PIOB Mandate

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The PIOB oversees IFAC's Public Interest Activity Committees (PIACs) comprising the International Auditing and Assurance Standards Board (IAASB), International Accounting Education Standards Board (IAESB), International Ethics Standards Board for Accountants (IESBA), their respective Consultative Advisory Groups and the Compliance Advisory Panel (CAP).
 

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, the CAG´s  and the CAP;
  • Oversees the Public Interest work of 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 diagram below sets the fundamentals of the due process applied by the standard setting boards overseen by the PIOB in the development of international standards, practice statements and other key PIAC pronouncements. It also illustrates the key interactions that occur between each standard setting board, its respective Consultative Advisory Group and the PIOB:
PIOB

The PIOB’s ultimate responsibility to consider whether this due process has been applied effectively and with proper regards for the public interest relies on three inputs: the results of direct and comprehensive monitoring; reports from and dialogue with PIAC and CAG chairs; and independent staff reviews. This model has also been successfully adapted to support a range of other PIOB approval duties, including assessment of the due process used by the IFAC Nominating Committee to appoint PIAC Chairs and members; by the PIAC to update their strategies and work programs; and by the CAGs in nominating CAG Chairs, among others.