The PIOB will monitor the work of IFAC's International Auditing and Assurance Standards Board (IAASB), the IFAC committee that develops the International Standards on Auditing. The 10-person PIOB will approve the IAASB's members and terms of reference. The PIOB will also monitor IFAC's proposed Compliance Program and its Ethics and Education Committees. The regulators that will select the PIOB members are the International Organisation of Securities Commissions, the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, the World Bank, and the European Commission. IFAC's Public Sector Committee will be subject to a separate and independent review process in conjunction with the World Bank and other external parties with an interest in governmental financial reporting. IFAC will seek approval of the proposals by its governing council when the council meets in Singapore next month. Click for IFAC News Release.