GLOBAL STANDARD SETTINGS IN THE PUBLIC INTEREST | PIOB OVERSIGHT | PIOB METHODOLOGY

61TH PIOB MEETING SUMMARY

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The PIOB held its quarterly meeting in Madrid on 25-26 November 2019. The PIOB is the Technical Committee of the PIOB Foundation. (Meeting Agenda) .

The Trustees of the PIOB Foundation met on November 26. (Meeting Agenda) .

PIOB Technical Committee

During the PIOB Technical Committee meeting, the Board discussed the meetings observed during the quarter and the Public Interest issues identified in the current projects of the Standard Setting Boards, as well as in the operations of the CAP and the IFAC Nominating Committee.

The PIOB discussed the activities around the PIOB´s 15th Anniversary that will take place in 2020, and the 15th Annual report.

During the meeting, Maria Helena Pettersson updated the Board on the recent 47th World Continuous Auditing and Reporting Symposium she attended in NYC.

Meeting with IESBA

Stavros Thomadakis (IESBA Chairman) and Gaylen Hansen (IESBA CAG Chairman) connected by tele and video conference respectively. They discussed the project proposals on the definition of Public Interest Entity and the current proposals on Non-assurance services and Fees.

The IESBA Chairman highlighted the coordination work with the IAASB on the ethical aspects related to the Quality Management Standars (objectivity of the Engagement Quality Reviewer, definition of Engagement Team). He also informed about the third plenary IAASB-IESBA Meeting held in New York to discuss common workstreams and areas of interest.

The Chairman also mentioned the discussions with IFAC regarding Adoption and Implementation of the E-Code. He highlighted the importance of National Standard Setters in this area considering the change of the CAP. Currently the G20 jurisdictions have all adopted the Restructured Code.

Meeting with IAASB

The PIOB met in person with the IAASB Chairman, Tom Seidenstein and the IAASB CAG Chairman, James Dalkin. The IAASB team presented ISA 315 for approval. There was a long discussion about the IAASB Strategy (2020-2023) and workplan (2020-2021) and the development of a Framework for Activities.

The IAASB Chairman referred to the positive joint IAASB -IESBA Meeting held in September. This meeting allowed for better coordination in relation to the IAASB quality management and group audit projects.

James Gunn, Managing Director of Professional Standards, was present during both sessions.

Joint meeting with the MG and IFAC Leadership

On November 25, the PIOB met virtually with IFAC Leadership (In-Ki Joo, IFAC President and Kevin Dancey, IFAC CEO), and with the Monitoring Group Co-Chairs (Sagar Teotia and Ana María Martínez Pina who attended in person).

The current set of MG recommendations was discussed.

The shared objective of the three parties is to enhance and maintain the independence of the standard setting Boards.

A joint meeting was held on December 2 in Washington during which the parties were able to expand on this.

Meeting with the CAP

Penny Egan, CAP Chair, connected by phone and reported to the PIOB for the last time.

She expressed her confidence in the current compliance structures and controls, and in IFAC's support on Implementation. The IFAC Membership Committee is expected to be fully operational on January 1, 2020.

PIOB Outreach

The PIOB invited James Chalders, Global Assurance Leader from PWC, to share his experience and have an open discussion with the Board on key issues. He was accompanied by a team from PWC Spain: Rafael Sanmartin, Assurance Leader, Stefan Mundorf, Partner, and Carlos Quindós, Risk and Quality Partner.

In addition, the PIOB held an informal meeting with the President of the Spanish Securities Regulator (CNMV), Sebastián Albella, and with the CNMV Vice-Chair, Ana María Martínez-Pina. This provided a good opportunity to acknowledge the Spanish Government´s support to the PIOB mission and to discuss how the profession and the regulators are organized and operate in Spain.

PIOB Decisions

The PIOB approved:

  • The Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in International Standard on Assurance Engagements 3000 (Revised),
  • ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement.

In addition, the PIOB approved the Oversight Plans and Communications Plan for 2020. These will be available on the PIOB website on December 20, 2019.

PIOB ACTIVITIES

PAST - SINCE THE 60th PIOB MEETING (26-27 September)

Oversight Activities:

DATE LOCATION COMMITTEE OBSERVER
OCTOBER      
15 Virtual meeting CAP Jules Muis
24 Teleconference NOMCOM Aileen Pierce
NOVEMBER      
7 Teleconference IAASB Karen Stothers

External Relations and Outreach Activities:

DATE LOCATION COMMITTEE OBSERVER
OCTOBER      
16 Brussels MG Meeting Eddy Wymeersch,
Karel Van Hulle,
Gonzalo Ramos
29 Madrid Meeting w/MG co-chair Sagar Teotia Eddy Wymeersch,
Gonzalo Ramos
NOVEMBER      
8-9 New York 47th World Continuous Auditing & Reporting Symposium Maria Helena Pettersson
13-14 Vancouver IFAC Council Karen Stothers
15 Vancouver IFAC Board Karen Stothers
18 Bucharest CEAOB International Auditing Standards Sub-group Gonzalo Ramos,
Claudia Deodati

UPCOMING PIOB meeting 30-31 March 2020.
Oversight activities until then:

DATE LOCATION COMMITTEE
DECEMBER    
3-6 New York IESBA
9-13 New York IAASB
FEBRUARY    
3 Teleconference IESBA
MARCH    
9 New York IESBA CAG
10-11 New York IAASB CAG
16-20 New York IAASB
16-18 New York IESBA
27 New York NOM COM

External Relations and Outreach

DATE LOCATION COMMITTEE
DECEMBER    
2 Washington DC MG Meeting
4-5 Washington DC PCAOB International Institute on Audit Regulation
11-12 London Accounting for Sustainability Forum
19 Madrid PWS Spain Annual meeting

The PIOB will attend the 27-28 February, 2020 IFAC Board meeting.

The PIOB will celebrate its 15th Anniversary in 2020. A number of activities are being organized to mark the occasion. More details to follow.

 

For more information please contact:

Rocío Goudie
Communications Advisor
rgoudie@ipiob.org
Direct Line: + 34 91 782 05 28
www.ipiob.org