In order to provide greater clarity to the public and to broaden the general understanding of the governance functions supporting audit related standard setting, the PIOB has issued a summary document entitled Standard Setting in the Public Interest: A Description of the Model, following consultations with the Monitoring Group (MG), the International Federation of Accountants (IFAC) and the Standard Setting Boards.
This document reflects the current state of the Standard Setting model in the field of audit, assurance, ethics and education for accountants. It sets forth the aims and features of the governance arrangements, with links to governing or other documents that provide further details as appropriate.
The document has been produced at the request of the Monitoring Group as recommended in the 2013 Monitoring Group Statement on Governance.
2016 CONSULTATION - 2017-2019 STRATEGY
Date: August, 2016
The Public Interest Oversight Board (PIOB) has approved its 2017-2019 Strategy for public consultation. Responses are requested by November 26th, 2016, and should be submitted electronically to Piobfirstname.lastname@example.org.
The PIOB consults with the aim to improve the delivery of its mandate and to strengthen the public interest responsiveness of the audit, ethics and education standards. The consultation includes considerations on the current standard setting system and the PIOB´s vision of the system´s longer term evolution.
The objective of the consultation is to seek input from stakeholders to shape the PIOB's strategy for the next three-year period.
The Monitoring Group (MG) supports the merits of periodic strategy reviews of the PIOB.
All comment letters will be published on the PIOB website unless the respondents expressly request confidentiality.
The PIOB may modify the preliminary conclusions or add practical implementation ideas to them in light of the comments received. The PIOB expects to draw final conclusions by January 2017.
Quote from Eddy Wymeersch, PIOB chairman:
"The PIOB oversees the standard setting activities of the International Federation of Accountants (IFAC) to ensure that they respond to the public interest. The public interest responsiveness of the standards is a shared objective with IFAC, with the Standard Setting Boards and with the Monitoring Group. This consultation opens a public debate on how this objective can continue to be best pursued. The contribution of the audit profession to financial stability can be enhanced if standard setting can respond to increased stakeholder participation and to increased independence of the standard setting boards".
Audit Networks (5 letters)
Investor Associations (3 letters)
Regulators (and National Standard Setters) (6 letters)
Standard Setting Boards and CAGs (4 letters)
Individual submissions (1 letter)
Professional Accountancy Organizations (12 letters)
Others (1 letter)
2012 CONSULTATION - PIOB WORK PROGRAMME 2012 AND BEYOND
Date: May, 2012.
The Monitoring Group (MG) and the Public Interest Oversight Board (PIOB) have approved the following public consultation papers, respectively, for simultaneous publication in March 28, 2012:
Responses are requested by June 28, 2012, and should be submitted electronically to Piob-MonitoringGroup@ipiob.org
The MG and the PIOB will make the responses to their respective consultation papers publicly available unless the respondent expressly requests confidentiality.
In the first of the two public consultation papers, the MG has decided to consult publicly on the advisability of further reforms, building on and completing the effectiveness review that began in 2010 through a comprehensive governance review of the entire architecture currently in place.
In the second consultation paper, the PIOB consults on the review of its mission and medium and long-term strategy and explains the new oversight methodology developed and applied after the recommendations of the MG 2010 Review.
The purpose of the Consultation Papers is to seek separate input from any party interested regarding the (i) MG’s preliminary proposals resulting from its assessment of the current governance structure, and (ii) the PIOB’s work program for 2012 and beyond.
The Monitoring Group and the Public Interest Oversight Board may modify their preliminary conclusions or add practical implementation ideas to them in light of the comments received. The MG and the PIOB expect to draw their final conclusions by the end 2012.
Fernando Restoy (Monitoring Group Chairman) said:
“Essentially, we have to make sure that the governance structure contributes to a clear public perception that the standard setting work is sufficiently sound and compatible with the public interest. We see now an opportunity to ask market participants and other stakeholders if they envisage some concrete measures that could improve the independence, transparency and accountability to the public interest of the standard-setting activities. This exercise will lead to a more visible and legitimate organisation and to enhance confidence by market participants and public institutions, which seems to be a pre-requisite for a more global adoption of the international standards of audit, ethics and education.”
Eddy Wyneersch (PIOB Chairman) said:
“Financial markets in 2012 are different from what they were before the 2008 global financial crisis. Auditors must be discriminating and skeptical, and standards must enable sound professional judgments and transparent opinions, promoting and demanding consistent application. With seven years of experience since its formation the PIOB thinks it is now appropriate to explain how its oversight methods have evolved, and to consult on its mandate, its focus on the protection of the Public Interest through its approach to oversight, and its medium term strategic objectives. The ultimate objective of this process is to increase audit quality and thus confidence in financial markets.”
2010 CONSULTATION - REVIEW OF THE 2003 IFAC REFORMS