FSB holds a roundtable on audit quality and structural shifts in the global audit industry

The Financial Stability Board (FSB) convened a roundtable in Madrid on 18 June 2026 to address how shifts in audit firm ownership and the integration of artificial intelligence impact global financial stability. Chaired by Soledad Núñez, Deputy Governor of the Bank of Spain, the meeting brought together international regulators, standard-setting bodies, and the world’s six largest audit networks to evaluate risks to audit quality.

Why Audit Firm Ownership is Changing

Audit firms are increasingly seeking new capital to fund the adoption of advanced technologies, including artificial intelligence, in their external audit processes. According to the FSB, these investment requirements have frequently triggered structural changes in firm ownership. As firms modernize their infrastructure to keep pace with rapid technological progress, the traditional models of audit firm governance are being tested by the need for significant financial backing.

View this post on Instagram about International Federation of Accountants, Expert Insight

From Instagram — related to International Federation of Accountants, Expert Insight

Did You Know? The roundtable in Madrid included a diverse group of stakeholders, ranging from the International Federation of Accountants (IFAC) and the International Forum of Independent Audit Regulators (IFIAR) to the six largest global audit networks and a single local audit firm.

Risks to Financial Stability and Audit Quality

The shift toward new ownership models and AI-driven auditing carries potential consequences for the reliability of financial reporting. The FSB highlighted that audit quality is a critical factor in safeguarding financial stability. The discussion was prompted by an adverse trend in audit inspection findings observed over the past few years, which has raised concerns among regulators about whether current oversight mechanisms remain sufficient.

Expert Insight: Samantha Carter notes that the tension between technological investment and ownership structures suggests a potential conflict between profit-driven innovation and the public interest mandate of auditors. The current reliance on existing standards may prove inadequate if ownership shifts outpace the development of new, robust regulatory frameworks.

What May Happen Next

Following the Madrid meeting, regulators may move to reassess the adequacy of current auditing and ethics standards. Participants exchanged views on how to harmonize global practices, suggesting that future policy shifts could focus on strengthening oversight to counteract recent declines in inspection performance. Standard-setting bodies may be tasked with creating new guidelines that address both the technological integration and the structural ownership changes currently reshaping the profession.

Frequently Asked Questions

Who hosted the FSB roundtable on audit industry shifts?
The meeting was hosted by the Bank of Spain in Madrid and chaired by Soledad Núñez, the Deputy Governor of the Bank of Spain.

What is the primary driver behind changes in audit firm ownership?
According to the FSB, the primary driver is the need for increased investment to adopt new technologies, such as artificial intelligence, in external audit processes.

Why is the FSB concerned about the audit profession?
The FSB is focused on audit quality as a pillar of financial stability, particularly in light of adverse trends observed in audit inspection findings over the last few years.

How might the integration of artificial intelligence in auditing change the way you trust financial statements?