GLOBAL STANDARD SETTINGS IN THE PUBLIC INTEREST | PIOB OVERSIGHT | PIOB METHODOLOGY

63RD PIOB MEETING SUMMARY

 

The PIOB held its quarterly meeting virtually on June 24-26, 2020. (Meeting Agenda)

The PIOB is the Technical Committee of the PIOB Foundation.

The Trustees of the PIOB Foundation met on June 26, 2020. (Meeting Agenda)

PIOB Technical Committee meeting

This was the first meeting chaired by Linda de Beer, the new PIOB Chair.

The Board discussed the Public Interest issues identified in the current projects of the Standard Setting Boards and reviewed the oversight activity in the second quarter of 2020.

Over the three days, 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 Nominating Committee virtual meeting and the outcome of the interviews for the vacancies in the SSBs.

Meeting with the MG Chairs

The Monitoring Group Co-Chairs: Sagar Teotia and Ana María Martínez Pina joined the meeting and informed about the current status of the Monitoring Group set of recommendations regarding the reform process in standard setting in audit and ethics for accountants.

Meetings with IESBA and IAASB

The PIOB also met with Tom Seidenstein, IAASB Chairman, James Dalkin, IAASB CAG Chairman, and Willie Botha, IAASB Technical Director and discussed issues related to Audits of less complex entities (LCEs) and the three Quality Management Standards. At the end of this joint session, the PIOB also held a private session with the IAASB CAG Chair.

On June 26, the PIOB met with Stavros Thomadakis (IESBA Chairman) and Gaylen Hansen (IESBA CAG Chairman) to discuss in depth EQR Objectivity and the Definitions of listed entities and PIEs.

James Gunn (Managing Director of Professional Standards) was present during both the meetings with the SSB and CAG Chairs.

Other PIOB news in this quarter

The PIOB issued the databases of the main recommendations made by the members of the MG in the comment letters submitted to the IAASB Exposure Draft of Quality Management Standards (published in May 2020).

The 15th PIOB Public Report was issued on May 7, 2020.

Regarding PIOB funding, in May 2020, the International Forum of Independent Audit Regulators (IFIAR) confirmed an annual contribution to the PIOB budget of JPY 6,150,000 (approximately 51,000 euros) annually for 2020 and 2021.

In addition, in July 2020, the Federal Audit Oversight Authority of Switzerland (FAOA) and IFIAR member, confirmed a contribution of 10,000 euros for the financial year of 2020.

The PIOB published the Public Interest Issues lists related to the IAASB and IESBA projects.

PIOB ACTIVITIES

PAST - SINCE THE 62nd PIOB MEETING (30-31 March)

Oversight Activities:

DATE LOCATION COMMITTEE OBSERVER
APRIL      
1 Teleconference IAASB Markus Grund
8 Teleconference IAASB Markus Grund
14 Teleconference IAASB Markus Grund
16 Virtual Executive meeting IESBA Jules Muis
JUNE      
4-5 Virtual meeting IFAC Board Linda de Beer
8-9 Virtual NOM COM Aileen Pierce
8-12 + 15 Virtual IESBA Jules Muis
15-19 Virtual IAASB Karen Stothers
22 Virtual NOM COM Aileen Pierce

UPCOMING: PIOB meeting: September 28-30, 2020. Oversight activities until then:

DATE LOCATION COMMITTEE  
JULY      
15 Virtual meeting NOM COM Direct Observation
22 Teleconference IAASB Direct Observation
22 Virtual meeting IESBA Direct Observation
AUGUST      
11 Teleconference IAASB Direct Observation
SEPTEMBER      
1 Virtual NOM COM Direct Observation
2-4 Virtual IFAC Board Direct Observation
10 Virtual IESBA CAG Direct Observation
8-9 Virtual IAASB CAG Direct Observation
14-18, 21, 29, Oct 1 Virtual IESBA Direct Observation
14-18, 21, 23 Virtual IAASB Direct Observation
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External Relations and Outreach

The PIOB will hold a webinar on September 29, 2020 to celebrate its 15th Anniversary. More details will follow soon on the PIOB website.

The PIOB has been reaching out to stakeholders virtually and will continue to do so until necessary.

 

For more information please contact:

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