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Where the PIOB is going

The PIOB is reassured that the structures, processes and arrangements under its oversight have evolved into a system responsive to the public interest. The Chairs of the IAASB (since 2009) and the IESBA (since 2012) are independent from the accounting profession, the nominations to PIACs are increasingly and effectively open, and PIOB oversight processes are increasingly more refined. Increased PIOB transparency is partly the result of this confidence. Notwithstanding the need for further improvement, past progress allows us to look at the future with confidence in the quality and public interest focus of the standard-setting model built around the MG, IFAC, standard-setting boards, CAGs, and the PIOB.

One of the main concerns of the current architecture is how best to ensure the perception and reality of the independence of the standard setting boards, given that they are supported by IFAC and mainly populated by IFAC member body nominees, without affecting the high quality of the standards. The PIOB will continue to try to identify areas and suggest ideas to IFAC that might, with IFAC’s full support, help to continue to advance in this direction.

The challenges in the oversight of standard setting in the fields under the PIOB mandate are expected to continue in the future, as is the PIOB’s willingness to continue refining its oversight methodology and processes, performance, and transparency.The International Audit and Assurance Standards Board and the International Ethics Standards Board for Accountants have each embarked on initiatives that will promote the public interest in new and different ways and will involve a broader range of stakeholders. The Education Standards Board (IAESB) is also engaged in an ambitious cycle of revision of the eight extant education standards.

Standard setters and the PIOB will need to adapt to a widening scope of audits that goes beyond what is strictly understood today as a financial audit: The IFAC has reported that it supports initiatives led by the International Integrated Reporting Committee to create a globally accepted framework for integrated reporting, designed to bring together financial, environmental, social and governance information in a clear, concise, consistent and comparable format. But the real gain from successful standard setting comes from the application of the new standards --- an objective that the IFAC works towards through the Compliance Advisory Panel. The process of adoption is complex. Large audit firms are able to adopt standards quickly through their transnational networks. However, it is the national audit authorities who have the competence to adopt standards within their jurisdiction, and this competence often does not lie with the IFAC member body. Standards also need to be translated before they can be considered for national adoption. Once adopted, the demands on the profession to ensure implementation on the field cannot be underestimated. The PIOB intends to continue to encourage, through its oversight, the entire process of adoption and implementation of standards.  

We also intend to continue working with the MG and IFAC on further diversifying our sources of funding. Despite reaching a funding diversification ratio of 47 percent in 2013, the PIOB intends to define a clear funding strategy in 2013 and to continue working with the MG, IFAC, and its main stakeholders in this respect:

 

Organization (s)

Amount

U.K. Financial Reporting Council

€40,000 annually for a period of three years starting in 2013

The Abu Dhabi Accountability Authority

€120,000 in 2013

The International Organization of Securities Commissions (IOSCO)

€100,000 to the PIOB budget starting 2013

Joint contribution through the Bank for International Settlements (BIS): the Financial Services Board (FSB), the Basel Committee on Banking Supervision (BCBS), and the International Association of Insurance Supervisors (IAIS)

€100,000 to the PIOB budget starting 2013

The World Bank

US$50,000 for 2013 (Plus €40,000 in-kind contribution)

 

The PIOB issued its reply to the consultation input on March 28, 2013, after considering all of the comments received. We would like to thank all of those who contributed their input and assure them that their views were carefully considered. The conclusions reached have already started to be implemented.

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