Public Interest Oversight Board (PIOB)
The Public Interest Oversight Board (PIOB) was formally established in February 2005 to oversee the auditing and assurance, ethics, and education standard-setting activities of the International Federation of Accountants (IFAC) as well as IFAC's Member Body Compliance Program. This last activity is designed to encourage member bodies to adopt international standards and to implement quality assurance and investigation and discipline programs.
The objective of the international Public Interest Oversight Board (PIOB) is to increase the confidence of investors and others that the public interest activities of the International Federation of Accountants (IFAC) - including the setting of standards by independent boards operating under the auspices of IFAC - are properly responsive to the public interest.
The PIOB oversees those committees of IFAC that have public interest responsibilities, namely:
- International Auditing and Assurance Standards Board
- International Accounting Education Standards Board
- International Ethics Standards Board for Accountants
- Their respective Consultative Advisory Groups
- IFAC's Compliance Advisory Panel (CAP).
In that regard, the PIOB:
- Reviews and approves Terms of Reference for these entities;
- Evaluates the boards' due process procedures;
- Oversees the work of IFAC's Nominating Committee and approves the committee's nominations to the standard-setting boards and the CAP; and
- Suggests projects to be added to the boards' work programs.
The Chair of the PIOB also has the right to attend and to speak at IFAC Board meetings.
The eight members of the PIOB are nominated by the International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, and The World Bank. In addition, the European Commission nominates two observers to the PIOB.
Click here for a List of PIOB Members on the PIOB's website.
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