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Public Interest Oversight Board (PIOB)

Background

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.

Objective

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.

PIOB Activities

The PIOB oversees those committees of IFAC that have public interest responsibilities, namely:

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

PIOB Members

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.

Contract information

PIOB Secretariat
C/ Oquendo, 12 - 28006
Madrid, Spain

Tel: + 34 91 782 0528
Fax: + 34 91 782 48 87

info@ipiob.org

 

Related news

  • Agreement on the EU financing of IFRS Foundation, EFRAG, and PIOB

  • Dec 04, 2013

  • Trilogue agreement has been reached by the three parties involved (the European Parliament, the Council and the Commission) on the EU co-financing of the International Financial Reporting Standards (IFRS) Foundation, the European Financial Reporting Advisory Group (EFRAG), and the Public Interest Oversight Board (PIOB).

  • Conclusions on governance and strategy review of IFAC member bodies

  • Apr 02, 2013

  • The Monitoring Group and Public Interest Oversight Board (PIOB) have published documents in response to their March 2012 consultation documents on the governance of various organisations operating under the auspices of the International Federation of Accountants (IFAC). The reports outline a number of recommendations in relation to the governance and strategy of the various IFAC bodies, but does not make any recommendations on the governance of the International Public Sector Accounting Standards Board (IPSASB). The Monitoring Group has formally taken the question of IPSASB oversight onto its agenda, noting "its [own] composition and that of the PIOB currently are not appropriate to the needs of stakeholders in public sector accounting standards".

  • IFAC responds to Monitoring Group consultation

  • May 08, 2012

  • The International Federation of Accountants (IFAC) has publicly released its response to the Monitoring Group public consultation on the governance of the Monitoring Group, the Public Interest Oversight Board (PIOB), and the standard-setting boards and compliance advisory panel operating under the auspices of IFAC.

  • Ethics standards board finalises priorities

  • Oct 17, 2011

  • The International Ethics Standards Board for Accountants (IESBA) has released its '2011-2012 IESBA Strategy and Work Plan', which sets the direction and priorities for the activities of the IESBA.

  • PIOB appointments

  • Mar 15, 2011

  • The Public Interest Oversight Board (PIOB) has announced a number of new board appointments.

  • IAASB appointments

  • Dec 17, 2010

  • The Public Interest Oversight Board (PIOB) has confirmed a number of new and reappointed members of the International Auditing and Assurance Standards Board (IAASB):

  • Challenge to legitimacy of the PCAOB continues

  • Dec 04, 2009

  • On 7 December 2009, oral argument begins in a US Supreme Court case in which the constitutionality of the Public Company Accounting Oversight Board (PCAOB) is being challenged. If the plaintiffs' arguments are successful, it could mean an end to the existence of the PCAOB as currently structured under law.

  • EC strengthens supervisors and standard-setters

  • Feb 26, 2009

  • The European Commission has adopted measures to strengthen the supervisory framework for EU financial markets and to provide funding for bodies involved in financial reporting standards at the EU and international levels, including the IASB.

  • EU proposes funding for IASCF, PIOB, and EFRAG

  • Jan 27, 2009

  • The European Commission has issued proposals that would strengthen the financial supervisory structure in Europe and provide an allocation of the EU Budget to provide direct funding of the IASCF, IFAC's Public Interest Oversight Board (PIOB) and the European Financial Reporting Advisory Group (EFRAG) – all private-sector bodies involved in the setting of accounting and auditing standards.

  • Public Interest Oversight Board first anniversary

  • Oct 02, 2006

  • The Public Interest Oversight Board (PIOB), which oversees specified standard-setting activities of the International Federation of Accountants, has completed its first year of operation.

  • New Public Interest Oversight Board to Monitor IFAC

  • Mar 01, 2005

  • The International Federation of Accountants (IFAC) and the international financial regulatory community (including IOSCO), have established a Public Interest Oversight Board (PIOB) to oversee the work of IFAC's auditing, ethics, and education standard-setting committees and its Member Body Compliance Program.