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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.”

filesDownload document: FEEDBACK STATEMENT PIOB STRATEGY 2017-2019.pdf 228KB

filesDownload document: Summary of responses in comment letters 83KB

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