62ND PIOB MEETING SUMMARY

Due to the Coronavirus (COVID-19) outbreak, the PIOB held its quarterly meeting virtually on 30 March 2020.

The PIOB is the Technical Committee of the PIOB Foundation. (Meeting Agenda) 

The Trustees of the PIOB Foundation met on March 31. (Meeting Agenda) 

PIOB Technical Committee

Eddy Wymeersch welcomed Linda de Beer as incoming PIOB Chair and Robert Buchanan as new PIOB member.

The Board discussed the Public Interest issues identified in the current projects of the Standard Setting Boards and reviewed the items for approval.

The PIOB discussed the recent developments regarding the MG reform process and prepared for the discussions with third parties that followed later in the day.

This was Eddy Wymeersch’s last PIOB meeting as Chairman of the Board. Mr. Wymeersch joined the PIOB in 2011 and since then has led the PIOB through important milestones in the PIOB history advocating the importance of standard setting in the Public Interest.

He led the PIOB through two Strategy consultations in 2012 and 2017, participated actively in the MG Governance Review in 2012, and was an important player in the drafting of the Standard setting in the Public Interest – A Description of the Model in 2016.

More recently he has been working intensively on the MG reform process to Strengthen the Governance and Oversight of the International Audit-Related Standard setting in the Public Interest, launched in 2017, highlighting the need for independent Public Interest oversight as a key component of the global standard setting system. The PIOB and Staff thanked him for his contribution and service.

Meeting with IFAC Leadership

The Board met with In-Ki Joo, IFAC President, and Kevin Dancey, IFAC CEO.

In-Ki Joo, as Chair of the Nominating Committee, reported on the recent Nom Com virtual meeting.

Kevin Dancey explained IFAC’s position regarding the ongoing process of reforms in the field of standard setting.

Meeting with IAASB

The PIOB met with Tom Seidenstein, IAASB Chairman, James Dalkin, IAASB CAG Chairman, and Willie Botha, IAASB Technical Director.

Tom Seidenstein presented the three items for PIOB approval, updated the PIOB on the IAASB work program and solicited the PIOB´s input on the IAASB timeline considering the current Coronavirus Disease (COVID-19) crisis and its impact on their stakeholders.

He also informed the PIOB about the IAASB response and positioning in relation to the Coronavirus outbreak. He described the IAASB initiatives to provide resources to stakeholders, the coordination with IESBA on their approach towards the crisis and stressed the importance of prioritizing actions and projects at this time.

Tom Seidenstein also acknowledged Eddy Wymeersch´s work during his time as PIOB Chairman, highlighting his service and leadership.

James Gunn, Managing Director of Professional Standards, was present during this session.

The PIOB will hold a teleconference with Stavros Thomadakis, IESBA Chairman, and Gaylen Hansen, IESBA CAG Chairman, later in April to discuss the IESBA projects in progress.

Meeting with the MG

The Monitoring Group Co-Chairs: Sagar Teotia and Ana María Martínez Pina joined the meeting and reported on the recent developments in the MG reform process.

PIOB Decisions

The PIOB approved:

  • The “International Standard on Related Services 4400 (Revised) Agreed-Upon Procedures”,
  • The “Strategy for 2020-2023 and the Work Plan for 2020-2021”,
  • The “Conforming Amendments to the IAASB International Standards as a Result of the Revised IESBA Code”

as approved by the International Auditing and Assurance Standards Board in accordance with due process and with proper regard for the public interest.

Regarding the Strategy and the Work Plan, the PIOB intends to follow up on the progress of the different projects, with a special focus on Going Concern and Fraud. The PIOB will oversee the response to stakeholders’ demands, and the allocation of resources across the projects included in the Work Plan.

Also, in view of the unexpected social and economic impact of the Coronavirus (COVID-19) in the coming months, the PIOB suggested including a precautionary warning in the official IAASB communication of the Strategy approval, to indicate that the Strategy may have to be revisited in the medium term as the Coronavirus (COVID-19) evolves globally.

The PIOB also approved the extension of Stavros Thomadakis as IESBA Chair until the end of 2021, at the proposal of IFAC’s Nominating Committee.

The PIOB reviewed and approved the 15th Annual Report, and it will be published by the end of April.

The PIOB has also issued the database documenting the treatment of the main recommendations made by the members of the MG in comment letters submitted to the exposure draft of “Proposed revisions to the Code to promote the Role and Mindset expected of Professional Accountants" (published in July 2019).

PIOB ACTIVITIES

PAST - SINCE THE 61st PIOB MEETING (25-26 November)

Oversight Activities:

DATE LOCATION COMMITTEE OBSERVER
DECEMBER      
3-6 New York IESBA Jane Diplock
9-13 New York IAASB Karel Van Hulle
19 Teleconference IESBA CAG Claudia Deodati
JANUARY 2020      
23 Teleconference IAASB Markus Grund
FEBRUARY 2020      
11 Teleconference IAASB Markus Grund
MARCH 2020      
9 New York IESBA CAG Shigeo Kashiwagi
10-11 New York IAASB CAG Shigeo Kashiwagi
16-20 Virtual meeting IAASB Markus Grund
16-18 Virtual meeting IESBA Jules Muis
27 Virtual meeting NOMCOM Aileen Pierce

External Relations and Outreach Activities:

DATE LOCATION COMMITTEE OBSERVER
DECEMBER      
2 Washington DC MG Meeting Eddy Wymeersch and Gonzalo Ramos
4-5 Washington DC PCAOB International Institute on Audit Regulation Eddy Wymeersch and Gonzalo Ramos
11-12 London Accounting for Sustainability Forum Gonzalo Ramos
19 Madrid PWC Spain Annual meeting Gonzalo Ramos

On 27-28 February 2020, the PIOB also attended the IFAC Board meeting held in New York.

UPCOMING: PIOB meeting: June 25-26, 2020. Oversight activities until then:

DATE LOCATION COMMITTEE  
APRIL      
1 Teleconference IAASB Direct Observation
8 Teleconference IAASB Direct Observation
14 Teleconference IAASB Direct Observation
16 Teleconference IESBA Direct Observation
MAY      
11 Teleconference IESBA Direct Observation
JUNE      
4-5 Virtual meeting IFAC Board Direct Observation
8-9 Virtual / New York TBC NOMCOM Direct Observation
10-12 Toronto IESBA Direct Observation
15-19 Virtual/ New York IAASB Direct Observation

External Relations and Outreach

All outreach activities have been suspended until July due to the Coronavirus (COVID-19) outbreak. The PIOB will participate in all those outreach activities that take place virtually.

The PIOB will celebrate its 15th Anniversary on September 29, 2020. More details will follow soon on the event and its format.

STAY HOME, STAY SAFE

 

For more information please contact:

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