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Global regulatory & profession weekly updates.
The IAASB is holding global webinars on its proposed revisions to ISA 500, ISA 330 and ISA 520, with the first sessions on 29–30 September. The proposals address audit evidence and risk response and could materially affect audit methodology worldwide.
The US Federal Reserve is considering raising asset thresholds that trigger enhanced bank supervision, according to Reuters. Higher thresholds could reduce compliance requirements for some mid-sized banks and influence consolidation and control environments.
KPMG is creating a Client Technology & Innovation division designed to accelerate AI and technology development outside traditional service-line structures. The unit is expected to work with technology partners and incubate new client solutions and internal tools.
IESBA released the 2026 Handbook of the International Code of Ethics for Professional Accountants, incorporating sustainability-related standards and new requirements on using external experts. Several provisions become effective from 15 December 2026.
IFAC, the World Bank and development/accountancy leaders met in Washington for the 2026 MOSAIC Forum. Discussions focused on AI, enhanced reporting and assurance, governance and the skills needed for stronger public financial management.
US professional-services firms Stambaugh Ness and Zweig Group announced a merger to form SNZweig. The transaction continues strong consolidation activity across accounting, advisory and specialist professional-services firms.
IFAC opened virtual registration for the World Congress of Accountants 2026, to be hosted with KICPA in Seoul in November. The programme includes AI, sustainability, stronger institutions and the future attractiveness of the accountancy profession.
RLN US announced the acquisition of Sternbach & Rose, adding to the continuing wave of consolidation in the US accounting profession. The deal illustrates sustained acquisition activity among expanding accounting and advisory platforms.
The PCAOB appointed Addison Scott and Zian Xi as Audit Practitioner Fellows. The fellowship brings current audit-practice experience into the regulator’s work and supports dialogue between standard-setting, oversight and practice.
The PCAOB concluded its 13th Conference on Auditing and Capital Markets in Washington, bringing together more than 115 researchers. Research focused on auditing, regulation, oversight and their effects on capital markets and investor protection.
UHY expanded its US footprint through a combination with Adamson & Company in Texas. The transaction is another example of continuing consolidation and geographic expansion among mid-market accounting firms.
The PCAOB adopted targeted amendments to QC 1000, its new quality-control standard, along with related form and reporting changes. The Board says the amendments improve alignment with other quality-management standards and reduce compliance costs without compromising investor protection.
IFAC published an overview of the IAASB’s proposed revisions addressing audit evidence and risk response, including ISA 330, ISA 500 and ISA 520. The material is intended to help the profession understand a major package of proposed changes to core audit methodology.
Hall CPA acquired Tooth & Coin as US accounting-firm consolidation continued in September. The transaction reflects the broader trend toward specialist acquisitions and scale-building across the profession.
IAASB and IESBA released their 2025 annual report highlighting global stakeholder engagement, collaboration and public-interest standard-setting. The report provides insight into how the two boards are coordinating audit, assurance, ethics and independence priorities.
IFAC appointed Berry Wammes as Chair of its PAO Development Advisory Group. The group supports development of strong and sustainable professional accountancy organizations through strategic advice, collaboration and knowledge sharing.
H&CO acquired Mexico-based Moore Orozco Medina, extending its cross-border accounting and advisory presence. The deal highlights continuing regional consolidation and international expansion among accounting firms.
Trout CPA announced the acquisition of Schiff & Associates, continuing the active US accounting-firm M&A market. Consolidation is reshaping regional firms as they add scale, specialist capabilities and geographic reach.
Withum expanded in Southern California through a combination with Farber Hass Hurley. The deal strengthens Withum’s regional presence and is part of the broader consolidation trend in the US accounting profession.
Carr, Riggs & Ingram expanded in Alabama through a merger with Morrison & Smith. The transaction adds to a busy period of combinations among US accounting and advisory firms.
Public audit-oversight bodies (POBs) and IFIAR membership by country
PAO: — · ~47000 registered audit firms · ~600,000 registered auditors · IFIAR member (PCAOB + SEC both members). AICPA and state boards handle non-public company auditor licensing. PCAOB registers firms auditing public companies
Sustainability-reporting standards adopted by country (ESRS, ISSB, GRI, TCFD)
No federal mandate; CA SB-253: US companies >$1B revenue doing business in CA (from Jan 2026) · CA mandatory: reporting from FY 2026 (SB-253); SB-261 climate risk from 2026 · SEC withdrew climate disclosure rule; California proceeding despite legal challenges
Accountancy bodies (PAOs) and their IFAC membership, by country
IFAC member · Asociación Interamericana de Contabilidad (AIC) · Founded 1887
Members: 415,000 · Market penetration: 0.1239
IFAC non-member · Founded 1919
IFAC non-member · Founded 1969
Where company financial statements are filed and published, by country
All public companies reporting to the SEC (listed + reporting companies) · 10-K annual reports publicly available free; private companies not required to file
Gross annual pay of accountants and external auditors, in US dollars (2026)
Modelled values use global occupational multipliers; use as directional estimates.
Gross pay in nominal US dollars (2026), not adjusted for living costs.
The main challenge for accounting and audit in each country, from public evidence (2026)
AICPA describes a profession-wide talent shortage and initiatives to strengthen the CPA pipeline.
Source: Plan to accelerate talent pipeline solutions | Resources | AICPA & CIMA (professional body)
National & global awards for the best annual reports and corporate reporting
League of American Communications Professionals (LACP) · Annual reports; online annual reports; sustainability reports; CSR reports; integrated reports; DEI reports · Companies and organisations globally; entries compete by size, industry and region/country
MerComm, Inc. · Annual report; online annual report; sustainability report; integrated AR & ESG; CSR/ESG categories · Publicly held corporations, privately owned companies, government agencies, non-profit organisations and associations globally
Government Finance Officers Association (GFOA) · Annual comprehensive financial report (ACFR) · State/provincial and local governments in the United States and Canada
UNCTAD / ISAR · Sustainability reporting initiatives, not individual corporate annual reports · Initiatives promoting transparent, consistent and comparable sustainability reporting worldwide
Stevie Awards · Annual report; publication categories; corporate communications · Public, private, non-profit and government organisations internationally
GDP per capita (current US$), 2025 — World Bank Open Data
GDP per capita (current US$), 2025 · High income · over $14,005
Milestones in accounting and auditing, from clay tokens to sustainability reporting
The AAPA, a predecessor of today's AICPA, was formed to advance professional accountancy in the United States.
The London practice establishes a New York branch, extending its transatlantic presence.
The Wharton School helped establish accounting as a distinct field of university-level business education in the United States.
Charles Haskins and Elijah Sells begin a US accounting partnership that later joins Deloitte.
New York enacted the first U.S. law regulating the Certified Public Accountant designation, a major step in professional licensing.
James Marwick and Roger Mitchell open their joint accounting practice.
Four accountants establish a US predecessor of Coopers & Lybrand.
Alwin and Theodore Ernst establish a practice that becomes an important EY predecessor.
Arthur Young forms his namesake practice with his brother Stanley.
The practices unite as Marwick, Mitchell, Peat & Company. Map location: representative participating-firm hub, not a verified merger venue.
Ratification of the Sixteenth Amendment and introduction of federal income taxation greatly expanded demand for tax accounting expertise in the United States.
Arthur Andersen and Clarence DeLany establish the practice later known as Arthur Andersen.
Early U.S. guidance on balance-sheet audits helped standardize audit procedures and contributed to the evolution of generally accepted auditing practices.
The 1911 combination demerges before a later reunion. Map location: representative participating-firm hub, not a verified merger venue.
Alexander Richardson Grant establishes a practice focused on mid-sized businesses.
The reunited practice takes the Peat, Marwick & Mitchell name. Map location: representative participating-firm hub, not a verified merger venue.
Ira McGladrey acquires a seven-person office and establishes a predecessor of RSM US.
The stock-market crash and ensuing Depression accelerated demands for reliable corporate disclosure, independent audits and federal securities regulation.
The U.S. Securities Act established federal disclosure requirements for public securities offerings, increasing the importance of audited financial statements.
The Securities Exchange Act created the SEC and established continuing reporting requirements for listed companies, profoundly shaping accounting and auditing regulation.
Professional efforts to narrow alternative accounting practices accelerated, helping establish the U.S. tradition of organized private-sector standard setting.
The McKesson & Robbins fraud led to major changes in audit practice, including stronger expectations for inventory observation and receivables confirmation.
Fred Crowe and Cletus Chizek establish the US practice behind the Crowe name.
A predecessor merger creates the practice from which Touche Ross dates a key anniversary. Map location: representative participating-firm hub, not a verified merger venue.
The British and US practices come together, strengthening their international organization. Map location: representative participating-firm hub, not a verified merger venue.
The AICPA established the Accounting Principles Board to issue authoritative opinions on U.S. accounting principles before the creation of FASB.
Rapid adoption of electronic data processing transformed bookkeeping, payroll, ledgers and audit evidence, beginning the shift from mechanical to computerized accounting.
Professional bodies from Canada, the UK and U.S. created a study group that helped prepare the ground for international accounting standard setting.
Firms in four countries create an international organization preceding Grant Thornton International. Map location: representative participating-firm hub, not a verified merger venue.
The U.S. profession increasingly formalized auditing standards and guidance, strengthening the codification of generally accepted auditing standards.
The Financial Accounting Standards Board was established as an independent private-sector body to set U.S. financial accounting and reporting standards.
Touche Ross International formalizes its network arrangement. Map location: representative participating-firm hub, not a verified merger venue.
IFAC's international standard-setting structures began developing guidance that evolved into today's International Standards on Auditing.
IFAC established structures for international professional education guidance, contributing to global convergence in accountant qualification expectations.
Graphical personal computing accelerated adoption of user-friendly accounting and spreadsheet software in businesses and professional firms.
Excel's first release helped make electronic spreadsheets a core tool of accountants, auditors, analysts and finance departments worldwide.
The US and UK firms adopt a shared name reflecting their affiliation.
The U.S. National Commission on Fraudulent Financial Reporting issued recommendations on internal control, audit committees and fraud prevention.
Fifty firms form the international network later renamed Baker Tilly.
The combination in most countries creates the modern Deloitte organization. UK arrangements followed a different path. Map location: representative participating-firm hub, not a verified merger venue.
COSO published its landmark Internal Control—Integrated Framework, which became a global reference point for internal control and later SOX compliance.
GRI was launched to create a common framework for sustainability reporting, helping establish non-financial reporting as a global corporate practice.
The EDGAR system made corporate filings broadly accessible electronically, transforming how investors and accountants access public financial information.
The idea that became XBRL emerged from efforts to apply XML to financial reporting, laying the foundation for machine-readable business reports.
The O'Malley Panel examined audit quality and recommended improvements in audit methodologies, governance and fraud detection shortly before major U.S. scandals.
Enron's collapse after major accounting failures became a defining corporate-reporting scandal and triggered sweeping changes in audit oversight and governance.
Arthur Andersen's demise following the Enron investigation reduced the Big Five to the Big Four and transformed perceptions of auditor independence and oversight.
WorldCom disclosed massive accounting irregularities, reinforcing demands for stronger corporate governance, internal control and independent audit regulation.
SOX created the PCAOB, strengthened audit independence and corporate accountability, and introduced management and auditor attention to internal control over financial reporting.
The Public Company Accounting Oversight Board introduced independent public oversight of auditors of U.S.-listed companies, replacing the previous self-regulatory model.
The IASB's early wave of IFRS standards demonstrated the transition from inherited IAS to a new generation of international financial reporting standards.
IFAC's ethics standard-setting work evolved toward an independent board and a globally recognized International Code of Ethics for Professional Accountants.
The SEC removed the U.S. GAAP reconciliation requirement for foreign private issuers using IFRS as issued by the IASB, boosting IFRS standing in global markets.
The financial crisis intensified debate over fair value, impairment, provisioning, audit quality and the role of financial reporting in systemic risk.
Post-crisis U.S. financial reform expanded regulatory reporting and oversight and affected accounting, disclosure and audit responsibilities across financial institutions.
International Public Sector Accounting Standards increasingly became a reference point for governments seeking accrual-based and internationally comparable public-sector reporting.
COSO modernized its influential internal-control framework to reflect changes in technology, governance and business models.
The Value Reporting Foundation was consolidated into the IFRS Foundation, bringing SASB Standards and the Integrated Reporting Framework into the IFRS reporting ecosystem.
The IAASB advanced a global assurance standard designed for sustainability information across reporting frameworks and assurance practitioners.
The SEC adopted rules requiring specified climate-related disclosures by public companies, marking a major U.S. regulatory development in sustainability reporting.
The IAASB approved a global sustainability assurance standard designed to support consistent assurance over sustainability information.
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