The value of independent oversight

The PIOB carries out independent oversight of the strategies, work plans, and standards of the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA) throughout their complete life cycle to ensure that they are responsive to the public interest and that the due process has been followed.

The oversight cycle

1. SSB DOCUMENTATION

The PIOB Oversight Team reviews the SSB´s quarterly meeting documentation and considers stakeholder input into the SSBs’ processes and wider stakeholder engagement to inform the PIOB Board’s deliberations.

2. BRIEFING MEMO

The PIOB Oversight Team drafts the Briefing Memo for the PIOB Observer, considering each project and workstream in light of the existing Public Interest issues lists, which is subsequently made public. The Observer also participates in a dedicated briefing session to prepare for the SSB meeting, to which all PIOB Board members are invited.

3. SSB MEETING

PIOB Observer attends the SSB quarterly meeting and assesses the SSB’s process for considering stakeholder input, and the depth and inclusivity of its members’ discussions. The Observer intervenes as needed to draw attention to Public Interest issues and provide any necessary explanations.

4. OBSERVATION MEMO

Following the SSB meeting, the PIOB Observer produces an Observation Memo which helps identify potential for new issues to emerge (subject to the outcome of the engagement with the SSB Chairs at the next quarterly PIOB meeting) and/ or update the new Public Interest issues lists. The Observation Memos are published shortly after the SSB quarterly meeting.

5. PIOB MEETING

At the PIOB quarterly meeting, the Briefing Memos and Observation Memos feed the PIOB discussion on the projects and strategies developed by the SSBs, and the identification of Public Interest issues lists. Also, the SSB Chairs discuss with PIOB the development of projects and the Public Interest issues raised by the PIOB. The Public Sessions at the PIOB quarterly meetings are now open to the public. The discussion is reflected in the PIOB minutes of the meeting. The list of Public Interest Issues is updated and published.

6. PI ISSUES LIST

The list of Public Interest issues is then updated and published. Each update becomes the key reference point for the PIOB’s consideration of the next SSB meeting cycle.

7. PIOB CERTIFICATION / CONCLUSION

At the end of the SSBs’ processes, and following the PIOB’s receipt of the required documentation, the PIOB Oversight Team prepares an analysis of Public Interest responsiveness: For the SSBs’ multiannual strategies and work plans, the PIOB Board decides on the appropriateness of its items and their overall completeness from a Public Interest perspective. The PIOB publishes its conclusions. For a new standard or a revision of an existing standard: The PIOB Board makes a decision whether to certify the standard on the basis that it was prepared in accordance with agreed due process and is responsive to the Public Interest, based on the concepts and principles of the Public Interest Framework. The PIOB publishes its certification.

Throughout the PIOB Oversight Cycle, the PIOB issues Observations and Briefing memos and PIOB meeting minutes to document all the steps followed in the PI analysis and identification process. All PIOB documents are available in the PUBLICATIONS

PIOB Certifications

2025
Logo IAASB
International Standard on Auditing 570
Logo IESBA
Sustainability (IESSA) 2025
Logo IESBA
Use of External Experts
2024
Logo IESBA
Tax planning and related services
2023
Logo IESBA
Revisions to the Code relating to the definition of engagement team and group audits.
Logo IAASB
Listed entity and public interest entity track 1.
Logo IESBA
Technology related revisions to the Code.
Logo IAASB
ISA for LCEs.

Conclusions

2024
Logo IESBA
Strategy and work plan 2024-2027
Logo IAASB
Strategy and work plan 2024-2027

How we identify Public Interest Issues through the Public Interest Framework (PIF)

The PIOB´s oversight role is guided by the Public Interest Framework. This is part of the MG Recommendations issued in 2020 to Strengthen the international Standard-setting system.

Oversight How Identify

1

Identify perspectives & needs

Oversight How Identify

2

Define goal to serve user needs

Oversight How Identify

3

Identify criteria to assess goal: qualitative characteristics

Oversight How Identify

4

Weigh input from different groups (according to criteria)

Oversight How Identify

5

Assess expected contribution to needs & responsiveness to Public Interest

Dr. Han Yi

PIOB member since 2025

Han Yi is a distinguished accounting professional with extensive expertise in standard-setting, corporate governance, and sustainability reporting. He currently serves as the Chief Executive Officer of the Korea Accounting Institute (KAI) and chairs both the Korea Accounting Standards Board (KASB) and the Korea Sustainability Standards Board (KSSB). Han Yi is dedicated to promoting transparency and accountability in global financial and sustainability reporting practices. 

Previously, he held leadership roles as an Outside Director and Audit Committee Chair for major South Korean corporations, including DL Group, and served as an expert on capital markets for South Korea’s National Economic Advisory Council. Han Yi is also a Professor of Accounting at Korea University Business School (currently on leave), where he integrates academic rigor with practical expertise to address critical challenges in corporate governance and financial reporting at national and international levels.

Suscribe to our Newsletter

PIOB News

* indicates required
I consent to the retention of my data by the PIOB
I confirm that I have read the PIOB privacy policy
I agree to receive communications from the PIOB