The Public Interest Oversight Board (PIOB) was established in February 2005 to ensure that international auditing and assurance, ethics, and education standards for the accountancy profession are set in a transparent manner that reflects the public interest.
The PIOB—a global independent oversight board and collaborative effort by IFAC and the international financial regulatory community—oversees the International Auditing and Assurance Standards Board (IAASB), the International Accounting Education Standards Board (IAESB), the International Ethics Standards Board for Accountants (IESBA), and IFAC’s Compliance Advisory Panel. The PIOB also oversees the respective Consultative Advisory Groups of the IAASB, IAESB, and IESBA.
In September 2015, the PIOB issued Standard Setting in the Public Interest: A Description of the Model in order to provide greater clarity and broaden the general understanding of the governance functions supporting audit related standard setting. This document reflects the current state of the standard-setting model in audit, assurance, ethics, and education for accountants. It sets forth the aims and features of the governance arrangements, with links to governing or other documents that provide further details as appropriate.