THE PUBLIC INTEREST
The PIOB helps protects the Public Interest in relation to the activities and responsibilities of the accountancy profession.
The PIOB believes that the accountancy profession can best contribute to the public interest by providing account-related information in which the public has confidence. This information will be most helpful if it is relevant to the users and is trusted by them as a faithful representation of the performance of the reported activities. Audits and other assurance services play an important role in meeting these criteria, by providing an objective and professional view in which users may have confidence.
The essential elements of the public interest, which have been described in the PIOB’s public reports, reinforce the ability of the profession to make such a contribution, as follows:
A focus on the users of accountancy services helps to ensure that information is relevant and that necessary conditions for trust are in place;
Appropriate international standards for audit and assurance practice, quality control, education and ethics help to ensure that information is relevant and will be prepared by accountants who can be trusted, because they meet these requirements;
Credible international standard setting helps to ensure that the standards are appropriate and furthers their adoption and implementation;
Adoption and implementation of international standards contributes to trust that work is to be done in a professional manner; and
Monitoring and evaluation of the adoption and implementation of standards—and their application by professional accountants—contributes to trust that work is actually being done in a professional manner.