The PIOB provides independent oversight throughout the entire process of standard setting to help ensure that standards development is fully responsive to stakeholder needs, accountable and transparent.
Established in February 2005, the PIOB is headquartered in Madrid where it operates as a Technical Committee of a regulated Spanish not-for-profit Foundation and is overseen by the Spanish Foundations Protectorate. As part of its local regulatory responsibilities, the Foundation issues annual audited financial statements.
The PIOB is made up of 10 individuals with diverse professional backgrounds and senior regulatory and international public service experience
The PIOB produces a Public Report each year to explain how it approaches its oversight mandate and provides details of the specific activities undertaken in that year (PIOB annual reports). In addition the PIOB issues quarterly updates on its activities and decisions taken during its board meetings.
The PIOB oversees: The standard-setting due-Process; the strategies and work programs of the IAASB and the IESBA; and the nominations process to select candidates for these Standard-setting boards and their Consultative Advisory Groups (CAGs).
The PIOB was formed by, and continues to meet and consult with, a group of regulatory and international organizations known as the Monitoring Group. Current members of the Monitoring Group are the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), The World Bank, the European Commission, the Financial Stability Board (FSB) and the International Forum of Independent Audit Regulators (IFIAR). The Monitoring Group is responsible for, amongst other things, appointing PIOB members for a three year term, approving the amount and proper execution of PIOB budgets, and discussing international audit quality, regulatory and market developments. The PIOB Foundation is also regulated by the Spanish Foundations Protectorate and must comply with all associated reporting obligations. Its Spanish name is: Fundación PIOB.
The PIOB has both sought and accepted invitations to present to a wide range of interested parties on its day-to-day operations and the changing nature of the public interest. The PIOB also maintains close contact with national independent audit oversight authorities and those responsible for national standards development. Through such interactions the PIOB actively promotes global efforts to achieve convergence between national and international standards.