What is the PIOB?

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The PIOB is an oversight body that provides enhanced credibility and legitimacy to the operation of the three independent international standard setting boards that it oversees (see PIOB Mandate), and to the public interest work of the IFAC Compliance Advisory Panel. The following diagram provides an up-to-date picture of the PIOB governance structure, as well as of the bodies overseen by the PIOB.

PIOB PIOB IFAC IAASB IESBA IAESB CAP Monitoring Group IAASB CAG IESBA CAG IAESB CAG

The fundamentals of the international governance model of the PIOB are embedded in the roles and responsibilities assigned to the PIOB, the Monitoring Group and IFAC within the 2003 IFAC Reform proposals. The recent Monitoring Group initiative to develop a formal Charter –which describes the functions of the group and its relationship with the PIOB, including explicit responsibility for PIOB budget approvals- has provided an opportunity to bring greater clarity to the overall reform model and, within it, to the governance of the PIOB.
 

The PIOB is formerly constituted under Spanish Foundations Law, as Fundación Consejo Internacional de Supervisión Pública en Estándares de Auditoría, Ética Profesional y Materias Relacionadas, and overseen by the Spanish Foundation Protectorate.