The International Ethics Standards Board for Accountants (IESBA) launched a standard-setting project on accounting firm culture and governance, actioning the recommendations of the Working Group on Firm Culture and Governance in its fact-finding report, which was released today.

Key findings of the report include:

• The role of ethical leadership and robust governance within accounting firms as key drivers in creating a culture that promotes ethical behavior.
• The importance of transparent and ethical leadership, firm-wide accountability mechanisms and the provision of independent input.
• The need for alignment of performance incentives with ethical behavior, continuous ethics education, and a culture of open discussion and challenge.  

Taking into consideration the Working Group’s conclusions and recommendations, the standard-setting project aims to develop a principles-based culture and governance framework for accounting firms that promotes, supports and reinforces a high standard of ethical behavior across all their professional services.

As part of this strategic initiative, the IESBA will also develop non-authoritative materials to raise awareness about the importance of ethical behavior in accounting firms and support firms with guidance on embedding ethics into their strategies and operations. These will also help involve other stakeholders who might contribute to developing an ecosystem for highly ethical accounting firms.

The IESBA will conduct a series of in-person and virtual global roundtables in March and April 2025 to gather views from a broad range of stakeholders. The in-person roundtables will be held in New York City, USA; Melbourne, Australia; Brussels, Belgium; and Kuala Lumpur, Malaysia. Further details will be announced in due course.

Gabriela Figueiredo Dias, Chair of the IESBA, said, “Ethics is foundational to the work of all accounting firms and all the professionals therein. It is their gateway to public trust in their professional services. I commend the Working Group on tabling a comprehensive report, identifying the key areas of focus we will be probing carefully and systematically, in collaboration with stakeholders, as we seek to develop a global framework for culture and governance for firms. It is our strong conviction that this framework will enable firms to be highly ethical firms consistently, strengthening their resilience against risks of unethical behavior, maintaining a good reputation, and ensuring their long-term sustainability to serve clients, investors, other stakeholders, and the public interest.”

Established in March 2024, the Working Group’s charge included, among other matters, gathering an understanding of culture and governance and their impact on compliance with ethical requirements in accounting firms and, where applicable, their networks and developing recommendations for the IESBA.

The development of the report was informed by extensive outreach to stakeholders, including regulators and oversight bodies, investors and the corporate governance community, accounting firms, professional accountancy organizations, national standard setters, and the Stakeholder Advisory Council, as well as a review of academic literature.

The topic of accounting firm culture and governance is a strategic priority for the IESBA following a spate of high-profile cases of unethical behavior in accounting firms in several jurisdictions in recent years. These cases have led to adverse consequences for individual professional accountants and their firms in multiple jurisdictions. 

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.

Professional accountants in business (PAIBs) play a crucial role in advancing sustainable business practices, promoting transparency, and enhancing the economic and social prosperity of communities across the globe. 

In its final meeting of 2024, IFAC’s PAIB Advisory Group explored the transformative role of PAIBs in tackling global challenges and seizing new opportunities to strengthen the role of accountants in driving business success and resilience. Discussions focused on navigating systemic risks, fostering innovation, and advancing sustainability to position PAIBs as key enablers of transformational change. 

Key themes included: 

• Embracing AI for Innovation: Generative AI is revolutionizing the work of PAIBs. A case study on internal audit highlighted its use, saving time and enhancing strategic insights. 
• Driving Climate Resilience: PAIBs are crucial in improving sustainability information and disclosure and mobilizing investments to support low-carbon transitions. 
• Integrated Thinking and Decision-Making: Breaking silos to enable holistic decision-making and creating long-term value requires integrated thinking capabilities which can vary by career stage or role. 
• Supply Chain Management and Procurement: PAIBs can partner with procurement, operations, and compliance teams to achieve ethical and sustainable procurement and supply chain management practices. 

Sanjay Rughani, PAIB Chair, said: “In this era of transformation, professional accountants are uniquely positioned to drive change and create value across organizations. By embracing innovation and integrated thinking, PAIBs can lead the way in shaping a resilient, sustainable future.” 

Explore their discussions in Enabling Global Transformation: Opportunities for Professional Accountants in Business.  

IFAC remains committed to equipping PAIBs with the tools and resources to thrive in a dynamic global landscape. The next PAIB Advisory Group meeting will take place in April 2025 in Tokyo, hosted by the Japanese Institute of Certified Public Accountants (JICPA). 

About IFAC’s PAIB Advisory Group 

Formed in 1977, the PAIB Advisory Group is comprised of volunteers with experience and expertise in the world of business and the public sector, nominated by the professional accountancy organizations that make up IFAC’s membership. 

By bringing these experts together, IFAC delivers thought leadership, fosters collaboration, and equips its member organizations with tools and strategies to support their members in navigating complex, evolving business landscapes. 

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. 

Lee White, Chief Executive Officer of The International Federation of Accountants (IFAC) made the following statement today:

“The International Ethics Standards Board for Accountants (IESBA) recently finalized its International Ethics Standard on Sustainability Assurance (IESSA). The vote by IESBA Board Members to approve the new standard was not unanimous. IESSA is now subject to the Public Interest Oversight Board’s certification in January 2025.

Concerns with practicability

“There is still a lot of complexity in the IESSA, leading to practicability challenges, in particular -- but not restricted to -- significant practical difficulties with the value chain considerations. These issues remain after several months of consultation, including with IFAC and many of its members, during which we consistently communicated to IESBA concerns and challenges regarding the future implementation of the standard, in particular for small-and medium-sized practices.

Call to action

“IFAC fully respects the independence of the standard-setting process. At the same time, we remain committed to collaborating with IESBA to address the practical challenges identified during the development of IESSA.

"To this end, I am proposing a summit to bring together IESBA, IFAC and representatives of its members, as well as key stakeholders, including users of the standards and practitioners, within the first quarter of 2025. This will be an opportunity to continuously improve consultation and engagement, and to facilitate further dialogue. The aim would be to ensure the newly approved IESSA is both fit for purpose and firmly grounded in a principles-based approach, setting the stage for its successful global adoption and implementation.

"The stakes are high, and collaboration is essential. Together, we can align on a path forward that meets the needs of the profession, users, and is 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.

The International Federation of Accountants (IFAC) welcomes the International Audit and Assurance Standards Board (IAASB) publishing its International Standard on Sustainability Assurance (ISSA) 5000. The International Organization of Securities Commissions (IOSCO) has also issued its public statement of support. 

Lee White, IFAC Chief Executive Officer, said “In recent years there has been a significant transformation with the reporting of sustainability-related information. Assurance plays an essential role in ensuring the quality, comparability, and trustworthiness of this information, as it does with financial information. IOSCO has shown proactive leadership in the development of the sustainability transformation journey, and its support for the work of the IAASB on ISSA 5000 is another important step.” 

As a profession-agnostic standard, ISSA 5000 is available for use by practitioners outside of the accountancy profession.  If non-professional accountants assert to using ISSA 5000 for assurance, it is absolutely critical for investor and consumer protection that such providers are held by jurisdictional regulators to the same regulatory oversight and requirements that apply to professional accountants.

Mr. White continued, “IFAC’s professional accountancy member organizations around the globe, which represent millions of individual accountants, are champions of integrity and quality.  Our profession is united by a deep commitment to work with regulators, practitioners, and organizations globally to facilitate smooth and timely implementation of international standards, such as ISSA 5000, in order to serve the public interest need.”

IFAC has developed a high-level overview to help stakeholders – preparers, auditors, and investors – anticipate what to expect from sustainability assurance, especially in its early days.

For more information, and/or to be invited to future IFAC webinars or events on sustainability, please contact Communications@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.

The International Ethics Standards Board for Accountants (IESBA) is pleased to announce the reappointment of Gabriela Figueiredo Dias to serve a second, renewable term as its Chair, beginning January 1, 2025 and ending December 31, 2026.

Ms. Figueiredo Dias has been at the helm of the global ethics board since January 2022. During her first term, she led the IESBA through a strategy shift, including strategic initiatives that strengthened the relevance and widened the impact of the IESBA’s International Code of Ethics on innovative matters.

Her leadership has been pivotal to the development of robust and timely new standards and thought leadership on ethics and independence to respond to the evolving needs of the market. Those new standards include the soon-to-be-released Sustainability-related standards, which will lay the foundation of ethics and independence as part of the global standards infrastructure for sustainability reporting and assurance, and represent a landmark on the IESBA’s journey.

Other innovative standards finalized over Ms. Figueiredo Dias’ first term included standards addressing the ethical dimensions of tax planning and related services, the transformative effects of technology on the accounting, assurance and finance functions, and auditor independence for group audits.

Ms. Figueiredo Dias’ reappointment comes at a critical time for the IESBA, as the Board pursues a bold Strategy and Work Plan for 2024-2027, with a special focus on two strategic areas: culture and governance of accounting firms, and exploring extending the impact of the IESBA Code beyond its traditional scope. Additional priorities include initiatives to address topics such as auditor independence in relation to collective investment vehicles, and the evolving role of CFOs. Ms. Figueiredo Dias’ first term has already seen strong progress on a number of these priorities, underscoring the IESBA’s role as a global leader in providing standards that support ethical, transparent, and globally consistent reporting and decision-making.

“I am honored to continue to lead the important work we are advancing at IESBA in the public interest,” said Ms. Figueiredo Dias. “In times when ethics matters increasingly for sustainable businesses, markets and economies, it is essential that our standards meet the highest public expectations. Ethics is not optional. It is the bedrock of the accountancy profession and of the public trust in the profession’s work. I look forward to progressing the ambitious agenda we have set, with the critical collaboration of our stakeholders, as we address the complex ethical challenges our world faces today.”

Before joining the IESBA, Ms. Figueiredo Dias served as Chair of the Portuguese Securities Market Commission (CMVM) and was a Board member of the International Organization of Securities Commissions (IOSCO) and the European Securities and Markets Authority (ESMA). She also served as Vice-Chair of the Organization for Economic Cooperation and Development (OECD) Corporate Governance Committee. Her deep expertise and extensive experience in market regulation, international standard setting, legal and regulatory structure and governance, and audit oversight at the European and international levels have been central to her impactful leadership at the IESBA.

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.

The International Federation of Accountants (IFAC), the voice of the global accountancy profession, has announced the election of Jean Bouquot as its President. Mr. Bouquot will serve a two-year term through November 2026, having served previously as IFAC Deputy President since November 2022.

“It is my honor to serve as IFAC President,” said Mr. Bouquot. “Together with my fellow Board members, I will work on behalf of all IFAC members, convene the profession and its stakeholders to highlight the role and activities of IFAC, and always advance the profession in the public interest.”

Mr. Bouquot joined the IFAC Board in November 2020, nominated by Compagnie Nationale des Commissaires aux Comptes (CNCC) and Conseil National de l'Ordre des Experts-Comptables (CNOEC). During his term as CNCC President and together with the CNCC Board, he led reforms that significantly strengthened the French audit profession. Mr. Bouquot was also the President and Deputy President of the Compagnie Régionale des Commissaires aux Comptes de Versailles et du Centre (CRCC Versailles). He is currently a Board member of the Fédération Internationale des Experts-comptables et commissaires aux Francophones (FIDEF), an IFAC Network Partner organization.

Mr. Bouquot has over 44 years of experience as an auditor in various positions at EY with wide exposure to international activities. He currently runs his own small firm in Paris, France.

Taryn Rulton Named IFAC Deputy President

IFAC also announced the election of Taryn Rulton as its Deputy President. Ms. Rulton joined the Board in November 2020.

Ms. Rulton has over 30 years of experience across the United Kingdom and Australia. She brings a diverse background that involves the banking industry, Big-4 firms (KPMG & EY), government, private companies, NGOs, and universities. She currently holds the position of Chief Commercial Officer at La Trobe University in Melbourne, Australia.

Ms. Rulton has significant corporate governance experience and currently serves on multiple corporate Boards and committees in the not-for-profit and public sector, including as the Chair of Audit and Risk Committees. She has standard-setting experience and completed two terms on the Australian Accounting Standards Board (AASB).

New Board Members Elected

IFAC also announced new and re-appointed Board members:

New appointments:

• Ms. Josephine Su Han Phan (CPA Australia)
• Mr. Michael Niehues (IDW/WPK, Germany)
• Mrs. Patricia Stock (SAICA, South Africa)
• Mr. Mark Vaessen (Royal NBA, Netherlands)
• Mr. Lei Yan (CICPA, China)
• Dr. Ahmad Almeghames (SOCPA, Saudi Arabia)

Reappointments:

• Mr. Greg Anton (AICPA, USA)
• Ms. Tashia Batstone (CPA Canada)

Lee White, Chief Executive Officer, said: “On behalf of the IFAC President, Jean Bouquot, and entire IFAC community, I wish to extend our sincere gratitude to Asmâa Resmouki, the Immediate Past President, and outgoing Board members—Lisa Padmore, Margrét Pétursdóttir, Jeanine Poggiolini, Dr. Jianhua Tang, and Ayşe Arıak Tunaboylu for their tremendous service to our profession, and for the invaluable wisdom and support to me and all of our members during their tenures.”

New IFAC Members and Associate Admitted

In addition to the election of new Board members, the IFAC Council also approved new Member and new Associate organizations.

New IFAC Members:

• Colegio de Contadores Públicos de Pichincha y del Ecuador
• Consejo General de Economistas de España
• Emirates Association for Accountants and Auditors

New Associates:

• Institute of Chartered Accountants of the Maldives  
• Ordre National des Experts-Comptables Algériens
• Ordre des Professionnels Comptables du Burundi
• Ordre National des Experts Comptables du Gabon

The new appointments and membership admissions were approved at the 2024 IFAC Council hybrid meeting, with a physical location held in Paris, France on November 6-7, 2024.

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 selected Ms. Sheila Fraser of Canada and Dr. Andreas Bergmann of Switzerland as the 2024 recipients of the IFAC Global Leadership, recognizing their outstanding contributions to public sector accounting.

Ms. Sheila Fraser

Sheila Fraser is highly respected for her pioneering work in public sector auditing and governance. She is a former Auditor General of Canada and was the first woman to hold this position. During her tenure, she set new benchmarks for transparency and accountability in government financial management. Fraser’s efforts focused on promoting ethical governance and strengthening public sector accountability across Canada, making her a globally recognized advocate for financial integrity.

Fraser also contributed her expertise internationally, serving on several key advisory groups and boards. She has been an influential voice on global public sector finance issues, particularly as a member of the International Public Sector Accounting Standards Board (IPSASB). She served as the IFRS Foundation Vice-Chair and as an IFAC Board Member, as well as serving in various other international audit forums where her insights have helped shape public sector auditing standards and practices around the world.

Her career has been marked by a dedication to fostering trust in public institutions and a commitment to rigorous financial oversight, which continues to inspire financial professionals globally.

"It is a great honor to present this award to Sheila, whose career has been a beacon of integrity and accountability," said IFAC President Asmâa Resmouki. "Through her exemplary leadership as Auditor General of Canada and her invaluable contributions on the international stage, Sheila has tirelessly championed transparency and good governance in the public and private sectors. Her unwavering commitment to public interest and financial stewardship continues to inspire professionals across the globe and strengthens the foundation of trust in our profession."

Dr. Andreas Bergmann

Dr. Andreas Bergmann, Director and Professor of Public Finance at the ZHAW School of Management and Law in Zurich, is a prominent figure in advancing public sector finance and governance. As the inaugural Chair of the IPSASB Academic Advisory Group, he fosters collaboration between academic research and international standard-setting bodies to tackle emerging public finance issues, such as sustainability reporting. Dr. Bergmann has also played a crucial role in supporting the implementation of International Public Sector Accounting Standards (IPSAS) in various regions, including Latin America, through partnerships with organizations like the Swiss aid agency SECO.

Beyond his academic contributions, Dr. Bergmann is recognized for his leadership as the former Chair of the International Public Sector Accounting Standards Board (IPSASB) from 2010 to 2015. During this time, he strengthened global trust in public sector accounting standards, particularly in response to the sovereign debt crisis, and through leading the development of the ground-breaking Conceptual Framework, which has shaped all of the Board’s subsequent standard-setting work. He was also instrumental in establishing the Public Interest Committee (PIC), which has actively provided advice and recommendations concerning the development and delivery of the IPSASB strategy and work program to ensure that the Board’s activities, the appointment process for its members, and its standard-setting due processes all reflect the public interest. His advisory work extends across Central Asia, Southeast Asia, and particularly Latin America, helping governments improve financial transparency and governance. Dr. Bergmann has also authored numerous peer-reviewed publications and books, contributing to best practices in public sector accounting worldwide.

"I am honored to present this award to Andreas, a visionary leader whose work has transformed public sector finance globally," said IFAC President Asmâa Resmouki. "From his leadership during challenging economic times as Chair of the International Public Sector Accounting Standards Board (IPSASB) to his continued advocacy for public sector transparency and governance reforms, Andreas has had a lasting impact on the profession. His commitment to enhancing global standards and fostering public trust is exemplary, and his contributions will continue to shape the future of public finance."

Established in 2017 by the IFAC Board, the IFAC Global Leadership Award in Honor of Robert Sempier recognizes individuals who make outstanding contributions to the global accountancy profession. The award honors the contributions of Robert Sempier, IFAC’s first executive director who greatly contributed to the development of the profession worldwide.

The Global Leadership Award was presented during IFAC’s Council meeting, held on November 6, 2024.

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 global accountancy profession, through the International Federation of Accountants (IFAC), is urging G20 leaders to focus on sustainability, transparency, and governance as the 2030 deadline for the United Nations Sustainable Development Goals (SDGs) approaches.

A new publication, G20 Call to Action 2024: Building a Just World & a Sustainable Planet, underscores the essential role high-quality sustainability information, reporting and assurance play in achieving global sustainability targets. IFAC calls for G20 leadership in fostering a comprehensive ecosystem of sustainability reporting and assurance, grounded in international standards and supported by strong corporate governance practices.

A Focus on Sustainability and Governance

The Brazilian G20 Presidency highlights the importance of sustainability across climate, environmental, and governance dimensions—and the profession’s Call to Action aligns with this focus. It urges G20 leaders to adopt the IFRS Sustainability Disclosure Standards, the International Auditing and Assurance Standards Board’s recently approved International Standard on Sustainability Assurance (ISSA) 5000, and the International Ethics Standards Board for Accountant’s forthcoming ethics and independence standards for sustainability reporting and assurance.

“As the 2030 deadline rapidly approaches, balancing environmental and societal priorities has never been more urgent,” said IFAC Chief Executive Officer Lee White. “Professional accountants, with their unique skills, experience, and public interest mandate, are driving the creation of a sustainable future. We’ve already seen policymakers, businesses, and society aligning with us to pursue these common goals, and we welcome the expansion of these crucial partnerships.”

Key Recommendations for G20 Policymakers

• Promote Trust Through High-Quality Information: Advocate for a global framework built on IFRS Sustainability Disclosure Standards and ISSA 5000 for assurance.
• Enhance Public Sector Transparency: Support the International Public Sector Accounting Standards Board (IPSASB) in developing global public sector sustainability standards.
• Strengthen Public Financial Management: Encourage governments to adopt accrual accounting and professionalize public finance to boost transparency.
• Support SMEs in Sustainable Development: Ensure small and medium-sized enterprises (SMEs) have access to the tools and resources needed to contribute to sustainability efforts.

Accountancy Profession Taking Action

In parallel with these recommendations, the global accountancy profession is taking concrete steps to support sustainability and governance objectives, including advancing the adoption of sustainability reporting standards, enhanced corporate governance, and improved transparency across sectors. Professional accountants and firms are also preparing for the adoption of ISSA 5000, ensuring they meet evolving sustainability reporting needs.

In the public sector, IFAC is working with governments to implement accrual accounting and strengthen public financial management, enhancing accountability at all levels of government.

United for Global Progress: A Shared Responsibility for Sustainability

IFAC’s publication underscores that a just and sustainable planet is within reach, but only through collective action. “G20 policymakers must maintain their important momentum and seize this moment,” said Lee White. “The global accountancy profession is already moving forward, playing key roles in achieving the SDGs. We welcome the G20’s continued and increasing involvement. By adopting these recommendations and collaborating closely with the accountancy profession, we can build a sustainable future that leaves no one behind.”

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) is pleased to announce the adoption of a new Technology Position that will guide how the IAASB adapts its work to embrace the intersection of audit, assurance, and technology. This new position marks a significant step forward in the IAASB’s ongoing commitment to enhancing the quality and relevance of its standards in the face of rapid technological advancement.

“The pace of technological change presents the audit and assurance profession with opportunities and challenges. Our new Technology Position reflects the IAASB’s commitment to ensuring our standards evolve alongside these developments. We are setting a course that promotes innovation while safeguarding quality and consistency in audits and assurance globally,” said IAASB Chair Tom Seidenstein.

The Position’s Three Components

The Position is structured around three key components:

• Technology Position Statement: The Statement outlines the IAASB’s commitment to facilitate and encourage the use of technology by practitioners and firms, ensuring the standards remain relevant and effective. The Statement also articulates how the IAASB will deliver on this commitment, including embracing technology-driven innovations and removing barriers in its standards to technology adoption.
• Operationalizing the Technology Position: This component details the IAASB’s strategy for implementing the Statement by identifying opportunities for new or revised standards, along with developing non-authoritative materials and guidance. The IAASB is currently conducting a gap analysis to ensure current standards align with technological advancements.
• Monitoring and Adapting to Technological Trends: The IAASB will continually monitor technological trends to ensure its standards are adapted and remain aligned with the rapidly changing landscape.

By embracing innovation and continuously adapting to technological advancements, the IAASB is ensuring that its standards not only meet today’s demands but also anticipate the challenges of tomorrow. This forward-thinking approach will enhance audit quality, safeguard public trust, and support the evolving needs of practitioners and firms worldwide.

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.

Today, the International Federation of Accountants (IFAC) released the third and final installment in its three-part publication series to help small- and medium-sized practices (SMPs) implement the International Auditing and Assurance Standards Board’s (IAASB) suite of quality management standards. Installment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.  

Installment Three addresses: 

• The factors driving the nature, timing and extent of the monitoring activities. 
• The scope and outcome of monitoring activities to establish a feedback loop for continuous improvement.   
• Establishing a framework for evaluating findings, identifying deficiencies, and evaluating the severity and pervasiveness of deficiencies, which includes investigating root causes.   
• Responding to identified deficiencies and communication about monitoring and remediation.  
• The ongoing evaluation of the system of quality management.   

Installment Three includes multiple documentation aids covering annual monitoring and evaluation of the system of quality management, cyclical inspection of completed audits and other engagements and a monitoring and remediation report to assist practitioners. It also continues the case study introduced in the previous installments. 

Installment One of the series addressed the mindset change the new standards require and the shift in focus from quality control to quality management. Installment Two covered development of an implementation plan for quality management.  

This series joins IFAC’s collection of available resources that support quality management implementation, including webinars, articles and videos, as well as the IAASB first-time implementation guides, all of which are available at ifac.org/qualitymanagement. 

This publication series and other resources like it underscore IFAC’s commitment to supporting SMPs and empowering them to provide the best possible service to their clients. IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and Forum of Firms representatives in the development of the series. 

About IFAC 
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.