FEEDBACK STATEMENT TO THE STRATEGY CONSULTATION AND THE REVISED PIOB 2017–2019 STRATEGY
Date: March, 2017
The PIOB has issued its feedback statement following comments received to the public consultation of its draft 2017–2019 strategy, launched on 26 August 2016. The feedback statement contains a revised strategy that has been adapted in response to the comments received. Responding to the wide stakeholder input received makes the PIOB confident that its strategy carries the legitimacy of having considered stakeholders’ views.
The PIOB 2017–2019 strategy consultation and feedback statement coincides with the current Monitoring Group (MG) initiative to improve the audit-related standard-setting framework and has been consulted with the MG.
The PIOB 2017–2019 strategy is based on the remit of the PIOB as defined by the current audit standard-setting framework in the fields of audit, assurance, ethics, and education for accountants. The feedback statement summarizes the responses received to the PIOB consultation and the way in which the PIOB takes these responses into account in its strategy for 2017–2019. If the audit-related standard-setting framework should change in the near future, the PIOB will adapt its strategy, as needed, to the reformed framework.
Some respondents highlighted issues that may fall within the scope of possible MG reforms. This document summarizes these responses. Responsibility for the architecture of the standard-setting system is with the MG, which is currently discussing reforms with IFAC. It will therefore be up to the MG to take into account these responses in its reform work.
The release of this document does not preclude any future changes to the mandate, operations, or structure of the PIOB as a result of the current MG reform process.
According to Eddy Wymeersch, PIOB chairman,
“We look forward to the implementation of the new PIOB strategy over the next three years. Public interest oversight is essential to give confidence to stakeholders that standards are responsive to the public interest. The new strategy makes it clear that the PIOB considers the final outcome of standards, and not just the process followed, in conducting its public interest oversight. The PIOB looks forward to the outcome of the reform process led by the MG.”
Download document: FEEDBACK STATEMENT PIOB STRATEGY 2017-2019.pdf 228KB
Download document: Summary of responses in comment letters 83KB
The Comment letters to the PIOB 2017-2019 Strategy are now available
Date: November, 2016
The comment letters received on the PIOB 2017-2019 Strategy for public consultation, are now available on the PIOB website.
The PIOB may modify the preliminary conclusions or add practical implementation ideas to them in light of the comments received. The PIOB will issue a feedback statement and final PIOB 2017-19 Strategy in March, 2017.
2nd PIOB Public Interest Workshop: Preparing for a new generation of Auditors
Date: November, 2016
The PIOB organized the 2nd Public Interest Workshop: “Preparing for the Next Generation of Auditors” in New York on September 15th, 2016. The 60 participants (Regulators, Standard setting Board Chairs and Members, and CAG members amongst other stakeholders) were able to discuss a number of issues in six round tables around the following themes: Trends in Audit, Auditor Independence and Standard setting in the Public Interest. The summary of the discussions held is now available.
Download document: 2nd Public Interest Workshop - Summary of discussions.pdf 776KB
The Public Interest Oversight Board (PIOB) publishes its 2017-2019 Strategy for public consultation
Date: August, 2016
The Public Interest Oversight Board (PIOB) has approved its 2017-2019 Strategy for public consultation. Responses are requested by November 26th, 2016, and should be submitted electronically to Piobfirstname.lastname@example.org.
The PIOB consults with the aim to improve the delivery of its mandate and to strengthen the public interest responsiveness of the audit, ethics and education standards. The consultation includes considerations on the current standard setting system and the PIOB´s vision of the system´s longer term evolution.
The objective of the consultation is to seek input from stakeholders to shape the PIOB´s strategy for the next three-year period.
The Monitoring Group (MG) supports the merits of periodic strategy reviews of the PIOB.
All comment letters will be published on the PIOB website unless the respondents expressly request confidentiality.
The PIOB may modify the preliminary conclusions or add practical implementation ideas to them in light of the comments received. The PIOB expects to draw final conclusions by January 2017.
Download document: PIOB_2017-19_strategy.pdf 600KB
Two shock waves - Reflections on international accounting and auditing in the early 21st Century - Article by former PIOB Member, Prof. Toshiharu Kitamura
Date: August, 2016
Two shock waves - Reflections on international accounting and auditing in the early 21st Century. *The PIOB is not responsible for the opinions and views expressed in this article.*
Download document: Article by Toshiharu Kitamura_Web Aug 2016.pdf 626KB