• Analysis explains linkages and key differences between IESBA’s FCG viewpoints and ISQM 1.
• Highlights their mutually supportive nature and key differences in their objectives, scope, output, and focus.
• Developed in close coordination with the IAASB, responding to calls from stakeholders.

The International Ethics Standards Board for Accountants (IESBA) has released the complete analysis of the linkages between the International Standard on Quality Management (ISQM) 1 and the IESBA’s Firm Culture and Governance (FCG) viewpoints.

Developed in close coordination with the International Auditing and Assurance Standards Board (IAASB), the paper responds to calls from stakeholders as well as IESBA and IAASB members to recognize and clarify the linkages between the two.

The analysis explains, at a high level, how the FCG viewpoints and ISQM 1 could interact, demonstrating their mutually supportive nature while recognizing the clear distinctions in their objectives, scope, output, and level of specificity as regards firm culture and governance:

• ISQM 1 requires firms that perform engagements within the scope of IAASB’s engagement standards to establish a system of quality management to enable the consistent performance of quality engagements and issuance of appropriate reports. It requires that the firm demonstrates a commitment to quality through a culture that exists throughout the firm, which recognizes and reinforces, among others, the importance of professional ethics, values, and attitudes.
• The IESBA FCG viewpoints focus on how firms can develop a strong ethical culture by embedding and prioritizing ethical values within the whole firm through eight elements of firm culture and governance.

While this paper seeks to explain the linkages between the FCG viewpoints and ISQM 1, it does not purport to be a like-for-like assessment. ISQM 1 is a standard already in effect. By contrast, the IESBA FCG viewpoints represent high-level, principles-based perspectives on key elements of firm culture and governance developed to support stakeholder engagement on advancing the development of a global FCG framework. The FCG viewpoints do not constitute a standard.

The IESBA will continue outreach and consultation with stakeholders in the coming months, with a view to informing a Board decision on the approach to the development, structure, and authority of such a FCG framework.

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 (IAASB), the IESBA is part of the International Foundation for Ethics and Audit (IFEA). The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards.

Contact Information:

Rui Peres Jorge 
Director, Strategy and Communications 
International Ethics Standards Board for Accountants (IESBA) 
ruiperesjorge@ethicsboard.org | Direct: +351 966-301-383

Zsolt Bobis 
Lead, Communications 
International Ethics Standards Board for Accountants (IESBA) 
zsoltbobis@ethicsboard.org

The International Federation of Accountants (IFAC) today announced revisions to its Statements of Membership Obligations (SMOs) 1–7, effective April 1, 2026. The SMOs set global benchmarks for IFAC members to support the adoption and implementation of international standards, as well as robust quality assurance and investigation and disciplinary systems.

The revisions introduce targeted refinements to reflect developments in quality management, professional education pathways, and expanded corporate and public sector reporting, and to support the continued modernization of the IFAC Member Compliance Program. The revisions follow a rigorous global due process, including an Exposure Draft and extensive public consultation in 2025, reinforcing the SMOs’ global credibility and authority.

Key revisions include:

• Quality Management: Alignment with international quality management standards to strengthen firm-level systems.
• Education: Encouragement of more flexible pathways into the profession, consistent with international education standards.
• Reporting Standards: Integration of expanded public sector reporting standards issued by the International Public Sector Accounting Standards Board and expanded corporate reporting standards issued by the International Sustainability Standards Board.

“These revisions help IFAC members continue to lead with integrity and excellence, ensuring their organizations remain resilient, innovative, and trusted worldwide. By following the SMOs, our members strengthen the adoption of international standards, reinforce quality and public interest systems, and demonstrate the collective strength of a truly global accountancy profession,” said Lee White, IFAC Chief Executive Officer.

The revisions were approved by the IFAC Board in February 2026. To support implementation, IFAC has published a summary table of revisions and a frequently asked questions (FAQ) document to help members quickly understand the changes. IFAC will also host member webinars in May.

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 with the Forum of Firms and other key stakeholders to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.

The World Bank Group’s Governance Global Department hosted stakeholders in Washington, D.C. for the presentation of IPSASB SRS 1, Climate-related Disclosures, the first-ever public sector sustainability reporting standard released by the International Public Sector Accounting Standards Board (IPSASB) earlier this year. The event, Advancing Climate Transparency: Global Launch of the First IPSASB Sustainability Reporting Standard, brought together leaders from government finance, international organizations, and the development community to advance standardized climate reporting in the public sector, a critical pathway to accessing climate finance, and managing public finances to enable meaningful climate action.

Leaders agreed that the release of IPSASB SRS 1 was a significant milestone in advancing public sector sustainability reporting that extends beyond the private sector to the public sector and governments in order to capture their substantive share of global emissions and ability to set policy addressing climate risks for the entire economy.

Emphasizing that access to climate finance depends on clear, consistent disclosures of climate risks, priorities, and performance, leaders praised IPSASB SRS 1 for its clear contribution to strong financial management and reporting practices already in place by many governments. They also expressed a shared intention to work together to strengthen implementation and support adoption across jurisdictions.

IPSASB SRS 1 enables governments to better communicate climate-related risks and opportunities, allows for comparability between jurisdictions, builds confidence among development partners and investors to commit capital towards public sector efforts, and ultimately mobilizes climate finance at the scale to address global challenges.

IPSASB Chair Thomas Mueller-Marqués Berger said, “The ultimate success of IPSASB SRS 1 depends on how effective jurisdictions are at using it in practice. This World Bank event is a real turning point: global leaders are in agreement about the need to advance its use and want to work together to coordinate their efforts to turn ambition into action.”

Arturo Herrera, Global Director, Governance at the World Bank, said, “Stronger, more consistent reporting through IPSASB SRS 1 is important for supporting better decision-making, building trust, and enabling governments to access the financing needed to respond effectively to challenges in a sustainable way.”

IPSASB extends its sincere thanks to the World Bank for hosting the event and for their and other donors and development partners’ continued support in advancing high-quality public sector reporting globally.

Access IPSASB SRS 1, Climate-related Disclosures.

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS® Accounting Standards, IPSASB SRS™ Standards, and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

• IESBA to analyze ethical and independence implications of private equity investment in accounting firms.
• It will assess the need for standard setting on alternative practice structures.
• In its March meeting, IESBA also agreed to develop new guidance on technology and AI, enhance its support for global implementation of the sustainability standards, and review the practical implementation of key ethics standards.

The International Ethics Standards Board for Accountants (IESBA) has agreed to launch a dedicated workstream to analyze issues relating to private equity investment in accounting firms from an ethical perspective. The objective is to assess the need for standard setting addressing alternative practice structures (APS), including those involving private equity investment.

The decision follows the previously published IESBA Staff Alert on Private Equity Investment in Accounting Firms (July 2025) and consideration of recent developments related to private equity investment in accounting firms, including a recent analysis by the International Federation of Accountants on the prevalence of such reality and the American Institute of Certified Public Accountants (AICPA) Professional Ethics Executive Committee’s December 2025 Exposure Draft on Proposed Revisions to the AICPA Code Related to Alternative Practice Structures.

The newly launched workstream will gather information and undertake analysis to support the IESBA’s assessment of whether a formal standard setting project is needed to address ethical considerations related to APS around the world. An update on the Private Equity Investment workstream is expected to be presented to the IESBA at its June 2026 meeting.

The Board also agreed on several other priority actions at its March 2026 meeting, including:

• Developing new non-authoritative guidance on technology and artificial intelligence to support professional accountants as the profession continues to evolve through technological transformations.
• Concentrating on global implementation of the IESBA’s sustainability standards ahead of their effective date this December.
• Issuing stakeholder surveys in early April to inform the post‑implementation review of the NOCLAR provisions and the Restructured Code, reinforcing the IESBA’s commitment to a comprehensive approach to standard-setting.

For more information, watch our recent “Message from the Chair” video and read the "IESBA Meeting Highlights and Decisions" document.

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 (IAASB), the IESBA is part of the International Foundation for Ethics and Audit (IFEA). The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards.

Contact Information:

Rui Peres Jorge 
Director, Strategy and Communications 
International Ethics Standards Board for Accountants (IESBA) 
ruiperesjorge@ethicsboard.org | Direct: +351 966-301-383

Zsolt Bobis 
Lead, Communications 
International Ethics Standards Board for Accountants (IESBA) 
zsoltbobis@ethicsboard.org

The Public Interest Oversight Board’s (PIOB) Standard-Setting Boards Nominations Committee is now accepting applications for three practitioner vacancies on the International Auditing and Assurance Standards Board (IAASB), with terms beginning January 1, 2027. The application window remains open until May 3, 2026.

Serving as a member of the IAASB is a unique opportunity for experienced professionals to help shape global auditing and assurance standards in the public interest. These vacancies are for individuals who meet the Monitoring Group’s definition of a practitioner—those currently or recently affiliated with a public accounting firm within the last four years.

The PIOB seeks candidates with strong technical expertise and practical experience to support the IAASB’s delivery of its 2024–2027 Strategy and Work Plan and to help frame its 2028–2030 Strategy and Work Plan. In particular, candidates with experience in areas such as the application and implementation of International Standards on Auditing (ISAs), insights into network firm methodologies across jurisdictions, and knowledge of emerging topics—including technology and quality management—are encouraged to apply.

IAASB members play an increasingly strategic role within the IAASB’s multi-stakeholder composition of sixteen members. Supported by an expanded and enhanced technical staff, IAASB members help guide the development of relevant, timely, and high-quality international standards that strengthen trust and confidence in financial reporting worldwide.

In addition, the PIOB has issued an Invitation for Application for three vacancies on the International Ethics Standards Board for Accountants (IESBA)—including one practitioner and two non-practitioner roles—providing experienced professionals a chance to contribute to IESBA’s strategic development of ethics and independence standards in the public interest.

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

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 Public Interest Oversight Board’s (PIOB) Standard Setting Boards Nominations Committee is now accepting applications for three vacancies on the International Ethics Standards Board for Accountants (IESBA), with terms beginning January 1, 2027. The application period closes on May 3, 2026.

Serving as a member of the IESBA offers a unique opportunity for experienced professionals to help shape global ethics and independence standards in the public interest. These vacancies include one practitioner, as defined in the Monitoring Group recommendations, and two non‑practitioners.

The PIOB seeks candidates with strong technical expertise and practical experience to support the IESBA’s delivery of its 2024–2027 Strategy and Work Plan and to help frame its 2028–2030 Strategy and Work Plan. In particular, candidates with experience in areas such as impact of technology, organizational culture, capital market, company and financial institution development are encouraged to apply.

IESBA members play an increasingly strategic role within the Board’s multistakeholder composition of sixteen members, helping guide the Board’s responsiveness to evolving public-interest needs. Supported by an expanded and enhanced technical staff, IESBA members provide strategic direction to the development of relevant, timely, and high-quality international standards that enhance public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.

In addition, the PIOB has issued an Invitation for Application for three practitioner vacancies on the International Auditing and Assurance Standards Board (IAASB) providing experienced professionals a chance to contribute to IAASB’s strategic development of global auditing and assurance standards in the public interest.

Applications are welcomed from candidates worldwide, with particular encouragement for applicants from Asia, North America, and Latin America. Experience in jurisdictions with significant capital markets will be advantageous.

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

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 (IAASB), the IESBA is part of the International Foundation for Ethics and Audit (IFEA). The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards.

Contact Information:

Rui Peres Jorge 
Director, Strategy and Communications 
International Ethics Standards Board for Accountants (IESBA) 
ruiperesjorge@ethicsboard.org | Direct: +351 966-301-383

Zsolt Bobis 
Lead, Communications 
International Ethics Standards Board for Accountants (IESBA) 
zsoltbobis@ethicsboard.org

• IESBA has launched a new five‑part Firm Culture and Governance Update series exploring why strong ethical culture and governance frameworks matter, and the practical challenges accounting firms face in implementing them.
• The series supports deeper stakeholder engagement as part of IESBA’s Firm Culture and Governance Project and its Dialogues Initiative.
• Through interviews, case studies, and IESBA Viewpoints, the series aims to broaden global discussion and gather insights that will shape the future direction of the project.

The International Ethics Standards Board for Accountants (IESBA) has launched the Firm Culture and Governance Update, a new five‑part newsletter series dedicated to exploring the relevance – and the reality – of building strong ethical culture and governance within accounting firms.

As firms worldwide navigate growing complexity, heightened regulatory expectations, and increasing public scrutiny, culture and governance have become central to safeguarding trust in financial and non‑financial information and to supporting professional accountants in adhering to existing provisions in the IESBA Code of Ethics. This series aims to shine a light on those questions and gather meaningful insights from across the global ecosystem.

Over the coming months, the newsletter will feature:

• Perspectives from prominent leaders and experts in culture, governance, ethics, and management;
• Insights from firms piloting approaches to culture and governance;
• Highlights from IESBA’s Viewpoints which outline characteristics of eight key elements of a potential global framework for ethical firm culture; and
• Monthly updates on the engagement and ongoing discussions with stakeholders.

This month’s edition features Carmine Di Noia, Director for Financial and Enterprise Affairs at the OECD; practical insights from PKF-CAP in Singapore shared by its Managing Partner Eng Kian Lee; and a window on work being developed by the IESBA project team.

Building Dialogues

The series forms part of the broader IESBA’s Firm Culture and Governance Dialogues Initiative.

As part of this initiative, IESBA started in-person engagement with stakeholders in Asia early 2026, while also “designing and preparing the dialogues we will be having with stakeholders, from representatives of small to large firms to investors and regulators” in the coming months, explains in the first edition of the newsletter Kam Leung, IESBA Director leading the project.

The Dialogues Initiative aims to raise awareness and stimulate discussion about the Firm Culture and Governance project so that IESBA can better understand how different stakeholders view the need, scope and design of a global baseline on firm ethical culture.

Subscribe to the series here.

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 (IAASB), the IESBA is part of the International Foundation for Ethics and Audit (IFEA). The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards.

Contact Information:

Rui Peres Jorge 
Director, Strategy and Communications 
International Ethics Standards Board for Accountants (IESBA) 
ruiperesjorge@ethicsboard.org | Direct: +351 966-301-383

Zsolt Bobis 
Lead, Communications 
International Ethics Standards Board for Accountants (IESBA) 
zsoltbobis@ethicsboard.org

The International Federation of Accountants (IFAC) welcomes the announcement of Emily Fitts as the new Chair of the Monitoring Group.

The Monitoring Group plays an important role in advancing the public interest by supporting the governance and oversight of the international audit, assurance, and ethics standard-setting system.

Lee White, Chief Executive Officer of IFAC, said:

“We congratulate Emily on her appointment and look forward to working with her as the new Chair of the Monitoring Group.”

IFAC will continue to work closely with the Monitoring Group and other stakeholders to support high-quality global standards that strengthen trust and confidence in the accountancy profession.
 

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 with the Forum of Firms and other key stakeholders 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 Emily Fitts as the new Chair of the Monitoring Group. The Monitoring Group is a group of international financial institutions and regulatory bodies committed to advancing the public interest in areas related to international audit standard setting and audit quality.

Commenting on Ms. Fitts’ appointment, Gabriela Figueiredo Dias and Tom Seidenstein, Chairs of the IESBA and IAASB respectively, said: 

“We are pleased to welcome Emily Fitts as the new Chair of the Monitoring Group. Her extensive experience in public accounting and public service, including her leadership on international audit and standard-setting matters at the U.S. Securities and Exchange Commission, brings valuable insight to this important role. 

“The Monitoring Group plays a vital role in supporting the credibility and effectiveness of the international audit, assurance, ethics, and independence standard-setting system. We are confident that under Ms. Fitts’ leadership, the Monitoring Group will continue to advance high-quality global standards that serve investors and the broader public interest. 

“We look forward to working closely with Ms. Fitts and continuing our strong engagement with the Monitoring Group. Together, we remain committed to ensuring that international standards evolve in step with the needs of global markets and stakeholders. 

“We also thank Ryan Wolfe for his leadership and contributions during his tenure as Chair.” 

Note for Editors
Monitoring Group Members: The Basel Committee on Banking Supervision, European Commission, Financial Stability Board, International Association of Insurance Supervisors, International Forum of Independent Audit Regulators, International Organization of Securities Commissions, and the World Bank

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 that serves the public interest by developing high-quality international ethics and independence standards. These standards promote ethical behavior in business and strengthen public trust in financial and non-financial information, which is essential for the effective functioning and long-term sustainability of organizations, markets, and economies worldwide. 

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. 

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

The International Federation of Accountants (IFAC) released new global research analyzing the rapid growth of private equity (PE) investment in professional accountancy firms and its potential implications for the future of the profession. 

As a global organization representing over 188 professional accountancy organizations in more than 140 jurisdictions, IFAC is sizing the scale of the trend and identifying its potential implications for transaction structures, firm oversight, independence and conflicts of interest, audit quality, consolidation and competition, and the attractiveness of the profession through research and extensive engagement with stakeholders, including firms, regulators, investors, and professional bodies.  

As part of a broader global phenomenon, IFAC has identified more than 1,000 accountancy firms worldwide that have experienced private equity investment over the past ten years, with activity accelerating significantly since 2022. While transactions are currently concentrated in Continental Europe, the United Kingdom and Ireland, and the United States, the trend is increasingly shaping the profession globally. The research indicates that fewer than 200 initial or direct private equity investments have facilitated nearly 900 subsequent transactions, underscoring a significant wave of consolidation across the profession. 

Lee White, Chief Executive Officer, IFAC said: “Regardless of ownership structure, the integrity, quality, and independence that underpin our work as professional accountants must remain non-negotiable. Trust, confidence, and a steadfast commitment to the public interest are what define the profession—and they must continue to guide its future development. Some firms are exploring private equity as a way to accelerate transformation, strengthen their capabilities, and offer new career pathways.  

I would like to thank Fiona Wilkinson and the members of the Private Equity Task Force for their diligent work and thoughtful analysis in advancing this important conversation.” 

Fiona Wilkinson, Chair of IFAC’s Private Equity Task Force, said: “As Chair of a task force of volunteers established by IFAC last year,  I have had the opportunity to talk with many experts representing different points of view on the potential risks and benefits of PE investment in the accountancy profession. Our approach has been balanced and data-driven. 

I encourage leaders in the profession to do the same and to assess whether or not, over the long run, firms that focus on the benefits and opportunities of PE investment—while managing the potential challenges and risks—can become more resilient, future-fit, and more attractive, while upholding their public interest responsibility.” 

The objective of this work is to raise awareness and enhance understanding so that accountancy professionals can engage in informed, evidence-based discussions with regulators, clients, and other stakeholders, while providing a globally comprehensive source of data and analysis on this rapidly emerging market trend. IFAC will continue to engage with its member organizations and stakeholders worldwide to monitor developments, share insights, and support the profession in navigating this period of change responsibly and transparently. 

Visit the “Private Equity Investment in Accountancy” webpage to access the research, data, and related resources.
 

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 with the Forum of Firms and other key stakeholders to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.