The International Federation of Accountants (IFAC) congratulates Steven Maijoor on his appointment as the next Chair of the IFRS Foundation Trustees, Sam Woods on his appointment as Chair of the International Accounting Standards Board (IASB), and Laura Forzani on her appointment as Managing Director of the IFRS Foundation.

Together, these appointments mark an important new chapter for the IFRS Foundation as it continues to strengthen the global financial reporting architecture and support high-quality, internationally accepted standards.

Lee White, Chief Executive Officer of IFAC, said:

"I have been fortunate to work with Steven over many years in different capacities and have always valued his thoughtful leadership, deep expertise, and unwavering commitment to the public interest. I look forward to continuing our close collaboration in his new role as Chair of the IFRS Foundation Trustees.

I also warmly congratulate Sam Woods on his appointment as Chair of the IASB. His extensive experience in financial regulation and international policy, together with his strong commitment to high-quality global standards, will serve the IASB well as it continues to meet the evolving needs of investors, businesses, and capital markets.

And I congratulate Laura Forzani on her appointment as Managing Director. Her proven leadership and operational expertise will be a tremendous asset to the Foundation as it continues to evolve and deliver on its important mission."

IFAC also extends its sincere appreciation to Erkki Liikanen for his outstanding leadership as Chair of the IFRS Foundation Trustees since 2018, guiding the Foundation through a period of significant growth and transformation. IFAC likewise thanks Andreas Barckow for his leadership of the IASB and his important contributions to advancing high-quality global accounting standards during his tenure. In addition, IFAC recognizes Michel Madelain for his service as Managing Director, including his leadership of the Foundation's transformation program that has strengthened its operations and positioned it well for the future.

IFAC looks forward to continuing its strong partnership with the IFRS Foundation, the IASB, the ISSB, and the Foundation's leadership team in advancing high-quality international standards that serve the public interest and strengthen trust in global capital markets.

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 Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) welcome the appointment of Steven Maijoor as Chair of the IFRS Foundation Trustees. Mr. Maijoor succeeds Erkki Liikanen and brings extensive experience in financial regulation and international standard setting to the role.

Commenting on Mr. Maijoor's appointment, Gabriela Figueiredo Dias and Tom Seidenstein, Chairs of the IESBA and IAASB respectively, said:

"We warmly welcome Steven Maijoor as Chair of the IFRS Foundation Trustees. His deep experience across financial markets, audit regulation and international standard setting gives him a strong understanding of the interconnected system in which the IFRS Foundation, the IAASB, and the IESBA all operate.

“Coherence between financial and non-financial reporting, audit, and ethics and independence standards matters more than ever to investors, regulators, and the public. We are grateful to Erkki Liikanen for his leadership of the IFRS Foundation Trustees and for the strong engagement and collaboration between our organizations during his tenure. We look forward to building on this strong foundation with Mr. Maijoor to help ensure these standards continue to work together as one interoperable system."

The IAASB and IESBA remain committed to close engagement with the IFRS Foundation to support interoperable, high-quality global standards. Further information on the appointment is available on the IFRS Foundation's website.

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.

• Address revisions related to audit evidence and risk response, foundational aspects of an audit
• Further embed a principles-based, risk-based audit framework to support consistent, high-quality audits
• Supports rapid digital innovation in an evolving business reporting and technology environment

The International Auditing and Assurance Standards Board (IAASB) today released for public consultation proposed revisions to three International Standards on Auditing (ISAs): ISA 330, The Auditor's Responses to Assessed Risks; ISA 500, Audit Evidence; and ISA 520, Analytical Procedures.

The proposed revisions, when finalized, will complete an important phase of the IAASB's decade-long modernization of the International Standards on Auditing, building on recent revisions, including ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement. The proposals further embed, clarify and strengthen a principles-based, risk-based audit framework. The revisions also address the increased use of technology in business, financial reporting, and auditing.

"Over the past decade, the IAASB has modernized the International Standards on Auditing to strengthen audit quality and respond to an evolving environment," said Tom Seidenstein, IAASB Chair. "These proposals are an important milestone in that work. With the benefit of stakeholder input and when finalized, the revised standards will further enhance a principles-based, risk-based audit framework that provides a stable foundation for high-quality audits while remaining flexible enough to support innovation as technology continues to evolve."

The proposed revisions establish a comprehensive basis for auditors’ judgments about audit evidence. They include:

• a revised definition of audit evidence to reflect today’s digital environment;
• greater emphasis on the intended purposes of audit procedures;
• strengthened requirements for evaluating the relevance and reliability of information used as audit evidence;
• clarification of key concepts; and
• reinforced application of professional skepticism throughout the audit.

The proposals also strengthen auditors' responses to assessed risks by clarifying the role of tests of controls, substantive procedures, and analytical procedures—promoting more consistent and effective audit responses. The proposals reflect the IAASB’s conclusion that a principles-based rather than technology-specific approach is the best way to maintain robust and relevant standards in the face of rapid technological evolution. They enable innovation while preserving the core principles of high-quality auditing. In addition, the proposals include guidance to help auditors exercise professional judgment about appropriate use of technology.

The proposed revisions also improve the alignment of concepts and principles across the auditor’s risk assessment, responses to assessed risks, and evaluation of whether sufficient appropriate audit evidence has been obtained.

The IAASB encourages auditors, regulators, investors and other users of financial statements, preparers, those charged with governance, academics, and other stakeholders to provide feedback on the proposals. Responses are requested by December 15, 2026.

The Exposure Drafts and Response Form are available on the IAASB website. The IAASB will offer additional opportunities to engage—including a user survey and webinar series—during the consultation period. The IAASB will share details on its website, by email to subscribers, and on LinkedIn and X/Twitter.

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. For copyright, trademark, and permissions information, please visit Permissions.