The International Auditing and Assurance Standards Board (IAASB) has opened a public consultation on narrow-scope amendments to its standards to maintain interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). These proposed amendments address recent revisions to the IESBA Code related to using the work of an external expert.

The targeted amendments focus on the following IAASB standards:

• ISA 620, Using the Work of an Auditor’s Expert
• ISRE 2400 (Revised), Engagements to Review Historical Financial Statements
• ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information
• ISRS 4400 (Revised), Agreed-upon Procedures Engagements

How to Comment
The IAASB invites all stakeholders to comment using the digital Response Template, which is available on the IAASB website. Feedback is requested by July 24, 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.

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 Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants applaud the appointment of Ryan Wolfe as the new Chair of the Monitoring Group.

Commenting on Mr. Wolfe’s appointment, Gabriela Figueiredo Dias and Tom Seidenstein, IESBA and IAASB Chairs, respectively, said: “We are delighted to welcome Mr. Wolfe as the new Chair of the Monitoring Group. His extensive experience in regulatory oversight roles and his new role as Acting Chief Accountant of the U.S. Securities and Exchange Commission will bring invaluable perspective and expertise to this important position.

“The Monitoring Group plays a crucial role in advancing the public interest in international standard setting. We are confident that under Mr. Wolfe's leadership, the Monitoring Group will continue to promote high-quality international audit, assurance, ethics, and independence standards, benefiting investors and other stakeholders in global capital markets.

“We look forward to working closely with Mr. Wolfe, and continuing to partner with the Monitoring Group. Together, we will strive to ensure that our standards remain relevant and aligned with evolving international practices.

“Congratulations, Mr. Wolfe, on this new role. We wish you great success.”

The International Auditing and Assurance Standards Board (IAASB) today released its revised International Standard on Auditing 570 (Revised 2024), Going Concern. The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. Effective for audits of financial statements for periods beginning on or after December 15, 2026, the standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner.

ISA 570 (Revised 2024) introduces several key changes:

• Robust risk assessment. Auditors must conduct, in a more timely manner, thorough risk assessments to determine whether events or conditions are identified that may cast significant doubt on the entity’s ability to continue as a going concern.
• Evaluating Management’s Assessment. Auditors must evaluate management’s assessment of going concern irrespective of whether events or conditions are identified. In doing so, auditors must consider the potential for management bias and evaluate the underlying method, significant assumptions, and data used when management formed its assessment. Additionally, auditors must evaluate whether management’s judgements and decisions indicate potential bias.
• Extended date of evaluation period. The auditor’s evaluation period for going concern now extends at least twelve months from the date of approval of the financial statements, contributing to an assessment of more relevant, decision-useful information.
• Enhanced transparency. The standard requires clearer communication in the auditor’s report about the auditor’s responsibilities and work related to going concern and strengthened communications with those charged with governance and external parties.

“This milestone addresses calls from investors, regulators, and other stakeholders for more robust audit procedures related to going concern. It provides decision-useful, entity-specific information in the auditor’s report regarding the auditor’s work and responsibilities for going concern,” noted IAASB Chair Tom Seidenstein. “The changes in the standard further advance high-quality audits and help narrow the expectation gap, thereby supporting users’ interests and broader financial stability.”

To support successful implementation, the IAASB also developed a fact sheet and Basis for Conclusions, which are available on the IAASB’s website. The IAASB will also issue a frequently asked questions document and technical overview video to support the revised standard’s implementation.

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.

• Consultation Paper seeks views on auditor independence matters pertaining to audits of Investment Schemes when these Schemes involve “Connected Parties”

• The consultation aims to inform the IESBA’s consideration of whether its International Independence Standards are sufficiently clear and fit for purpose for such audits

• The IESBA welcomes comments from all interested parties, including financial industry representatives, audit firms, experts, investors, regulators and jurisdictional standard setters

The International Ethics Standards Board for Accountants (IESBA) today issued a Consultation Paper seeking feedback on whether revisions to the International Code of Ethics for Professional Accountants^TM (including International Independence Standards^TM) (the “Code”) are necessary to address the independence of auditors when they carry out audits of Collective Investment Vehicles (CIVs) and Pension Funds (collectively referred to as “Investment Schemes” or “Schemes”).

Investment Schemes enable investors to pool their funds and often rely on external parties (“Connected Parties”) for functions typically managed internally in conventional corporate structures. This structure introduces specific relationships that are highlighted in the Consultation Paper and need to be carefully considered to ensure that any threats to auditor independence are identified and appropriately addressed.  

According to the Investment Company 2024 Factbook, total net assets of worldwide regulated open-end funds, which include CIVs, stood at around US$69 trillion in 2023. As collective investment structures continue to evolve and the number of investors and assets under management increase globally, the IESBA recognizes the need for robust and clear independence standards and guidance to maintain public trust in the audits of these Schemes.

“Investment Schemes play a critical role in both the savings and retirement of ordinary citizens and in the development and growth of our economies,” said Gabriela Figueiredo Dias, Chair of IESBA. “This underscores the high level of public interest, and therefore the fundamental role of the independent audit, in this segment of the global financial system. Through this consultation, we are inviting stakeholders to share their insights and perspectives on specific matters to ensure that our independence standards remain relevant and capable of consistent application across audits of these Schemes globally.”

Key areas of focus include:

• The definition of "related entity" in the Code and its applicability to audits of Investment Schemes.
• The Connected Parties that should be considered in relation to the assessment of auditor independence with respect to the audit of an Investment Scheme.
• The application of the Code’s conceptual framework when assessing threats to independence resulting from interests, relationships, or circumstances between the auditor of an Investment Scheme and Connected Parties.

The development of the Consultation Paper was informed by desktop research and stakeholder outreach during the course of 2024.

How to Comment

Stakeholders are invited to submit their comments electronically through the IESBA website by June 30, 2025. The feedback will inform the IESBA Project Team's report and recommendations to the IESBA on whether enhancements or clarifications to the Code are warranted.

For more information and to access the Consultation Paper, please visit the IESBA website.

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.