On 18 June 2026, the Financial Stability Board (FSB) convened a roundtable to explore the potential financial stability implications of structural shifts in the global audit industry. In recent years, the adoption of new technologies, including artificial intelligence, has grown significantly in external audits, driving investment needs that have often resulted in changes to audit firm ownership. The roundtable aimed to enhance understanding of how these developments may impact audit quality, a critical factor in safeguarding financial stability.
The meeting, which was hosted by the Bank of Spain in Madrid, was chaired by Soledad Núñez, Deputy Governor of the Bank of Spain. Participants included senior representatives from FSB member authorities and standard-setting bodies; audit oversight bodies; the International Federation of Accountants (IFAC); the International Forum of Independent Audit Regulators (IFIAR); the Committee of European Auditing Oversight Bodies (CEAOB); the international standard-setting bodies for auditing, assurance, and ethics in accountancy and their oversight body, the Public Interest Oversight Board (PIOB); the six largest global audit networks and a local audit firm, as well as other key stakeholders.
Discussions focused on the implications of changes to audit firm ownership and the potential risks and opportunities arising from the emergence of new technologies in the accountancy and audit profession. Participants reviewed the major factors driving these trends and the practices observed in different parts of the world. They exchanged views on how these changes may affect standard-setting and the adequacy of existing standards. The discussion also covered ways to enhance audit quality against the backdrop of the adverse trend observed in audit inspection findings in the past few years.