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
International Standard on Auditing 570
Sustainability (IESSA) 2025
Use of External Experts
2024
Tax planning and related services
ISSA 5000
2023
Revisions to the Code relating to the definition of engagement team and group audits.
Listed entity and public interest entity track 1.
Technology related revisions to the Code.
ISA for LCEs.
Conclusions
2024
Strategy and work plan 2024-2027
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.
1
Identify perspectives & needs
2
Define goal to serve user needs
3
Identify criteria to assess goal: qualitative characteristics
4
Weigh input from different groups (according to criteria)
5
Assess expected contribution to needs & responsiveness to Public Interest
