Monday 16 December 2019

WHAT IS THE PIOB

The Public Interest Oversight Board is the global independent oversight body that seeks to improve the quality and public interest focus of the international standards formulated by the Standard Setting Boards supported by the International Federation of Accountants (IFAC) in the areas of audit and assurance, education, and ethics. Through its oversight activities, the PIOB works to bring greater transparency and integrity to the audit profession, thereby contributing to the enhanced quality of international financial reporting

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. The public interest responsiveness of standard development requires aligning the priorities of the profession with those of all stakeholders. This is the ultimate objective of the current architecture in place, of which the PIOB is an essential component.

Effectively, this mandate implies the PIOB is responsible for ensuring the public interest responsiveness of the processes and structures under its oversight:

  • The standard-setting due-Process;
  • The strategies and work programs Standard-setting boards (SSBs);
  • The nominations process to select candidates for Standard-setting boards and their Consultative Advisory Groups (CAGs);
  • The Compliance Advisory Panel (CAP) to help to ensure that appropriate steps are being taken to encourage and monitor the progress of the adoption and support for implementation of international standards.