International Foundation for Ethics and Audit (IFEA)

🌍 March 2025 IESBA Meeting Highlights: Key Areas of Focus! 🌍 The IESBA’s recent meeting in NYC addressed several critical topics shaping the future of ethics and independence in the accountancy profession. Key highlights include: 🌱 Collective Investment Vehicles (CIVs) and Pension Funds – Approval of a Consultation Paper seeking stakeholder views on auditor independence considerations for third parties performing functions for these investment vehicles (Coming next week!) 📊 Adoption & Implementation Working Group Update – Updates on activities since December 2024, including the launch of IESBA Sustainability and Experts Standards, and planned implementation materials 🏢 Firm Culture & Governance (FCG) – Updates on global roundtables, stakeholder outreach, and upcoming deliverables, including non-authoritative materials 🔍 Emerging Issues and Outreach Committee (EIOC) – Update on activities, including a proposed Staff Alert on private equity investments in accounting firms 💻 Technology – Brief update on the Technology Working Group’s activities and support for bringing technology issues to the forefront 🤝 IAASB-IESBA Coordination – Update on continued coordination with the International Auditing and Assurance Standards Board (IAASB), focusing on structured engagement and alignment on key projects Read the full highlights here: https://lnkd.in/eSKbz8gb Follow us and stay informed on the latest ethics developments! #EthicsInAccounting #Sustainability #ProfessionalStandards #GlobalEthics

After a busy week of in-depth discussions—covering multiple projects in early development and information gathering stages—we wrapped up our March meeting today with several key votes for approval, including a unanimous vote to revise our standard on fraud. The approved revisions to ISA 240 on fraud: ✔ Clarify the role and responsibilities of the auditor for fraud in an audit of financial statements. ✔ Promote consistent behavior and facilitate effective responses to identified risks of material misstatement (ROMMs) due to fraud, including when fraud or suspected fraud is identified. ✔ Reinforce the importance, throughout the audit, of the appropriate exercise of professional skepticism in fraud-related audit procedures. ✔ Enhance transparency on fraud-related procedures, including strengthening communications with those charged with governance (TCWG) and the communication of key audit matters related to fraud. The revised standard will be issued following certification by the Public Interest Oversight Board | PIOB, anticipated in July. In the meantime, an as-approved version will be published on our website next week. Additionally, votes today included: 🔹 ISAE 3410 on assurance over greenhouse gas emissions will be withdrawn as of December 15, 2026, aligning with the effective date of ISSA 5000, our new sustainability assurance standard. 🔹 Proposed narrow-scope amendments related to International Ethics Standards Board for Accountants (IESBA)’s new standard on Using the Work of Experts. The exposure draft is expected in mid-to-late April for a 90-day public consultation. Given potential public interest benefits, we are exploring whether these amendments could take effect by December 15, 2026, alongside IESBA’s standard—though this would require a shorter-than-usual implementation period. A question on this timing will be included in the exposure draft. This week, we were also pleased to welcome our new members Nancy Cheng, Amaro Gomes, Mikiko Ono, and Xiaoyue Sun to their first board meeting! #IAASB #AuditQuality #ProfessionalSkepticism

The PIOB´s Standard-Setting Boards´ Nominations Committee (SSB NomCo) has issued Invitations for Applications to serve as board members on the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) for vacancies commencing on 1 January 2026: IESBA Invitation for Applications - https://lnkd.in/d7j5zDjP IAASB Invitation for Applications - https://lnkd.in/d6EGZRG7 Qualified individuals who meet the targeted profiles described in the Invitations for Applications can apply online until 11 May 2025. https://lnkd.in/dhTa3TiS #ssbnominations #iaasb #iesba #publicinterest

 📢 IESBA Board Meeting Preview - March 2025 📢   🎥 In the video below, IESBA Program and Senior Director Ken Siong offers a brief preview into the key topics and discussions that will shape the agenda for the IESBA Board's 1st Quarter meeting next week.   📅 Want to observe? Register to attend via our meetings page (https://lnkd.in/eSKbz8gb) or follow us here and set alerts for the live YouTube stream.

Learn why Nan Li Collins 李楠, Chair of the United Nations Sustainable Stock Exchanges Initiative and Senior Director of Investment and Enterprise at UN Trade and Development (UNCTAD), believes the new IAASB and International Ethics Standards Board for Accountants (IESBA) sustainability-related standards will strengthen investor confidence in sustainability reporting—ensuring greater trust, transparency, and consistency. As Nan Li puts it: “Consistency and transparency form the cornerstones of effective reporting. Without them, there is no harmony, no comparability, no clarity.” Watch her full message below 👇 #TrustInSustainability #Sustainability #Reporting #Assurance #Transparency #InvestorConfidence #IAASB #IESBA #SustainabilityStandards

🌏 Engaging with UAE Leaders on Audit, Assurance & Ethics This week in the United Arab Emirates, our Chair Tom Seidenstein and International Ethics Standards Board for Accountants (IESBA) Chair Gabriela Figueiredo Dias met with leaders from across government, regulatory bodies, and the audit and accounting professions. Through meetings, roundtables, and a fireside chat, discussions explored recent IAASB and IESBA developments, ongoing standard-setting efforts, and key topics shaping the future—ethics, audit quality, and sustainability assurance. These conversations provided valuable insights into the UAE and regional context, deepening our understanding of local opportunities and challenges, while also highlighting how our standards support well-functioning markets and high-quality assurance practices. A sincere thank you to the engaged audiences who participated in discussions with Tom and Gabriela and a special thank you to our hosts and partners for organizing these events, including: 🔹 Ministry Of Economy, UAE 🔹 Dubai Financial Services Authority (DFSA), especially Ian Johnson, Chief Executive, and Justin Baldacchino, Managing Director of Supervision 🔹 ICAEW 🔹 ADGM 🔹 Securities and Commodities Authority (SCA) 🔹 Financial Audit Authority Thank you, Dubai, Abu Dhabi, and the UAE, for the warm welcome and insightful discussions! #Assurance #AuditQuality #Ethics #Sustainability #IESBA #IAASB

📍 Engaging with UAE Leaders on Ethics & Audit Standards Today in Dubai, IESBA Chair Gabriela Figueiredo Dias and IAASB Chair Tom Seidenstein met with key UAE regulators and stakeholders to reinforce international collaboration and drive high-quality financial reporting, auditing, and assurance practices. They met with the Ministry Of Economy, UAE and the Dubai Financial Services Authority (DFSA). Key Discussions included:  ✅ Best approaches to enhance cooperation and to support the adoption of ethics and audit standards ✅ The recently released global baseline sustainability standards ✅ Project updates from the the global standards setting boards This marks the first leg of our UAE engagement—meetings continue in Abu Dhabi tomorrow with ADGM, ICAEW, and other key authorities. Stay tuned! #Ethics #Audit #Sustainability #FinancialReporting #IESBA #IAASB