- Press Releases Related to the Monitoring Group
- Public Communications Related to the Monitoring Group
- Press Contacts
-
Monitoring Group - Reforms to The Global Audit Standard-Setting Process
(22 February 2018) -
Monitoring Group Governance Review
(28 March 2013) - Monitoring Group Charter
- IFAC Reforms
- Monitoring Group Nominating Committee
Monitoring Group Nominating Committee
Overview of the Position
Role Specification
PIOB
Under the leadership of the PIOB Chair, the 10-member PIOB Technical Committee is responsible for providing independent oversight of the standard-setting process of the IAASB and the IESBA. The PIOB’s responsibilities include:
- Oversight of the work of the IAASB and the IESBA to ensure that standards are responsive to the public interest, including that they are developed in accordance with the Public Interest Framework and that standard-setting activities follow appropriate due process throughout the standard-setting development cycle;
- Assessing the effectiveness of the IAASB, the IESBA and their respective chairs;
- The nomination and appointment process for board members to the IAASB and the IESBA;
- Assessing the IAASB’s and IESBA’s delivery against their strategy and work plan; and
- Protecting the SSBs from undue influence, such as commercial, political, and economic influence.
The PIOB is accountable to the Monitoring Group, which oversees the effectiveness of the PIOB in achieving its mandate in the public interest. As outlined in the “Monitoring Group Recommendations” section above, the role of the PIOB’s oversight responsibilities will be enhanced in accordance with the implementation of the MG Recommendations.
PIOB Member
In order to contribute towards the PIOB’s mission, and collective effectiveness of the PIOB, individual PIOB Members are expected to (among others):
- Serve as a Trustee of the PIOB Foundation1 and the PIOB Technical Committee2;
- Actively participate in and contribute during PIOB meetings;
- Observe meetings of the IAASB, the IESBA and their advisory group(s) and ensure that appropriate due process has been followed;
- Work collaboratively with the IAASB and the IESBA in exercising PIOB oversight, which includes, among others, understanding the input received and how decisions were made by the IAASB and the IESBA in applying the Public Interest Framework;
- In collaboration with the SSBs and consistent with the PIOB’s oversight role, engage in outreach activities with key global stakeholders;
- Contribute to activities that enable the PIOB to provide its views in a timely manner throughout the standard-setting process;
- Publicly advocate for the work of the PIOB in overseeing the IAASB and the IESBA, as well as for the work and standards of the IAASB and the IESBA, as independent standard-setters of high-quality global audit, ethics, and independence standards developed in the public interest; and
- Actively participate in engagement activities with stakeholders related to initiatives to develop and maintain a stable long-term funding model for the international audit and ethics standard-setting system.
Time Commitment
PIOB Members contribute primarily through active participation in meetings of the PIOB, observation of IAASB and IESBA meetings, and outreach activities. Therefore, it is important that candidates carefully consider whether they are able to allocate the time needed for meaningful contribution.
The members of the PIOB will regularly engage with the IAASB and the IESBA throughout the full development of each standard to ensure its public interest responsiveness. PIOB members likewise will engage with stakeholders, particularly in their region, to assist in the identification of public interest issues and encouraging them to actively participate in the standards development process by making their views known to the IAASB and IESBA.
PIOB Members should be able to meet the time commitment which includes, but is not limited to:
- Active participation in four (4) PIOB meetings each year, generally two (2) days in duration. Historically, PIOB meetings were typically held in Madrid, Spain, while there may be one meeting on an annual basis held outside of Madrid, Spain. Meetings may take place virtually depending on circumstances;
- Observation of meetings as part of the oversight of the IAASB, the IESBA, and their advisory group(s). Typically, a PIOB Member’s responsibility will range from three (3) to eight (8) meetings annually, and each meeting of the SSBs’ ranges from one (1) to five (5) days in length;
- Active participation in outreach meetings and engagement with stakeholders, particularly in their region. Outreach meetings and engagement with stakeholders range from the standards development process to initiatives to develop a stable long-term funding model of the international audit and ethics standard-setting system.
- Total time commitment (excluding travel) is approximately 300 hours per year.
With the on-going COVID-19 pandemic, the health and safety of PIOB Members remains of utmost importance. The PIOB will carefully monitor and evaluate the evolving circumstances of the pandemic as the return of in-person (or hybrid) meetings are held by stakeholders in the financial reporting ecosystem.
Stipend
PIOB Members are entitled to receive fixed annual stipends of EUR 20,625, and variable remuneration of EUR 825 per day of attendance at assigned public interest meetings. Stipend and variable remuneration information are subject to change in the future, and further information will be provided to PIOB Board Members upon appointment.
Reasonable travel expenses incurred in performing duties on behalf of the PIOB will be reimbursed.
Term Limit
A PIOB Member is appointed for an initial term of up to three (3) years.
PIOB Members who perform well could be re-appointed for a second term of service based on consideration of the PIOB’s particular needs and whether any new candidates may be more suitable in the context of the PIOB’s priorities and composition when evaluated against the skills matrix.
1 The Public Interest Oversight Board Foundation (PIOB Foundation) is a Foundation established and registered in Madrid in terms of Spanish Law. It is the legal entity that houses the PIOB and governed by its Board of Trustees. PIOB Member will serve as a member of the Board of Trustees of the PIOB Foundation.
2 The PIOB Technical Committee is a committee of the Board of Trustees of the PIOB Foundation, appointed to carry out the oversight activities of the PIOB Foundation. PIOB Member will also serve as a member of the PIOB Technical Committee.