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Timeline of PIOB history

The PIOB establishes the inaugural SAC
2024
Implementation of the MG Recommendations

The PIOB continues to implement the MG Recommendations through the establishment of IFEA, implementation of the Public Interest Framework and the search for membership of the new Stakeholder Advisory Council.

2023
First Nominations cycle completed

The PIOB successfully completes its first nominations cycle in transitioning the SSBs to greater multi-stakeholder membership. The Standard-Setting Boards’ Nominations Committee (SSB NomCo) was established for this purpose in November 2021.

2022
MG Reports on the progress of the reform

The MG recommendations established a nine-month transition plan and implementation of the reform within three years thereafter

2021
15th Anniversary: Celebrating our mission like it's day one

The most important day of all, when we celebrate all the road travelled so far and focus on the future steps to keep working in the Public Interest. Thank you for getting here with us


The MG publishes its recommendations for Strengthening the International Audit and Ethics Standard-setting system.
2020
Public Interest recommendations published on the PIOB website for the first time

As a result of all our improvement efforts, the Public Interest Issues identified by the PIOB are made public and they become a fundamental tangible value for the transparency of the accountancy profession

2019
PIOB submits comment letter to the MG Consultation

The PIOB shares its input on possible improvements of the standard setting system

2018
MG consultation paper for strengthening the governance and oversight of the international audit-related standard-setting boards in the public interest

Especially important to enhance the independence of the standard-setting system and the Public Interest focus of the PIOB

2017
2017- 2019 Strategy Consultation

Seeking to improve the delivery of our mandate, a second consultation on our strategy is launched

2016
PIOB´s Tenth Anniversary. Publishing of Standard setting in the Public Interest: a description of the model

A year of celebration, during which the publication of the standard setting model description added transparency and value to the organization and the whole standard-setting structure

2015
Public Consultation on PIOB’s work program 2012 and beyond

Recommendations are issued based on the comments received to our Strategy consultation to improve the public utility of our work

2012
New Oversight Methodology

Best practices, more transparency, high quality standards... experience teaches us how to do it better every day

2011
The implementation of the IFAC Reforms is reviewed by the MG

Review of the IFAC Reform and the PIOB carries out its self-assessment exercise

2010
Completion of the IAASB’s Clarity Project

The PIOB oversees and approves the review of 33 clarified International Standards on Auditing (ISA)s together with clarified International Standards on Quality Control 1 (ISQC 1)

2009
Signing of the Monitoring Group Charter Agreement

This crucial document for the PIOB mission is signed

2008
First website and Annual Report

Our work begins to be formally visible also on the Internet

2006
Secretariat is set up in Madrid

Having official headquarters is a big step forward for the global relevance of the institution

2005
PIOB is born

The public interest becomes the main focus for accountants worldwide through the IFAC Reform 2003

2003

PIOB Budget Diversification

FUNDING AND SUMMARY OF FINANCIAL STATEMENTS IN 2020

Since 2010, the Public Interest Oversight Board has received yearly financial support from the European Union. In 2012, the PIOB conducted a fundraising exercise in close coordination with the MG and IFAC. As a result, in 2013, 2014, 2015, 2016, 2017, 2018, 2019 and 2020, the PIOB achieved a diversified funding base that includes sources other than IFAC. In 2020, the PIOB received monetary contributions that amounted 1,615,145 euros and an In-kind contribution from the Spanish authorities that amounted to 189,318 euros.

Grafico PIOB Diversification
Grafico PIOB Diversification

Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union. The European Union cannot be held responsible for them.

Governance

Legally, the PIOB is a Technical Committee of the PIOB Foundation. The PIOB Foundation is the independent legal entity housing the PIOB. It is accountable to the Spanish foundations regulatory body.

All PIOB members belong to the Technical Committee of this foundation, which is the body entrusted to carry out the oversight activities of the foundation´s mandate. The Chair and the Secretary General of the PIOB are also the Chair and Secretary General of the foundation, governed by a set of By Laws.

The PIOB Foundation, governed by a board of trustees, discharges its Public Interest mandate, employs PIOB staff, owns its assets, and is accountable for the funds and means that support the PIOB’s activities.

Public report & Financial Statements

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