The International Auditing and Assurance Standards Board (IAASB) today released a new first-time implementation guide for the ISA for LCE—the standalone global auditing standard designed specifically for audits of financial statements of smaller and less complex entities (LCE). The guide provides an overview of the standard’s concepts, structure, and format. It offers step-by-step insights into each Part of the standard with examples and comparisons to ISAs, equipping practitioners with the tools to effectively implement the ISA for LCE.

Available on the IAASB website, the guide complements previously released resources, including an adoption guide, supplementary guidance on the authority of the standard and on auditor reporting, videos, and webinars. Together, these materials form a comprehensive toolkit to support effective implementation.

This guidance does not amend or override the authoritative text of the ISA for LCE but serves as a valuable resource to facilitate understanding and application. Explore the guide and additional resources at: www.iaasb.org/ISAforLCE.

About the ISA for LCE
Built on the foundation of the International Standards on Auditing (ISAs), the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, or the ISA for LCE, is proportionate and tailored to the specific needs of audits of less complex entities. Its streamlined approach enhances usability for practitioners performing these engagements.

About 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.

The Public Interest Oversight Board’s (PIOB) Standard-Setting Boards Nominations Committee is now accepting applications for an upcoming vacancy on the International Ethics Standards Board for Accountants (IESBA), with the term beginning January 1, 2026. The application window remains open until May 11, 2025.

Serving as a member of the IESBA is a unique opportunity for experienced professionals from diverse backgrounds to help shape global ethics standards for the accountancy profession in the public interest. The PIOB welcomes applications from individuals across all sectors, including investors, corporate governance experts, regulators, national standard setters, audit practitioners, professional accountancy organizations, public sector representatives, and academia. A parallel invitation for applications has been issued for the International Auditing and Assurance Standards Board (IAASB), with the same application deadline of May 11, 2025.

Joining the IESBA offers professionals a platform to influence the development of globally recognized ethics standards that support trust, integrity, and confidence in the accountancy profession and global financial markets. Board members play a vital role in strengthening ethical practices in the public interest.

For more details on the nomination process for IESBA, visit the PIOB’s nominations web page or contact SSBNominations@ipiob.org.

The Public Interest Oversight Board’s (PIOB) Standard-Setting Boards Nominations Committee is now accepting applications for an upcoming vacancy on the International Auditing and Assurance Standards Board (IAASB), with the term beginning January 1, 2026. The application window remains open until May 11, 2025.

Serving as a member of the IAASB is a unique opportunity for experienced professionals from diverse backgrounds to help shape global audit, assurance, and related standards in the public interest. The PIOB welcomes applications from individuals across all sectors, including investors, corporate governance experts, regulators, national standard setters, audit practitioners, professional accountancy organizations, public sector representatives, and academia. A parallel invitation for applications has been issued for the International Ethics Standards Board for Accountants (IESBA), with the same application deadline of May 11, 2025.

Joining the IAASB offers professionals a platform to influence the development of high-quality standards that support trust and confidence in financial reporting worldwide. Board members play a vital role in strengthening global financial markets and economies through their contributions to international standard setting.

For more details on the nomination process for IAASB and IESBA, visit the PIOB’s nominations web page or contact SSBNominations@ipiob.org.

The International Federation of Accountants (IFAC), which unites and connects professional accountancy organizations worldwide, has finalized revisions to the International Education Standards to embed sustainability throughout aspiring professional accountants' training. These updates reinforce the accountancy profession’s role in supporting high-quality sustainability reporting and assurance while upholding integrity and professional quality.

“IFAC and our members work together to shape the future of the profession through learning, innovation, a collective voice, and a shared commitment to the public interest,” said Lee White, IFAC Chief Executive Officer. “These revisions to the education standards ensure that professional accountants worldwide develop the right competencies to implement sustainability reporting and assurance standards effectively.”

The revisions to these foundational education standards establish a global baseline of sustainability competence, ensuring professional accountants worldwide are prepared to implement sustainability-related disclosure and assurance standards. This includes standards issued by the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA), and the International Sustainability Standards Board (ISSB), as well as those under development by the International Public Sector Accounting Standards Board (IPSASB).

As sustainability data and information become integral to corporate decision making and transparency, it is crucial that professional accountants are equipped with the necessary skills to provide high-quality reporting and assurance that meets the needs of management, investors, regulators, and other stakeholders.

Key Sustainability Enhancements

• Integrated Sustainability Approach: Sustainability concepts are embedded throughout the IES learning outcomes addressing initial professional development, ensuring professional accountants are able to connect financial and sustainability data and information.
• New Assurance Competence Area: Introduces learning outcomes that allow accountants to develop a strong foundational understanding of assurance fundamentals.
• Strengthened Business Acumen Focus: Enhances accountants' ability to assess sustainability impacts on business models, value chains, and organizational strategy.
• Enabling Behavioral Competencies: Reinforces skills such as decision making, adaptability, and collaboration.
• Expanded Explanatory Materials: Provides additional guidance to facilitate implementation by professional accountancy organizations, universities, and training programs.

Additionally, IFAC has modernized IES 6, Initial Professional Development – Formal Assessment of Professional Competence, to introduce two new principles, integrity and authenticity, and update the principle of equity, alongside enhanced guidance on hybrid and remote assessments.

The updates to the IESs reinforce IFAC’s commitment to strengthening the global accountancy profession through its member organizations, which proudly uphold their role as champions of integrity and professional quality. IFAC calls on all stakeholders to begin preparing for implementation, with early adoption encouraged ahead of the July 1, 2026 effective date.

IFAC also encourages its members and other stakeholders to request permission to translate the revised standards into their local languages. Request permission via the IFAC website here.

Resources for Adoption & Implementation

To support its members effectively adopt and use these revised standards, IFAC has developed a package of resources, including two fact sheets, a frequently asked questions document, and two Bases for Conclusions, which set out the changes to learning outcomes, including the rationale for what was changed and what was not.

Additionally, two webinars will be held in April, providing global audiences with an overview of the revised standards and their application, as well as an opportunity to address specific questions.

• April 29, 16.00 UTC – Register here
• April 30, 7.00 UTC – Register here

Each of the revised standards—IES 2, 3, 4, and 6—has been published in full ahead of the anticipated release of an updated Handbook of International Education Pronouncements in late 2025.

For more information on the revised standards, 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 accountancy profession stands at a turning point with equally exciting opportunities and challenges. As Accountancy Europe and IFAC CEOs, we believe it is necessary to enhance cooperation for our members’ benefit. This partnership reflects our shared commitment to support our members and strengthen our profession.

As a culmination of previous engagement, we spent time together at Accountancy Europe’s office in Brussels and explored how to align our respective member value and identified four potential workstreams around:

• Trust in sustainability disclosures: high-quality sustainability reporting is essential, especially in an ever-evolving landscape. Our profession will continue to guide companies towards reliable and comparable sustainability information for global investors and stakeholders, to serve as a catalyst for more sustainable business models, ensuring that ethics, independence as well as quality are not compromised.
• Ethical technological transformation: technology and AI are transforming the way accountants work, offering new efficiencies and capabilities. Our profession must continue to embrace these advancements and leverage them to enhance services and deliver greater value.
• The profession’s future: rapidly evolving markets bring unprecedented opportunities and challenges to our profession’s growth. Funding of professional practices, incorporation and networking cooperation are part of evolving organisational models.
• Pathways to the profession: new pathways to attract diverse talent to the profession must be created to ensure future generations of accountants are well-equipped to meet evolving demands.

Through coordinated efforts on these key matters, we will provide stronger representation, better resources, and a clearer voice for our members.

Eelco van der Enden said: “In a time of global challenges and isolationism temptations, it is crucial to demonstrate that the accountancy profession is united. Regional and global efforts are not only complementary but essential. Global issues do not recognise regional borders, and neither should our response”.

“I am excited to work again with Eelco in his new role, and to innovate how we deliver greater cooperation and value for our members. There are multiple opportunities. I am also committed to strengthening our partnerships with regional network partners in Africa, Asia, and the Americas, ensuring that our members and the global accountancy profession is united and well-supported in every region of the world”, said Lee White.

Notes to Editors

Contacts:

For Accountancy Europe

Nha Vy Nguyen, Head of Communications

Email: nhavy@accountancyeurope.eu

For IFAC

Jennifer DiClerico, Head of Communications

Tel: +1-212-286-9344
Email: jenniferdiclerico@ifac.org

About Accountancy Europe

Accountancy Europe unites 49 professional organizations 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). 

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. 

Today, the International Auditing and Assurance Standards Board (IAASB) released the Post-Exposure Consultation: Invitation to Comment Before the IAASB Finalizes the Narrow Scope Amendments to the ISQMs and ISAs as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code.

This consultation sets out the IAASB’s final position, rationale, and pathway to broader differential requirements relating to the definitions of listed and public interest entities in the International Standards on Quality Management (ISQMs) and International Standards on Auditing (ISAs). It includes an Invitation to Comment for stakeholders to share observations that might be relevant to the IAASB prior to finalizing the narrow scope amendments to the ISQMs and ISAs, and to answer a few specific questions about related forward-looking matters.

The IAASB’s final position is different from the position that was presented in the Exposure Draft of the IAASB PIE Track 2 Project due to a divergence issue between the IAASB PIE proposals and the IESBA PIE Revisions. The IAASB’s Post-Exposure Consultation provides stakeholders the opportunity to familiarize themselves with the identified divergence issue and how this has informed the IAASB as it advanced the IAASB PIE proposals, including the IAASB’s rationale in arriving at its final position.

The IAASB remains committed to the key elements of its original proposals that were presented in the Exposure Draft of the PIE Track 2 Project. Therefore, the IAASB has agreed to revisit at a future date the decision to adopt the definition of PIE in the IESBA Code (adapted as necessary for the ISQMs and ISAs) and extending differential requirements to apply to audits of PIEs.

How to Comment
The IAASB invites all stakeholders to comment on this Post-Exposure Consultation using the digital Response Template, which is available on the IAASB website. Feedback is requested by March 27, 2025.

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.

International auditors have been given new guidance on what to check when assessing firms' environmental, social and governance claims - and how - as part of efforts to increase rigour and consistency, the chair of the industry's global ethics watchdog told Reuters. Continue reading at Reuters.com.

The IAASB is pleased to contribute to the new book, For the World’s Profit: How Business Can Support Sustainable Development, published by The Brookings Institute. IAASB Chair Tom Seidenstein and Former Board Member Warren Maroun co-authored a chapter on the rollout of International Standard on Sustainability Assurance (ISSA) 5000 and the evolving assurance ecosystem.

This volume explores key debates shaping the future of business and sustainability, including value creation, risk management, and corporate accountability. The IAASB’s contribution highlights the importance of high-quality assurance for sustainability reporting and the global adoption of ISSA 5000, ensuring transparency, credibility, and trust in sustainability-related information.

For more information, visit The Brookings Institute website.

The potential for an internationally agreed baseline on which to build the sustainability reporting ecosystem is within reach, says IAASB Chair Tom Seidenstein, but collaboration is key.

Continue reading on the ICAEW website.

The International Auditing and Assurance Standards Board (IAASB) and the International Accreditation Forum (IAF) have formalized plans to collaborate, reinforcing a shared commitment to high-quality sustainability assurance. This partnership aims to enhance trust in corporate sustainability disclosures by establishing a strong global framework for assurance.

In its letter of intent, IAF highlighted its alignment with the IAASB’s goal of promoting consistency and quality in assurance practices worldwide. A key aspect of this collaboration includes IAF’s commitment to supporting the use of the IAASB’s International Standard on Sustainability Assurance 5000, in accredited verification activities where appropriate. Additionally, IAF will engage with the International Federation of Accountants (IFAC) to seek agreement on intellectual property considerations related to referencing IAASB standards.

IAASB Chair Tom Seidenstein welcomed IAF’s proposals, emphasizing the importance of this collaboration in strengthening global sustainability assurance. He highlighted ISSA 5000 as a global baseline for assurance engagements on general-purpose reported sustainability information and underscored the broader opportunity to advance a comprehensive suite of engagement performance, quality management, and ethics and independence standards for use by all sustainability assurance practitioners. Mr. Seidenstein expressed enthusiasm for this partnership, noting that it will help ensure consistency and quality in sustainability assurance engagements in the public interest and reduce the risk of fragmentation. The IAASB looks forward to supporting discussions between IAF and IFAC regarding the use of ISSA 5000 and other IAASB standards for accreditation purposes.

“This collaboration signifies our shared commitment to enhancing the reliability of sustainability disclosures, which are essential for building trust with stakeholders and promoting sustainable practices worldwide,” said Emanuele Riva, IAF Chair. “We recognize the value of IAASB standards, which integrate well and complement the verification activities on ESG issues that accredited conformity assessment bodies have been carrying out for years, even in regulated areas. We look forward to working with IAASB to further integrate IAASB standards into our accredited verification activities, reinforcing our ongoing commitment to sustainability assurance.”

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