16 May 2006

PIOB issues first public report

The Public Interest Oversight Board (PIOB) released its first public report which presents the results of the PIOB’s first year of operations, including its policy decisions. The report also highlights the PIOB’s emerging views on a variety of public interest issues as they relate to standard-setting activities, to international compliance by IFAC member bodies and to the broader concept of the international public interest which the PIOB is mandated to serve.

“This initial report reflects a year of intensive efforts to start up and operate the PIOB effectively”, says Chairman Thomadakis, “and demonstrates both the focus and the dedication of the PIOB to the important task set for it by the international regulatory community. Much has been accomplished and we are satisfied that the international standard setting boards that we oversee have already made progress towards achieving public interest goals.”

“The PIOB has moved quickly and efficiently to establish itself on four parallel fronts.
First, we have organised and are executing a program of comprehensive oversight directed at international audit, ethics and education standard-setting as well as compliance monitoring activities.
Second, we have established a physical and legal presence in Madrid, Spain.
Third, we are actively promoting our presence and mission.
Finally, we are building close links with relevant regulators at national, regional, and international levels.”

Press release
Report

© PIOB