineering and Design from Salford University.
“I am delighted to have the opportunity to join IESBA,” said Mr. Walters. “I believe strongly that having robust, high-quality global ethics and independence standards for the accounting profession serves the public interest, and I am looking forward to being able to use my 20+ years of experience in applying the IESBA Code and other global independence regulations to support the Board as we look to further develop and refine the Code.”
Gabriela Figueiredo Dias, Chair of the IESBA, said:
“Jon brings extensive, hands-on experience in applying ethics and independence standards across jurisdictions and complex engagements. His practical insights will be highly valuable as the Board continues to advance global ethics standards that respond to the realities of today’s profession and a changing environment, while remaining firmly grounded in the public interest.
I am also pleased to welcome the reappointment of Rania Uwaydah Mardini, whose continued service will provide important continuity to the Board’s work, and I would like to thank those members who concluded their terms at the end of 2025 – Mr. Paul Muthaura and Mr. Rich Huesken – for their dedication and significant contributions to the IESBA.”
With the effectiveness of the PIOB nominations, IESBA reduces from 2026 onwards the number of members to 16, in line with the Monitoring Group Recommendations.
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.
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
Mr. Ferris is Director of Audit Policy at the UK Financial Reporting Council and served as the Chair of the International Forum of Independent Audit Regulators (IFIAR) Standards Coordination Working Group until December 2025. He has been appointed for a three-year term.
“I am honored to join the IAASB at a time of significant change for the global audit and assurance profession,” said Mr. Ferris. “I look forward to contributing to the IAASB’s work in strengthening high-quality international standards and supporting trust and confidence in audit and assurance in the public interest.”
The IAASB also congratulates current member Greg Schollum on his re-appointment for a three-year term. Greg is the former Deputy Controller and Auditor-General of New Zealand. His career includes serving as a member of the International Public Sector Accounting Standards Board, the New Zealand Accounting Standards Board, and the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants (now Chartered Accountants Australia & New Zealand).
In addition to welcoming Mr. Ferris and congratulating Mr. Schollum, the IAASB also welcomes the appointment of Edo Kienhuis as its new Vice-Chair for a one-year term. Mr. Kienhuis is a Partner in the PwC Audit and Assurance practice in Amsterdam and a member of the Dutch firm’s National Office. He has been a member of the IAASB since January 2021.
The PIOB’s invitation for application for terms of service beginning in January 2027 is expected to open in March 2026. The IAASB encourages qualified candidates to apply.
ISRE 2410 (Revised), Review of Interim Financial Information Performed by the Independent Auditor of the Entity (Project Stage: Exposure Draft Development) – We discussed selected sections of the standard, including proposed drafting and initial direction on the nature and extent of the auditor’s work effort relating to going concern and considerations relating to group interim review engagements.
Audit Evidence and Risk Response (Project Stage: Exposure Draft Development) – We discussed key insights from outreach activities undertaken by the project team. We also discussed several specific topics, including technology-related matters and the auditor’s work on internal controls.
ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures Post Implementation Review – We discussed the project team’s plan for a post-implementation review of our standard on accounting estimates and key findings from the team’s initial information gathering.
Technology – We discussed updates to the Catalog of Issues and Possible Actions and progress on the Technology Quality Management initiative, including information gathering through a series of eight international roundtables (see Looking Ahead section below).
Recordings of the September 2025 meeting are available on our YouTube channel and more information on our projects can be found on the Latest on Our Projects web page.
Technology Quality Management As part of our Technology Quality Management initiative, we have begun a series of eight roundtables around the world to gather stakeholder insights on:
How emerging technologies, including AI, are being integrated into practice.
How our quality management standards are being applied in a rapidly evolving environment.
How firms are approaching governance and oversight of emerging technologies used in engagements.
The first roundtable was held in Brussels on September 30 with others to follow in October and November.
ISSA 5000 on Sustainability Assurance
In Q4, we will continue to support the adoption and implementation of ISSA 5000, our sustainability assurance standard. This includes:
Webinar series: We are hosting a three-part global webinar series designed to assist our stakeholders as they adopt and implement ISSA 5000. The webinars will be held in October and will cover:
Foundational Principles and Concepts (October 1 and 2);
Engagement Planning, Risk Assessment & Response (October 7 and 8); and
Concluding and Reporting on Sustainability Assurance Engagements (October 14 and 15).
Register here or watch the recordings here at our ISSA 5000 web page;
Although IAASB and IESBA are independent boards under IFEA, with their own remits and unique needs, our standard-setting actions have a collective impact on the external reporting ecosystem. Given this collective impact, we continuously maintain and enhance our coordination with IESBA—in the traditional areas of audits and reviews of financial statements, as well as the area of sustainability. This includes coordination at the board and staff levels.
Currently, we are closely coordinating with IESBA on the following projects:
Strategy and Work Plan: We will launch a joint stakeholder survey in early 2026 as a first step in an aligned strategic planning process for developing the Boards’ strategies and work plans for 2028–2031.
IESBA’s Firm Culture and Governance project: We are working closely to make sure this project is aligned with our standard on quality management at the firm level (ISQM 1). For example, during our June and September meetings, IESBA staff joined us to share updates on progress and receive feedback from IAASB members.
Key Dates for this Quarter
On October 21 and 22 the Stakeholder Advisory Council (SAC) will meet in New York. You can find more information on the SAC meetings web page. This meeting will also livestream in our YouTube channel.
On November 4, we will hold a joint Jurisdictional Standard Setters Meeting with IESBA.
Other topics we discussed during our meeting included:
Audit Evidence and Risk Response (Project Stage: Exposure Draft Development) – We discussed several specific topics to inform the drafting of proposed ISA 330 (Revised), ISA 500 (Revised) and ISA 520 (Revised). At our March 2026 meeting we will discuss a first full draft of these standards.
ISRE 2410 (Revised), Review of Interim Financial Information Performed by the Independent Auditor of the Entity (Project Stage: Exposure Draft Development) – We discussed a full draft of proposed ISRE 2410 (Revised) and we anticipate voting to approve the exposure draft at our March 2026 meeting.
ISA 500 Series (Project Stage: Project Proposal) – We discussed key insights from outreach and the draft project proposal, including the in-scope standards for this project.
Technology Quality Management– We discussed key insights from a six-month information-gathering phase, including finding from eight roundtables held around the world, which informed the decision to develop non-authoritative materials as the way forward for this project. At our March 2026 meeting, we will consider a proposed action plan, including the initiative’s objective, scope, themes/topics to be addressed, and the nature, scope, and timing of anticipated deliverables.
Recordings of the December 2025 meeting are available on our YouTube channel and more information on our projects can be found on the Latest on Our Projects web page.
Our Focus on Technology
In light of the changing environment and the increased use of emerging technologies by firms and entities, we developed our Technology Position in 2024. The Technology Position details how we consider the impact of technology in standard setting and other related activities, and recognizes the transformative potential of technology in enhancing audit and assurance quality. It also clarifies our commitment to actively facilitate and, where appropriate, encourage the appropriate use of technology in engagements and systems of quality management. As part of this initiative, we developed a gap analysis to identify our potential actions, including possible standard setting opportunities. The findings of this analysis are captured in the Catalog of Issues and Possible Actions, which will continue to be reviewed and updated as needed.
Currently, we have three projects focused on technology:
Technology Quality Management– This project aims to support consistent and effective application of the quality management standards to emerging technologies.
Audit Evidence and Risk Response – Among other matters, this project aims to facilitate, and where appropriate, encourage auditors' use of technology in obtaining audit evidence and evaluating its sufficiency and appropriateness.
ISA 500 Series – This project aims to modernize our standards related to inventory and external confirmations to reflect the current business and audit environment, including the impact of technology use by entities, auditors and the organizations they interact with.
Looking Ahead: Our Plans for Q1 2026
Consultations
In Q1 2026 we plan to publish the following consultations:
The joint IAASB-IESBA stakeholder strategy survey will be published mid-January with a 114-day comment period.
A survey for the post-implementation review of ISA 540 (Revised), our standard on auditing accounting estimates, will be issued in mid-February for a 118-day comment period. The survey will gather feedback on the impact of ISA 540 (Revised).
ISSA 5000 on Sustainability Assurance
We will continue to support the adoption and implementation of ISSA 5000, our sustainability assurance standard. This includes an FAQ on materiality and updating information on jurisdictional adoption. Access published resources on the dedicated ISSA 5000 web page.
Key Dates for this Quarter
From March 16 to 19, the IAASB will meet in New York. The meeting agenda and meeting papers will be available on the IAASB website in the Meetings section in February. This meeting will also livestream on our YouTube channel.
Firm Culture and Governance Dialogues is an IESBA publication designed to support global, dialogue-driven engagement on the organizational drivers of ethical behavior in accounting firms. Building on IESBA’s Viewpoints across eight core elements of firm culture and governance, the Dialogues invite firms, regulators, professional bodies, and other stakeholders to test ideas, share experience, and help shape a practical, principles-based global framework to strengthen ethical culture, public trust, and long-term resilience across all service lines.
