Letter to IAASB and IESBA Stakeholders

Over the last 15 years you and many others have contributed extensively to IAASB’s and IESBA’s work. This has included supporting the use of our International Standards, and contributing to their quality by means of comment letters and participation in outreach. We are grateful for this support.

You and many other stakeholders are likely to be impacted by any new arrangement under consideration by the Monitoring Group (MG) insofar as it affects the quality and relevance of future standards. The MG’s consultation outlines options for reforms, which include proposals for a wholesale restructuring, including a partial merger, of the IAASB & IESBA. IFAC has outlined an alternative that builds on the strengths and successes of today’s arrangements to better achieve the desired improvement outcomes. The MG and IFAC documents are enclosed for convenience.

We encourage you to contribute your perspective to this reform consultation. We believe any future arrangement should retain those qualities that were important to many stakeholders’ decisions to adopt our International Standards. This will ensure continued stakeholder acceptance of the standards and confidence in their quality and technical rigor.