LEVEL 1 - MONITORING: A of international public interest and financial institutions (the Monitoring Group), responsible for monitoring the overall structure and to which the PIOB is accountable .
LEVEL 2 - OVERSIGHT: An independent oversight body (the Public Interest Oversight Board), responsible for overseeing the standar-setting processes by the three Standard setting Boards as well as their nominations processes.
LEVEL 3 - STANDARD SETTING: The three standard setting boards (IAASB, IESBA and IAESB) responsible for setting international standards in the fields of Audit, Assurance and Related Services.
High quality international standards for audit and assurance practice, quality control, education and ethics help to ensure that financial information is relevant and will be prepared by accountants who can be trusted because they meet these requirements;
Credible international standard setting structure helps to ensure that the standards are appropriate and furthers their adoption and implementation;
Adoption and implementation of international standards contributes to trust that work is to be done in a professional manner; and
Monitoring and evaluation of the adoption and implementation of standards - and their application by professional accountants - contributes to trust that work is actually being done in a professional manner.
PIOB duties with regards to Standard setting due process:
In order to ensure all Public Interest concerns are addressed and woven into the Standard setting process, the PIOB is responsible for: