The International Auditing and Assurance Standards Board (IAASB) has launched a public consultation survey as part of its post-implementation review of International Standard on Auditing (ISA) 540 (Revised), Auditing Accounting Estimates and Related Disclosures.

ISA 540 (Revised) established more robust requirements and appropriately detailed guidance to foster audit quality by driving auditors to perform appropriate procedures in relation to accounting estimates and related disclosures. The standard was effective for audits of financial statements for periods beginning on or after December 15, 2019.

This survey seeks input from a broad range of stakeholders and includes questions tailored to differing perspectives and experiences of various stakeholder groups. Survey feedback will help the IAASB assess whether:

• ISA 540 (Revised) has achieved its intended objective, including improvements or benefits arising from its application, as well as any practical challenges or questions encountered; and
• Any further actions by the IAASB are needed to address matters identified.

The survey focuses on three principal areas:

• Overall views on ISA 540 (Revised), including related to non-authoritative guidance and tools that were issued to support implementation of the standard;
• Perceived benefits resulting from implementation of the revised standard; and
• Potential issues, challenges, or impacts experienced or observed relating to ISA 540 (Revised).

Stakeholders may respond to all questions or only those most relevant to their perspectives. All responses will form part of the public record. The survey is open until June 15, 2026, and can be accessed online here.

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 Auditing and Assurance Standards Board (IAASB) today published a summary of feedback from its global Technology Quality Management roundtables, which explored how emerging technologies—including artificial intelligence—are affecting audit and assurance engagements and the application of the IAASB’s quality management standards.

The roundtables, held in the second half of 2025, brought together more than 240 stakeholders from six continents, including auditors, regulators, standard setters, firms, and technology specialists. Discussions focused on current and emerging uses of technology in audit and assurance, related governance and risk management challenges, and stakeholder expectations for maintaining trust and consistency in the use of emerging technological tools, including AI-enabled tools in engagements. This starts with robust quality management of such tools.

“At a time when the use of AI in audit and assurance is expanding rapidly, stakeholders told us clearly that global consistency and practical clarity matter,” said Tom Seidenstein, IAASB Chair. “The roundtable feedback confirms that our quality management standards remain robust and principles-based, while highlighting areas where additional non-authoritative guidance could support consistent application as technologies continue to evolve.”

Participants broadly agreed that the IAASB’s quality management standards—particularly International Standard on Quality Management (ISQM) 1 and International Standard on Auditing (ISA) 220 (Revised)—provide a strong foundation for managing technology-related risks. At the same time, stakeholders noted that the IAASB could assist by developing additional practical guidance to help address challenges associated with emerging technologies.

The IAASB will use the roundtable feedback, along with other stakeholder feedback, to inform its future work on Technology Quality Management. In December 2025, the IAASB approved the development of non-authoritative material. At its March meeting, the IAASB will discuss a proposed action plan that includes the objective and scope of the initiative, identification of possible themes or topics to be addressed, the proposed development process and coordination with the International Ethics Standards Board for Accountants (IESBA) and other organizations.

The summary report, Technology Quality Management Roundtables: Outcomes and Next Steps, is available on the IAASB website.

More information about the Technology Quality Management initiative, including ongoing updates, is available on the IAASB’s project web page.

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 accountancy profession is evolving rapidly, shaped by shifting business models, changing capital markets, technological advancement, and rising expectations of professional judgment and leadership.

International Federation of Accountants’ (IFAC) advisory groups play a critical role in helping the global profession navigate these changes. Bringing together experienced practitioners, educators, and leaders from across regions and sectors, the groups provide practical insight into how global trends are affecting professional accountants and the organizations they serve.

Through their work, IFAC’s advisory groups:

• Provide forward-looking perspectives on emerging developments affecting the profession
• Support efforts to strengthen the profession’s relevance, resilience, and attractiveness
• Contribute practical insight to the development of tools, resources, and guidance
• Help connect global standard setting with real-world business and professional experience

Advisory groups represented include:

• The International Panel on Accountancy Education, which supports the advancement of high-quality, future-focused accountancy education worldwide.
• The Professional Accountancy Organization Development and Advisory Group, which supports strong, resilient, and sustainable professional accountancy organizations.
• The Professional Accountants in Business Advisory Group, which considers global trends affecting CFOs, finance leaders, boards, and audit committees across sectors.
• The Small and Medium Practices Advisory Group, which provides input and practical resources to support SMPs and SMEs and promote their essential role in the global economy.

IFAC warmly welcomes the new members joining its advisory groups in 2026 and thanks departing members for their dedication and service to the profession.

Lee White, IFAC Chief Executive Officer, said:

“At a time of significant change for the global profession, IFAC’s advisory groups play an essential role in bringing together insight, experience, and perspective from across jurisdictions and sectors. Their contributions help ensure the profession remains relevant, resilient, and attractive, while continuing to earn trust and serve the public interest. I am pleased to welcome our new members and thank those concluding their terms for their valued service to the global profession.”

(Members below listed with employer and nominating organizations)

International Panel on Accountancy Education

New Members

• Sven Hayn, Owner & CEO, WP Hayn | Institut der Wirtschaftsprüfer and Wirtschaftsprüferkammer (Germany)
• Jen Rimes, Director, Global Assurance, BDO Global | BDO Global (USA)
• Susan Smith, Professor of Accounting, University College London (UCL) School of Management | Institute of Chartered Accountants in England & Wales (United Kingdom)
• Roopa Venkatesh, Director, School of Accounting, University of Nebraska at Omaha | University of Nebraska at Omaha (USA)
• Samantha Wilson, General Manager, CA Program, Chartered Accountants Australia and New Zealand | Chartered Accountants Australia and New Zealand (CAANZ) and CPA Australia

Returning Member & Deputy Chair

• Jan Taylor, Senior Director, Academic in Residence, Association of International Certified Professional Accountants–AICPA | AICPA (USA)

Departing Members

• Susan Flis, Senior Manager, Global Professional Practice, Methodology & Enablement |  Ernst & Young LLP (USA)
• Simon Hann, Group Executive, Education & Marketing | Chartered Accountants Australia and New Zealand and CPA Australia (Australia)
• Irene Wiecek, Professor, Teaching Stream at University of Toronto Mississauga | CPA Canada (Canada)

Professional Accountancy Organization Development and Advisory Group

New Members

• Lamyaa AlRasheed, Partner, EY | The Saudi Organization for Chartered and Professional Accountants (Saudi Arabia)
• Mahbub Ahmed Siddique, Chief Operating Officer, The Institute of Chartered Accountants of Bangladesh | The Institute of Chartered Accountants of Bangladesh (Bangladesh)

Returning Member

• Mkombozi Karake, Chief Executive Officer, Global Institute of Governance and Sustainability (GIGS) | Institute of Certified Public Accountants of Rwanda (Rwanda)

Departing Members

• Sheree Ebanks, Chief Executive Officer, Cayman Islands Institute of Professional Accountants | Cayman Islands Institute of Professional Accountants (Cayman Islands)
• Razak Jaiyeola, Chief Executive Officer, A.J. Silicon Tech | Institute of Chartered Accountant of Nigeria (Nigeria)

Professional Accountants in Business Advisory Group

New Members

• John Bugunya, Self-Employed | Institute of Certified Public Accountants (Rwanda)
• Nametso Masuku, Finance Manager, Debswana Diamond Company | Botswana Institute of Chartered Accountants (Botswana)
• Michi Sasano, Representative Director and CEO, Control Solutions K.K. | Japanese Institute of Certified Public Accountants (Japan)

Returning Members

• Esther Bosch, Director Risk & Audit, Royal Schiphol Group | Royal Nederlandse Beroepsorganisatie van Accountants (Netherlands)
• Mike Driver, Independent Board Chair, Non-Executive Director | Chartered Institute of Public Finance and Accountancy (United Kingdom)
• Lindawati Gani, Professor in Management Accounting, Universitas Indonesia | Institute of Indonesia Chartered Accountants (Indonesia)
• Muhammad Samiullah Siddiqui, Director Finance, Oxford University Press | Institute of Chartered Accountants of Pakistan (Pakistan)

Departing Members

• Ichiro Waki, Chief Executive Officer, JBA Group | Japanese Institute of Certified Public Accountants (Japan)
• Gloria Zvaravanhu, Managing Director, Old Mutual ZW | Institute of Chartered Accountants (Zimbabwe)

Small and Medium Practices Advisory Group

New Members

• Graziella Hobeika, Managing Partner, HBK Audit & Advisory | Lebanese Association of Certified Public Accountants (Lebanon)
• Renata Peppe, Senior Audit Manager, Peppe Associados Consultores & Auditores Independentes | Conselho Federal de Contabilidade and Instituto dos Auditores Independentes do Brasil (Brazil)
• Hein Vandelanotte, Partner, Vandelanotte | Institute for Tax Advisors and Accountants (Belgium)

Returning Members

• Comfort Eyitayo, Business Consultant, Comfort Olu. Eyitayo & Co | Institute of Chartered Accountants of Nigeria (Nigeria)
• Takuma Kinjo, Managing Partner, RSM Seiwa | Japanese Institute of Certified Public Accountants (Japan)
• Yan Zhao, Director of Continuing Professional Development Department, Chinese Institute of Certified Public Accountants (CICPA) | CICPA (China)

Departing Members

• Monica Stefan, Senior Audit Partner, Soter & Partners | Chamber of Financial Auditors of Romania (Romania)
• Michael Fontaine, President, MF & Associés | Compagnie Nationale des Commissaires aux Comptes and Conseil National de l'Ordre des Experts-Comptables (France)

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 role of CFOs is evolving rapidly, as organizations face growing uncertainty, accelerating technological change, sustainability demands, and other structural shifts.
• IESBA is inviting CFOs and other stakeholders who work with or oversee CFO functions to take part in dedicated global surveys examining the evolving role of CFOs and the ethical challenges that accompany this evolution, up until April 24.
• Insights from the surveys, together with IESBA’s global outreach activities, will inform IESBA’s decision on whether enhancements to the IESBA Code, guidance or other support for CFOs is warranted, with a decision expected by September.

The IESBA today launched two extended global stakeholder surveys to inform its Role of CFOs initiative, focusing on the evolving role of CFOs and equivalent senior finance leaders, the ethical challenges resulting from this evolution, and whether the IESBA Code remains clear, fit-for-purpose, and practical in the public interest.

Building on its CFO Pulse Survey conducted over the Summer of 2025, the two surveys are directed at CFOs or equivalent senior finance leaders, and at stakeholders who interact with or oversee CFOs.

The surveys explore four areas of interest:

• How the role of CFOs and other equivalent senior finance leaders has evolved and the ethical challenges they face;
• How effectively the IESBA Code supports ethical responsibilities and expectations;
• The nature and extent of involvement of individuals in CFO roles who are not members of a professional  accountancy organization (PAO); and
• Potential actions the IESBA could take, including enhancements to the IESBA Code, guidance or other resources, or other initiatives to support ethical leadership in finance functions.

 “The role of CFOs and other senior finance leaders continues to evolve beyond traditional financial stewardship. Given the importance and centrality of this role within companies and organizations, these surveys will enable the IESBA to better understand the realities of the role today, the ethical challenges individuals in this role face, and how the IESBA can continue to support their ethical leadership,” said Gabriela Figueiredo Dias, Chair of the IESBA.

CFOs or equivalent senior finance leaders (regardless of title or membership of any PAO), stakeholders who interact with or oversee CFOs (including PAOs), other professional organizations, regulators and oversight bodies, investors and stewardship groups, accounting firms, jurisdictional standard setters, those charged with governance, governance specialists, and academics are invited to respond to the surveys up until April 24.  

The surveys are anonymous and take approximately 10 to 15 minutes each to complete. They can be accessed here.

Outreach plans provide additional support to decision

The Role of CFOs initiative will also be informed by roundtables and focus group meetings in key markets during the first half of 2026, including Europe, North America, Africa, Asia, and Latin America.

The initiative aims to support CFOs and equivalent senior finance leaders in upholding high ethical standards that safeguard the integrity and reliability of financial and non-financial information on which investors, markets, regulators, and the public depend, and public trust in their organizations.

Informed by the survey results and stakeholder input, the project team will present preliminary findings at the June 2026 IESBA meeting, followed by a final report and recommendations at the September 2026 IESBA meeting.

To learn more about IESBA's role of CFOs initiative and follow updates, visit the Role of CFOs Focus Page.

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.

IESBA’s Snapshots provide short, non-technical overviews of IESBA projects and initiatives. They explain purpose, direction, and current focus in clear and accessible terms, alongside more detailed technical materials.

This Snapshot focuses on IESBA’s Role of CFO Initiative.

Q1. Why is IESBA examining the role of CFOs now?

In recent years, the role of Chief Financial Officers (CFOs) and other senior finance leaders has expanded significantly beyond traditional financial stewardship. CFOs are increasingly involved in areas such as sustainability reporting, data governance, technology oversight, and enterprise risk management.

These developments place CFOs at the center of decisions that affect the integrity and reliability of both financial and non-financial information relied upon by investors and markets, regulators, and the public. Understanding how this evolving role may shape ethical decision-making is a necessary first step before considering whether IESBA's existing ethical frameworks continue to provide appropriate support in these conditions.

Q2. What are the objectives of the “The Role of CFOs” initiative?

The objectives of the initiative are to better understand:

• How the CFO role is evolving across industries, sectors, and jurisdictions
• Whether this evolution has resulted in new or additional ethical challenges
• Whether the ethical framework in the IESBA Code remains clear, relevant, and fit for purpose in supporting ethical decision-making in these environments

The initiative is exploratory and evidence-based. Its purpose is to inform the Board’s understanding before any consideration of potential future actions.

Q3. Does this initiative assume that CFOs are facing ethical failures?

No. The initiative does not start from an assumption of ethical failure or misconduct.

Rather, it recognizes that roles, expectations, and decision environments have changed, and it seeks to understand whether existing ethical principles and guidance continue to operate effectively under these evolving conditions. The focus is on learning from experience.

Q4. What has IESBA learned so far?

Initial insights from a CFO pulse survey suggest significant diversity in CFOs’ professional backgrounds, ethical reference points, and sources of guidance. Many CFOs are not members of a professional accounting body and often rely primarily on employer-based codes of conduct rather than professional ethical standards.

These early findings highlight the importance of deeper and broader engagement to better understand which ethical frameworks are applied in practice and how, and where CFOs may experience ethical pressures or uncertainty in real-world decision-making.

Q5. What is IESBA focusing on in the current phase of work?

The initiative is currently in an information-gathering phase, drawing on:

• Research and analysis
• Extended surveys
• Stakeholder engagement, namely through global roundtables and focus group meetings

This phase is designed to explore where ethical challenges and pressures arise, how they are experienced, and how CFOs navigate them across different organizational, regulatory, and jurisdictional contexts. It is intentionally focused on evidence-gathering rather than conclusions.

Q6. Does this work signal upcoming changes to the IESBA Code or issuance of new guidance?

No decisions have been taken at this stage. The initiative seeks to assess whether existing provisions in the IESBA Code remain fit for purpose considering the evolving CFO role and associated ethical challenges. Any consideration of standard-setting, the development of guidance, or other initiatives will take place only after the information-gathering phase has concluded and following full deliberation by the Board.

Q7. Who is in the scope of this initiative?

The initiative focuses on CFOs and other equivalent senior finance leaders across the private, not-for-profit, and public sectors, regardless of the title of their role or professional background.

This includes both professional accountants and individuals who are not members of a professional accounting body. Capturing this diversity is central to understanding how ethical decision-making operates in practice and where common themes may - or may not - emerge.

Q8. Why is IESBA the appropriate body to undertake this work?

IESBA sets high-quality international ethics standards, including independence standards, for the preparation, reporting and assurance of financial and non-financial information. These standards are a cornerstone of ethical behavior in business and organizations and help support public trust in the information that underpins the functioning and sustainability of organizations, financial markets, and economies worldwide.

As CFO roles evolve and ethical decision-making increasingly influences information relied upon by investors and markets, regulators, and society, it is appropriate for the IESBA to examine whether its existing ethical framework remains clear, relevant, and practical in the public interest.

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.

Environmental stewardship is often seen by many as a key government responsibility. The conservation of tangible natural resources could have significant impacts on current and future generations around the world, but without effective guidance for how to account for the extent and value of these resources, they are often left out of public sector general purpose financial statements. Recognizing tangible natural resources held for conservation can inform decisions about their stewardship and account for how they change over time, such as if they are depleted, degraded, lost, restored, or enhanced.

The International Public Sector Accounting Standards Board (IPSASB) has issued a new IPSAS Standard to address the need for guidance: IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 introduces new, public sector-specific accounting guidance on accounting for natural resources with physical substance, such as land, trees, and water, often held by governments to preserve or protect them. IPSAS 51 also highlights guidance in other standards that applies to natural resources that are held for other purposes.

IPSASB Chair Thomas Müller-Marqués Berger said:

“Decisions about why a public sector entity holds natural resources have long-term financial and social consequences. IPSAS 51 helps governments better connect environmental stewardship with public finances, improving transparency around how today’s choices affect public wealth and future generations.”

Access IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 is effective for annual financial statements for periods beginning on or after January 1, 2028. Earlier application is permitted.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS Standards), IPSASB Sustainability Reporting 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.

• Launches the strategic planning process for both boards’ next strategies and work plans
• Reflects deepened IESBA-IAASB coordination through a single, streamlined consultation that reduces stakeholder burden
• Announces a coordinated 2026 consultation calendar to support effective and meaningful engagement

The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) today launched a joint global stakeholder survey, marking the beginning of work toward their respective Strategies and Work Plans (SWPs) for 2028–2031—a period of expected significant change in the global audit, assurance and ethics landscape.

The joint survey represents the first step in the boards’ strategic planning process and will help inform the development of their respective Consultation Papers, targeted for approval at the end of 2026. By launching a single, coordinated survey, IESBA and IAASB are reinforcing their close collaboration while streamlining engagement and reducing duplication for stakeholders, who are invited to contribute to one  rather than parallel surveys.

The survey seeks input from a broad and diverse range of stakeholders, reflecting the global reach and public interest role of both boards. Responses will help the boards better understand how the environment for audit, assurance, ethics, and independence is evolving, and how the public interest can best be served in a rapidly changing global reporting ecosystem.

“As the global audit, assurance, and ethics landscape continues to evolve, it is essential that our strategies are informed by diverse stakeholder perspectives,” said Gabriela Figueiredo Dias and Tom Seidenstein, Chairs of the IESBA and IAASB, respectively. “This joint survey reflects our shared commitment to listening carefully, coordinating closely, and ensuring our work continues to serve the public interest in a rapidly changing environment.”

The survey focuses on three principal areas:

• Strategic positioning for 2028–2031, including how the boards should assess success by the end of the next strategy period;
• Key environmental trends shaping the future of audit, assurance, ethics, and independence, such as digital transformation, geopolitical and regulatory developments, sustainability expectations, and evolving business models of accounting firms; and
• Opportunities for joint or parallel action, where closer coordination between IESBA and IAASB could enhance impact and effectiveness.

Stakeholders may respond to all questions or only those most relevant to their perspectives. All responses will form part of the public record and will be published on the boards’ websites in accordance with their due process.

The survey is open until May 15 and can be accessed online here.

Reducing Consultation Fatigue through Coordination

The joint survey also reflects a deliberate effort by IESBA and IAASB to coordinate their consultation activities, particularly during 2026, a year expected to include a significant volume of consultations.

While the boards often consult similar stakeholder groups, they recognize that individuals within those groups may respond to either ethics-focused consultations or audit and assurance-focused consultations, notwithstanding that some issues or topics may be of common relevance to both boards. Through careful planning, including staggering consultation timelines, the boards aim to avoid multiple consultations closing at the same time, supporting more effective participation and higher-quality feedback.

Anticipated 2026 IESBA and IAASB Public Consultations

Joint

• Joint SWP Stakeholder Survey, January 21–May 15

IESBA

• Role of CFOs Survey, February 2–April 24
• Post-Implementation Review of the Restructured Code Survey, April 1–July 3
• Post-Implementation Review of the Provisions on Responding to Non-Compliance with Laws and Regulations (NOCLAR) Survey, April 1–July 30

IAASB

• Post-Implementation Review of ISA 540 (Revised) Survey, February 17–June 15
• Exposure Draft for Proposed ISRE 2410 (Revised), Review of Interim Financial Information Performed by the Independent Auditor of the Entity, May 6–September 3
• Exposure Draft for the Maintenance of the ISA for Less Complex Entities, July 16–October 29
• Exposure Draft for Proposed Revisions to ISA 330, The Auditor’s Responses to Assessed Risks, ISA 500, Audit Evidence, and ISA 520, Analytical Procedures, July 28–December 15

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. 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.

• Jon Walters was appointed by the Public Interest Oversight Board (PIOB) in November 2025 for a three-year term.
• Mr. Walters is the Global Independence Leader for the PriceWaterhouseCoopers network of member firms, bringing global leadership experience in ethics and independence to the International Ethics Standards Board for Accountants.
• PIOB also decided to re-appoint Rania Uwaydah Mardini for a three-year term, also beginning on January 1 2026.

On January 1, 2026, the International Ethics Standards Board for Accountants (IESBA) welcomed a new Board member following his appointment by the Public Interest Oversight Board (PIOB) in November 2025.

Jon Walters (United Kingdom) is currently the Global Independence Leader for the PriceWaterhouseCoopers network of member firms. In this role, he leads a global team of independence professionals responsible for establishing PwC’s independence policies, processes, and systems, and for providing advice and consultations on a wide range of auditor independence–related matters.

Prior to becoming PwC’s Global Independence Leader in January 2025, Mr. Walters served as the UK Independence Partner from 2014 and previously held leadership roles related to Ethics and Business Conduct for PwC UK. Outside of PwC, he was a member of the FRC’s Ethical Standards Technical Advisory Group from 2016 to 2025 and served on the ICAEW Ethics Standards Committee from 2013 to 2018.

Mr. Walters is a Chartered Accountant and a Fellow of the ICAEW. He also holds a Bachelor of Engineering (Hons) degree in Aeronautical Engineering and Design from Salford University.

“I am delighted to have the opportunity to join IESBA,” said Mr. Walters. “I believe strongly that having robust, high-quality global ethics and independence standards for the accounting profession serves the public interest, and I am looking forward to being able to use my 20+ years of experience in applying the IESBA Code and other global independence regulations to support the Board as we look to further develop and refine the Code.”

Gabriela Figueiredo Dias, Chair of the IESBA, said:

“Jon brings extensive, hands-on experience in applying ethics and independence standards across jurisdictions and complex engagements. His practical insights will be highly valuable as the Board continues to advance global ethics standards that respond to the realities of today’s profession and a changing environment, while remaining firmly grounded in the public interest.

I am also pleased to welcome the reappointment of Rania Uwaydah Mardini, whose continued service will provide important continuity to the Board’s work, and I would like to thank those members who concluded their terms at the end of 2025 – Mr. Paul Muthaura and Mr. Rich Huesken – for their dedication and significant contributions to the IESBA.”

With the effectiveness of the PIOB nominations, IESBA reduces from 2026 onwards the number of members to 16, in line with the Monitoring Group Recommendations.

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.

Media Contacts:

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

David Johnson 
Senior Manager
IESBA Communications
davidjohnson@ethicsboard.org | Direct: +1 (212) 471-8732

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome James Ferris following his appointment by the Public Interest Oversight Board (PIOB) in November 2025.

Mr. Ferris is Director of Audit Policy at the UK Financial Reporting Council and served as the Chair of the International Forum of Independent Audit Regulators (IFIAR) Standards Coordination Working Group until December 2025. He has been appointed for a three-year term.

“I am honored to join the IAASB at a time of significant change for the global audit and assurance profession,” said Mr. Ferris. “I look forward to contributing to the IAASB’s work in strengthening high-quality international standards and supporting trust and confidence in audit and assurance in the public interest.”

The IAASB also congratulates current member Greg Schollum on his re-appointment for a three-year term. Greg is the former Deputy Controller and Auditor-General of New Zealand. His career includes serving as a member of the International Public Sector Accounting Standards Board, the New Zealand Accounting Standards Board, and the Financial Reporting Standards Board of the New Zealand Institute of Chartered Accountants (now Chartered Accountants Australia & New Zealand).

In addition to welcoming Mr. Ferris and congratulating Mr. Schollum, the IAASB also welcomes the appointment of Edo Kienhuis as its new Vice-Chair for a one-year term. Mr. Kienhuis is a Partner in the PwC Audit and Assurance practice in Amsterdam and a member of the Dutch firm’s National Office. He has been a member of the IAASB since January 2021.

The PIOB’s invitation for application for terms of service beginning in January 2027 is expected to open in March 2026. The IAASB encourages qualified candidates to apply.

About the IAAS
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.

IESBA’s snapshots provide short, non-technical overviews of IESBA projects. They explain the purpose, direction, and current focus in clear and accessible terms, alongside more detailed technical materials.

This Snapshot focuses on IESBA’s Firm Culture and Governance Project.

Q1. Why is the IESBA working on firm culture and governance?

Accounting firms and professional accountants play a critical public interest role in the global economy by fostering public trust in the financial and non-financial reporting ecosystem.

To meet these expectations, firms are increasingly addressing the need to build and sustain firm-wide ethical culture that supports a consistent, high level of ethical behavior across all service lines.

These efforts underscore an important observation that ethical failures within firms are rarely due to a lack of rules or standards alone. Often, they reflect deeper issues relating to the firm’s ethical culture.

In fact, extensive research demonstrates that ethical behavior in organizations is strongly influenced by firm culture, including elements such as leadership, governance, incentives, or accountability.

At present, there is no comprehensive global ethics baseline against which firms of different sizes and operating in different contexts can assess their ethical culture and governance practices across all activities.

Stakeholders have therefore expressed clear support for the IESBA to explore the development of a global, firm-level framework that complements the existing requirements in the IESBA Code - which focus primarily on individual professional conduct and independence requirements at individual and firm levels, rather than cultural or governance factors.

The Firm Culture and Governance (FCG) project responds to this public interest matter by examining how a global framework could support firms in strengthening the key elements that underpin a strong ethical culture.

Q2. What is the objective of the Firm Culture and Governance project?

The objective of the project is to develop a global culture and governance framework that can help firms build and sustain a strong ethical culture across the whole firm.

In the framework, the IESBA aims:

• To establish a global and consistent point of reference for firms to assess their practices on their ethical culture and governance practices
• For the framework to be principles-based, rather than prescriptive
• For it to be applicable to firms of different sizes and structures
• To promote long-term trust, ethical conduct, and the public interest, by complementing existing requirements

Q3. What has the IESBA done so far?

In 2024, a dedicated Working Group carried out research and outreach on accounting firm culture and governance and published a report identifying eight key interconnected elements that drive ethical culture in firms.

Based on this work, IESBA agreed to pursue a standard-setting project to develop a Firm Culture and Governance Framework comprising the eight elements (FCG Framework). The project also includes the development of non-authoritative guidance and other supporting materials or initiatives.

In June 2025, informed by stakeholder engagement that followed the publication of the report, including six global roundtables, IESBA agreed to develop:

• Guidance materials and other initiatives during 2025 and 2026; and
• A set of IESBA Viewpoints on each of the eight elements that drive ethical culture in firms to be used for further discussion with stakeholders in 2026.

This engagement will inform IESBA’s consideration, by June 2026, of how best to approach the development of the FCG Framework.

Q4. What are the IESBA Viewpoints?

IESBA concluded in December 2025 a set of Viewpoints that describe key characteristics of each of the eight elements of a FCG Framework. The Viewpoints:

• Summarize insights from research and stakeholder feedback
• Describe what ethical culture, principles, or other considerations could look like in practice
• Support dialogue and testing of the thinking going forward

The IESBA Viewpoints shared for engagement with stakeholders in 2026 are not the framework itself, but rather a tool to test, refine, and build consensus around what we expect, once completed, to be a powerful framework to underpin the overall resilience and success of the accounting sector and ultimately protect the public interest.

Q5. What are the eight elements of a Firm Culture and Governance Framework?

The eight elements that form the structure of an FCG Framework and that are covered by the IESBA Viewpoints are:

• Ethical leadership
• Oversight and governance
• Independent input
• Accountability across the firm
• Incentives and disincentives
• Open discussion and challenge
• Education and training
• Transparency

Together, these elements influence how ethical values are embedded into everyday decisions and behaviors within firms, helping to shape an organizational culture that prioritizes ethical values in decision-making at all levels and across all service lines of a firm.

Q6. What is the IESBA focused on in the first half of 2026?

The IESBA is taking a dialogue-driven, evidence-based approach to shaping its Firm Culture and Governance Framework and will be focused on in-depth, meaningful discussions on what an effective FCG Framework should entail.

The discussions will address issues such as:

• How a global and consistent baseline would help firms strengthen culture and governance across all service lines
• Whether a future framework should be part of the IESBA Code or available for voluntary adoption - and why
• Whether the IESBA Viewpoints are clear, workable, and proportionate, and which of them should become enduring principles (or what may be missing)

Q7. How can stakeholders engage and contribute to this work?

The engagement with stakeholders will be structured through the Firm Culture and Governance Dialogues initiative that will include:

• Targeted discussions and meetings at technical and strategic levels with firms, regulators, professional bodies, and other stakeholders
• Testing and refinement of the Viewpoints against real scenarios and experiences 
• Broader engagement through conferences, seminars, interviews, and ongoing communication

This engagement will inform the Board’s consideration of next steps.

Q8. What decisions will the IESBA consider in 2026?

By mid-2026, the IESBA expects to consider how best to take this work forward on the development of the FCG Framework, including:

• How the eight FCG elements should best be structured within a framework
• Which of the IESBA Viewpoints should evolve into principles integrated within the framework
• Whether such a framework should be positioned within the IESBA Code, or outside the Code and available for voluntary adoption

No decisions on how to approach the FCG Framework have been taken at this stage.

Annex: Further information and resources

Those interested in additional context, background, and technical details about the project may wish to refer to:

• Firm Culture and Governance Dialogues booklet

The booklet presents the Viewpoints on the eight elements of the Firm Culture and Governance Framework and sets out the objectives of the project and the dialogues planned for the first half of 2026.

• IESBA Briefing Note – IESBA Viewpoints on Firm Culture and Governance

Detailed background on the project, its objectives, the context, nature, and purpose of the IESBA Viewpoints and stakeholder engagement questions.

• Linkages between IESBA Viewpoints and ISQM 1

A paper explaining at a high-level how the IESBA Viewpoints relate to the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Quality Management 1 (ISQM 1), highlighting the linkages between the two as well as their differences such as their differing scopes and objectives.

• Firm Culture and Governance: Summary of Feedback from Global Roundtables

A summary of insights from six global roundtables held in New York, Melbourne, Brussels, Kuala Lumpur, and virtually for Africa and Latin America, involving more than 150 stakeholders from the regulatory, investor, standard-setting, firm, academic, and professional communities.

• Firm Culture and Governance Working Group – Final Report

Research, fact-finding, outreach, and early insights that informed the development of the FCG project, including the identification of the 8 fundamental elements of firm culture and governance.

• Organizational Culture and Behavior: A Synthesis of Academic Literature

A synthesis of academic research examining how organizational culture shape ethical behavior within organizations.

• IESBA website and social media channels

Regular updates on the Firm Culture and Governance project and the ongoing engagement with stakeholders. IESBA launches Firm Culture and Governance Viewpoints as it begins Asia outreach

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.