The International Auditing and Assurance Standards Board (IAASB) has released narrow scope amendments to its standards revising the definition of listed entity to align with the definition in the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards). The new definition will amend the International Standards on Quality Management and International Standards on Auditing. In addition, amendments to International Standard on Review Engagement 2400 (Revised), Engagements to Review Historical Financial Statements, aim to align with the IESBA Code of Ethics regarding certain public disclosures about the application of independence requirements.

The narrow scope amendments:

• Adopt the same definition of publicly traded entity (PTE) in the ISQMs and ISAs as adopted in the IESBA Code of Ethics, while recognizing the role local standard setters and regulators play in defining PTEs for their jurisdictions.
• Incorporate an overarching objective for differential requirements for PTEs in the ISQMs and ISAs and a framework for when it may be appropriate to apply such requirements to other entities.
• Amend the applicability of the existing requirements for audits of listed entities to apply to audits of PTEs.
• Add a new requirement in ISRE 2400 (Revised) for public disclosure in the practitioner’s review report when the practitioner applied independence requirements specific to reviews of financial statements of certain entities, e.g., for public interest entities.

Throughout the development of these amendments, the IAASB maintained close collaboration and coordination with IESBA, striving to align key concepts in the IAASB’s and IESBA’s standards, to the greatest extent possible.

To assist its stakeholder understanding and implementing the narrow scope amendments, the IAASB has published a Basis for Conclusions, available on its website here.

Effective Date and Resources
The narrow scope amendments become effective for engagements for periods beginning on or after December 15, 2026. This effective date is aligned with the effective dates for the IAASB’s recently revised standards on going concern and fraud, ISA 570 (Revised 2024) and ISA 240 (Revised), respectively. Together, these standards provide a stronger, more coordinated response to the risks of fraud and financial distress.

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.

These narrow scope amendments to IAASB standards revise the definition of listed entity to align with the definition in the International Ethics Standards Board for Accountants’ (IESBA) Code of Ethics for Professional Accountants (including International Independence Standards). The new definition will amend the International Standards on Quality Management and International Standards on Auditing.

The International Federation of Accountants (IFAC) is excited to announce that the World Congress of Accountants (WCOA) will be held November 17–20, 2026, in Seoul, South Korea. The Korean Institute of Certified Public Accountants (KICPA) and IFAC will serve as joint hosts, working closely to welcome professional accountants from around the world for the event.

Recognized as a preeminent event for the profession, WCOA brings together Professional Accountancy Organization (PAO) representatives from over 100 countries to strengthen the global accountancy community by sharing experiences, learning and deepening relationships across the profession.  

WCOA 2026 marks the launch of a new biennial format, wherein the event will be held every two years. All accountants, as well as interested members of the public, are invited to participate in WCOA virtually to hear about how the profession is positioning itself for the future. In-person participation will be invite-only and will bring together some of the most experienced and visionary leaders in our field. WCOA will continue to be scheduled alongside IFAC Council meetings.

In-person participants of WCOA 2026 will have the opportunity to join in plenary sessions, panel discussions, and hear from distinguished subject-matter experts. The event will include opportunities to attend networking events, in order to foster collaboration and knowledge exchange among professionals from various sectors. In-person WCOA 2026 attendees will be comprised of IFAC PAO leadership (staff and volunteers), professional services firms, standard-setters, regulators and other government officials, representatives of multilateral and development agencies, and the business and investor communities. Select sessions will be livestreamed so that virtual attendees are included in these important conversations.    

 Lee White, IFAC Chief Executive Officer, said:

"Seoul is a vibrant, innovative, and truly international city—an ideal host for WCOA 2026. At this Congress, the importance of a resilient, adaptable, and global accountancy profession will be front and center. We are honored to partner with our esteemed member, KICPA, to bring the world together here—leaders, colleagues, and friends united by our shared commitment to the public interest. The value of a strong, global profession has never been more pronounced, nor more needed.

We look forward to creating a Congress where every moment matters—whether on stage in a plenary or in a simple conversation between two new acquaintances—each connection will help shape the future of our profession. And of course, we will be engaging deeply on the drivers reshaping that future: sustainability, AI, and how we attract and empower the next generation of talent."

Mr. Woon-Youl Choi, KICPA President said:

“We are delighted that Seoul has been selected as the host city for WCOA 2026. I am confident that WCOA 2026 will serve as a meaningful platform not only to address priorities in accounting, auditing, and sustainability, but also to explore the challenges and opportunities of AI-enabled digital innovation.

Over the years, Korea has consistently strengthened transparency and trust amid a rapidly evolving domestic and global environment. Through this Congress, we look forward to sharing our experience with the global community while co-creating new value for future generations.

KICPA will work closely with IFAC—from program design through on-site delivery—to ensure a high-quality and rewarding experience for all participants. We also invite every participant to experience Seoul’s vibrant culture and dynamic innovation ecosystem during the Congress and to leave with forward-looking insights.”

IFAC looks forward to working with KICPA to deliver a world-class event in November 2026. Subscribe to IFAC newsletters and follow us on LinkedIn for more announcements in the coming months. For more information on WCOA 2026, please email WCOA@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.     

About KICPA

The Korean Institute of Certified Public Accountants (KICPA), established in 1954 under the Certified Public Accountants Act, is the statutory professional body representing Certified Public Accountants (CPAs) in Korea. Guided by the principle that sound accounting makes economic fundamentals sound, KICPA works to build trust and transparency in Korea's financial markets. Through setting professional standards, ensuring ethical conduct, and supporting continuous professional development, KICPA enables CPAs to serve the public interest, promote sound corporate governance, and contribute to Korea's economic development. KICPA is a member of the International Federation of Accountants (IFAC), the global home for the accountancy profession dedicated to serving the public interest.