The International Auditing and Assurance Standards Board (IAASB) has opened a public consultation on narrow-scope amendments to its standards to maintain interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). These proposed amendments address recent revisions to the IESBA Code related to using the work of an external expert.

The targeted amendments focus on the following IAASB standards:

• ISA 620, Using the Work of an Auditor’s Expert
• ISRE 2400 (Revised), Engagements to Review Historical Financial Statements
• ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information
• ISRS 4400 (Revised), Agreed-upon Procedures Engagements

How to Comment
The IAASB invites all stakeholders to comment using the digital Response Template, which is available on the IAASB website. Feedback is requested by July 24, 2025.

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.

Public sector accounting (PSA) and reporting underpin the effectiveness of a public financial management (PFM) system and practice. Enhanced budget accountability and control, transparency of public finances and effective management of assets and liabilities/debt can only be achieved through accurate and reliable financial accounting and reporting.

In this eNews you will find:

•    An update on our projects following our March 2025 meeting
•    A look ahead at 2025
•    Submission form for ISSA 5000 implementation feedback
•    Key dates for this quarter

Latest Updates from Our March Meeting

During our March 2025 meeting, we approved:

• ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The standard will be effective for periods beginning on or after December 15, 2026, which is the same effective date as for our recently revised going concern standard.
• A project proposal and exposure draft on narrow-scope amendments to IAASB standards arising from the IESBA’s Using the Work of an External Expert project.

In addition, we approved the withdrawal of ISAE 3410, Assurance Engagements on Greenhouse Gas Statements, once ISSA 5000 on sustainability assurance becomes effective as ISSA 5000 addresses all sustainability assurance engagements, including greenhouse gas-related information.

We also discussed projects and initiatives on:

• Audit Evidence and Risk Response (Project Stage: Exposure Draft Development) – We discussed selected topics related to the revision of ISA 330, The Auditor’s Responses to Assessed Risks; ISA 500, Audit Evidence; and ISA 520, Analytical Procedures. The topics discussed included stand-back requirements, the description and placement of automated tools and techniques, and tests of controls and substantive procedures.
• Review of Interim Financial Information (ISRE 2410) (Project Stage: Information Gathering) – We discussed issues and challenges resulting from the project team’s information gathering activities and a draft version of the project proposal.
• Technology Position – We discussed a revised version of the catalog of issues relating to technology to further shape our work program to consider the impact of technology.
• ISSA 5000 Implementation – We discussed the adoption and implementation activities related to ISSA 5000.

More information on our projects can be found on the Latest on Our Projects web page.

Looking Ahead: Our Plans for Q2 2025

Looking ahead, our work efforts over the coming months will focus on:

• Releasing of the exposure draft on proposed narrow-scope amendments to IAASB standards arising from the IESBA’s Using the Work of an External Expert project.
• Continuing work related to our Technology, including starting a project to modernize standards in the ISA 500 series and starting information-gathering relating to quality management matters specific to technology. We will also continue our work on the Audit Evidence and Risk Response project, which has a significant technology component.
• Developing and issuing of a range of materials to support the implementation of our standards:

• ISSA 5000 on sustainability assurance: We expect to publish a joint IAASB-IESBA frequently asked questions document, example assurance reports and hold a webinar series.
• ISA for LCE: We expect to publish a frequently asked questions document.
• Going Concern: We expect to publish a frequently asked questions document and video content.

Submission Form for ISSA 5000 Implementation

To support effective implementation of ISSA 5000, our sustainability assurance standard, the IAASB invites stakeholders to submit implementation questions or matters for the IAASB’s consideration.

Submission Criteria

Submissions should meet the following criteria:

• Be directly related to the implementation of ISSA 5000.
• Provide a detailed description of the question or matter, including sufficient context for proper understanding.
• Be relevant to a broad group of stakeholders or common across multiple jurisdictions, as ISSA 5000 serves as a global baseline. The IAASB does not focus on national implementation or adoption issues, nor on assurance methodology.

Submitting Process

Once you have confirmed that your question or matter meets the criteria above and have completed the submission form, your submission will be lodged electronically and remain private. However, the issues raised may be discussed publicly or referenced in the IAASB’s public materials without specific attribution. While submission forms will remain private and confidential, please refrain from including any confidential information.

IAASB Consideration of Submissions

The IAASB will review and consider submissions and may also collaborate with the IESBA in doing so. The IAASB reserves the right to identify and explore relevant implementation issues and determine whether and the most appropriate means of addressing them. The IAASB will not issue responses to, or report back on, individual submissions. However, submissions will inform the IAASB’s priorities for guidance as well as the urgency and nature of the appropriate response.

Key Dates for this Quarter

Meetings 

• Stakeholder Advisory Council: May 5-6, 2025, New York, USA 
• Jurisdictional Standard-setters: May 8-9, 2025, New York, USA
• IAASB: June 16-18, 2025, New York, USA 

As economies face converging challenges, global solutions must reflect regional realities.    

That’s the purpose of IFAC Connect, a global event series from the International Federation of Accountants (IFAC), that brings together professional accountancy organizations, regulators, businesses, investors, and other leaders to share insights and work together to drive meaningful change. 

Lee White, Chief Executive Officer, and Manuel Arias, Principal, Introduce IFAC Connect

Now in its second year, IFAC Connect is a platform for engagement and action. Stakeholders share insights and develop solutions that align with global baselines, and local leaders are empowered to drive transformation.   

In 2025, IFAC will hold four events in the series across the globe:  

• Africa: Nairobi, Kenya. August 19-20.  
• Middle East & North Africa (MENA): Riyadh, Saudi Arabia. October 2.  
• Latin America (IFAC Connect Global): Mexico City, Mexico. November 12-13.  
• Asia Pacific: Jakarta, Indonesia. December 5.  

Lee White, Chief Executive Officer of IFAC said, “Through IFAC Connect, we work alongside our members and the Forum of Firms to promote international standards, share best practices, and collectively shape the future of the profession in service of the public interest and stronger, more resilient economies. 

To meaningfully respond to global challenges, we must have alignment and cooperation with governments, regulators, standard setters, and the entire ecosystem. As our profession’s our collective voice, we are key drivers of positive momentum by breaking across those sector silos and creating real progress.”  

Participation is by invitation only. Visit IFAC Connect for more information or contact your IFAC regional manager.

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.    

This report synthesizes global academic literature on culture and governance in organizations. It examines how important organizational culture is in shaping ethical behavior within organizations.