The voice of your professional accountancy organization (PAO) matters.
The accountancy profession is most successful and sustainable with the support of healthy national and regional professional accountancy organizations (PAOs) that have robust, effective relationships with their national and regional stakeholders, including government and regulators.
The success of any PAO relies in large part on its ability to effectively communicate, and demonstrate, its relevance to society. This begins early in a PAO’s development with promotion of:
Developed in conjunction with CPA Canada, this guide aims to help professional accountants in practice, especially those operating in small- and medium-sized practices (SMPs), in conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements.
This guidance was written for all organizations, regardless of their size or structure, private or public, to support the accountancy profession’s facilitation of sustainable organizations, financial markets, and economies by providing guiding principles to manage the complexities of performing a robust project and investment appraisal. Greater rigor in the appraisal and decision process can be achieved by using the principles as a benchmark against which to assess an organization’s current practice.
A Guide for Professional Accountancy Organizations
A strong and well-governed professional accountancy organization (PAO) produces and sustains a strong accountancy profession that is able to serve the public interest and contribute to economic stability and growth. A successful PAO gains much of its strength from the sense of identity, benefits, and rights that members derive from membership; and from the contributions that individual members and firms make to the PAO in recognition of its public interest perspective.
This third edition of the guide features enhancements to the two sample manuals, as well as other refinements for clarity and consistency with International Standard on Quality Control (ISQC) 1. The guide contains the requirements set out in ISQC 1 in addition to implementation guidance, including discussion material and an integrated case study that can be used as the basis for education and training.
The International Federation of Accountants (IFAC) extends its sincere thanks to David Isherwood, Ethics Partner at BDO UK, for his outstanding leadership and service to the Forum of Firms (FoF, Forum) and the global profession. David has chaired the FoF since November 2017.
We also warmly welcome Fiona Campbell from Ernst & Young Global Limited as the new Chair of the FoF, effective July 23, 2025. Fiona is an EY partner based in Melbourne, Australia.
Lee White, Chief Executive Officer of IFAC, said: “David’s thoughtful and proactive leadership has left a lasting impact. In particular, he has driven the Forum of Firms and its mission forward, so that the profession continues to meet the highest standards of integrity and quality. His commitment to the practical implementation of global standards, in the public interest, and to fostering collaboration across the profession has been truly appreciated. We thank David for his invaluable work and contributions, including his prominent and active role in the joint IFAC-IESBA Summit, and wish him all the best in his future endeavors.”
Mr. White continued: "I’ve also had the great pleasure of working with Fiona in multiple roles, and I know she brings exceptional judgment, professionalism, and an unwavering commitment to audit quality and the public interest. Her service to our profession as a former Board Member of the IAASB, including as Deputy Chair, and her ongoing leadership at EY, position her well to guide the Forum at this critical moment for the profession, as the global accountancy community navigates a fast-changing environment."
Fiona’s passion for audit, her global perspective, and her focus on quality and collaboration will serve the FoF well as it continues to advance key priorities—from audit quality and sustainability to regulatory alignment and global trust.
“The Forum of Firms was established in 2002 and has since been a unique and highly valued partner to IFAC. I remain committed to engaging with this very important Forum—working together to innovate and deliver sustained value to the global accountancy profession,” Mr. White concluded.
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.
The International Federation of Accountants (IFAC) warmly congratulates Kurt Hohl on his appointment as Chief Accountant at the U.S. Securities and Exchange Commission (SEC), effective July 7, 2025.
Lee White, Chief Executive Officer of IFAC, said: "Kurt Hohl’s appointment comes at a critical juncture for global financial markets. His deep technical expertise, global perspective, and unwavering commitment to audit quality and investor protection make him an exceptional choice to lead the Office of the Chief Accountant. We look forward to continued collaboration in pursuit of transparent, high-quality financial reporting and assurance standards."
Mr. Hohl brings nearly four decades of experience across public practice, regulatory service, and advisory roles. Most recently, he was the founder of Corallium Advisors, offering strategic guidance on regulatory compliance, auditing, and risk management. Prior to that, he served 26 years as a partner at Ernst & Young (EY), including as global deputy vice-chair of EY’s Global Assurance Professional Practice. He is a former Associate Chief Accountant at the SEC, where he authored the foundational Financial Reporting Manual.
"Mr. Hohl’s return to the SEC signals a renewed emphasis on leadership that values both public interest and professional excellence. His leadership will help steer the accounting and auditing landscape through an era of innovation and growing global complexity," added Lee White.
"On behalf of the global accountancy profession, we extend our warmest congratulations and support as he assumes this vital role."
IFAC also expresses sincere appreciation to Ryan Wolfe for his dedicated service as Acting Chief Accountant. "Ryan’s steady leadership during this transition period has been instrumental in upholding the SEC’s mandate. We are very pleased that he will continue contributing his expertise in the Division of Enforcement," Lee White concluded.
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.
IFAC ConnectTM brings together professional bodies, professional services firms, standard setters, regulators and the business and investor communities to drive high quality and decision-useful corporate reporting, governance and business practices to respond to new risks and opportunities.
Participation is by invitation-only. More details TBA.
In partnership with the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC has released a timely report emphasizing the critical role of the accountancy profession in accelerating climate resilience and energy transformation across the Caribbean.
“The accountancy profession plays an essential role in the Caribbean with climate transition. The profession brings its expertise and skills with governance, strategic planning, and risk assessments to allow better decisions to be made,” said IFAC Chief Executive Officer Lee White. “As part of the change at IFAC and how it operates, I am very focused on alignment of activities by IFAC and regional bodies of our global profession, and I am pleased to partner with ICAC on this report.”
Climate Challenges Demand Professional Action
The Caribbean is on the front lines of climate change. Increasingly frequent extreme weather events and rising sea levels pose significant threats to long-term economic growth, infrastructure, and prosperity. Additionally, Caribbean nations rank among the world’s most energy-insecure, with many heavily dependent on imported fossil fuels.
Transitioning to a low-carbon, climate-resilient future will require an estimated $5–7 billion in upfront investment. Without adequate support and investment, the region risks being locked into high energy costs and missing out on the long-term benefits of clean energy and resilient infrastructure.
A Roadmap for Collective Impact
The report serves as both a call to action and a practical roadmap for the profession, offering case studies and recommendations for embedding climate considerations into business, accounting, and reporting practices. It encourages collaboration among accountants, governments, financial institutions, and development partners to align regional priorities with global climate goals.
“By strengthening, connecting and uniting the accountancy profession in the Caribbean, we enable our 12 member organizations and affiliates across the region to promote regional integration, knowledge sharing and peer learning to strengthen progress on the climate transition,” said ICAC Chief Executive Officer David Simpson. "This report highlights the key areas in which the accountancy profession and professional accountants in the region can influence transformation to achieve a climate and energy transition for the Caribbean.”
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 ICAC
The Institute of Chartered Accountants of the Caribbean (ICAC) was established on October 28, 1988, to unify and advance the accountancy profession across the English-speaking Caribbean. With a network of over 4,000 professionals, ICAC serves as the leading regional organization dedicated to promoting internationally acceptable standards, best practices, and continuous professional development within the accounting and finance industry in the Caribbean and parts of Latin America. Recognized by the International Federation of Accountants (IFAC) as an “Acknowledged Regional Grouping,” ICAC fosters a cohesive and self-regulated profession through its annual conferences, regional monitoring programs, and strategic partnerships with global accountancy bodies. Committed to upholding the values of truth, fairness, integrity, justice, and prosperity, ICAC continues to provide leadership on emerging issues affecting the accounting profession in the region.
New report from IFAC and ICAC highlights the accounting profession’s role in unlocking climate finance and supporting the region’s energy transition
