OVERSEEING PIAC Strategies and Work Plans
Each Standard-setting Board periodically develops and approves a strategy and work program. Usually, strategies cover a 3-year period of time.These agendas largely condition those of their respective CAGs. This is why these documents are of high importance.
Consultation of a strategy includes two steps:
(i) a formal survey of key stakeholders to obtain views about issues that they believe should be addressed by the Boards in the immediate future; and
(ii) a consultation paper (equivalent to an ED) for comments by the general public, placed on IFAC’s website for no less than 60 days. Occasionally, Standard-setting Boards hold global round tables.
In addition to signing off on the due process followed by a Standard-setting Board in the development of a strategy, the PIOB is also requested to sign off on the completeness of the work program from a public interest perspective.
The PIOB, in its oversight of the development of Board strategies and work programs, has the responsibility to determine whether strategic plans are complete. It also has the right to ask that particular projects be included in the plan, and is required to consider the priority given to the projects in the strategies. These factors imply a wider oversight than is the case with standard development and, as such, greater difficulty and responsibility.