PIOB submits comment letter to the Monitoring Group Consultation
Date: February, 2018
The PIOB submits its comment letter to the Monitoring Group Consultation Paper on Strengthening the Governance and Oversight of the International Audit-Related Standard-Setting Boards in the Public Interest.
The PIOB formulates its opinion based on its experience in overseeing standard setting, after a careful analysis of the consequences that the proposed changes may bring.
The PIOB continues to support a constructive dialogue with the MG and other stakeholders, with the aim to build a standard setting system which is more respondent to the public interest.
Download document: 02.02.18-PIOB-response-to-MG-consultation.pdf 233KB
The MG issues Consultation Paper
Date: November, 2017
Press release: Call for Comments on reforms to the global audit standard-setting processhttps://www.iosco.org/news/pdf/IOSCONEWS480.pdf
Consultation Paper: Strengthening the Governance and Oversight of the International Audit-related Standard-setting Boards in the Public Interesthttps://www.iosco.org/library/pubdocs/pdf/IOSCOPD586.pdf
The PIOB ORGANIZES TECHNOLOGY DISCUSSION IN MADRID
Date: July, 2017
The PIOB organized a discussion on the Impact of Technology on Audit on Friday, June 30th. During the three-hour conference, Professor Miklos Vasarhelyi, PhD, and Ms. Liv Watson presented the findings of their recent research in this field and perspectives from a provider of technological services for auditors. There was a lively debate amongst the 50 attendants, which included the IFAC Leadership, the IAASB, IAASB CAG, IESBA and IESBA CAG Chairs, representatives from the EC, Big Four, the Spanish Financial Regulator (CNMV), members of the academic community and the PIOB in full.
Front row from left to right: Karel Van Hulle (PIOB Member), Eddy Wymeersch (PIOB Chairman), Prof. Miklos Vasarhelyi, Maria Helena Pettersson (PIOB Member), Jane Diplock (PIOB Member), Aileen Pierce (PIOB Member), Shigeo Kashiwagi (PIOB Member) and Gonzalo Ramos (PIOB Secretary General). Back row from left to right: Jules Muis (PIOB Member), Kevin Dancey (PIOB Member), Michel Holm (PIOB Member), Liv Watson and Karen Stothers (PIOB Member).
Download document: Program_Discussion_PIOB_OK.pdf 156KB
FEEDBACK STATEMENT TO THE STRATEGY CONSULTATION AND THE REVISED PIOB 2017–2019 STRATEGY
Date: March, 2017
The PIOB has issued its feedback statement following comments received to the public consultation of its draft 2017–2019 strategy, launched on 26 August 2016. The feedback statement contains a revised strategy that has been adapted in response to the comments received. Responding to the wide stakeholder input received makes the PIOB confident that its strategy carries the legitimacy of having considered stakeholders’ views.
The PIOB 2017–2019 strategy consultation and feedback statement coincides with the current Monitoring Group (MG) initiative to improve the audit-related standard-setting framework and has been consulted with the MG.
The PIOB 2017–2019 strategy is based on the remit of the PIOB as defined by the current audit standard-setting framework in the fields of audit, assurance, ethics, and education for accountants. The feedback statement summarizes the responses received to the PIOB consultation and the way in which the PIOB takes these responses into account in its strategy for 2017–2019. If the audit-related standard-setting framework should change in the near future, the PIOB will adapt its strategy, as needed, to the reformed framework.
Some respondents highlighted issues that may fall within the scope of possible MG reforms. This document summarizes these responses. Responsibility for the architecture of the standard-setting system is with the MG, which is currently discussing reforms with IFAC. It will therefore be up to the MG to take into account these responses in its reform work.
The release of this document does not preclude any future changes to the mandate, operations, or structure of the PIOB as a result of the current MG reform process.
According to Eddy Wymeersch, PIOB chairman,
“We look forward to the implementation of the new PIOB strategy over the next three years. Public interest oversight is essential to give confidence to stakeholders that standards are responsive to the public interest. The new strategy makes it clear that the PIOB considers the final outcome of standards, and not just the process followed, in conducting its public interest oversight. The PIOB looks forward to the outcome of the reform process led by the MG.”
Download document: FEEDBACK STATEMENT PIOB STRATEGY 2017-2019.pdf 228KB
Download document: Summary of responses in comment letters 83KB
The Comment letters to the PIOB 2017-2019 Strategy are now available
Date: November, 2016
The comment letters received on the PIOB 2017-2019 Strategy for public consultation, are now available on the PIOB website.
The PIOB may modify the preliminary conclusions or add practical implementation ideas to them in light of the comments received. The PIOB will issue a feedback statement and final PIOB 2017-19 Strategy in March, 2017.