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| Wednesday, 2 March 2005 |
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International body to oversee public interest activities The International Organization of Securities Commissions (IOSCO), the Basel Committee on Banking Supervision (BCBS), the International Association of Insurance Supervisors (IAIS), the World Bank and the Financial Stability Forum announced the formal establishment of the Public Interest Oversight Board (PIOB) to oversee the public interest activities of the International Federation of Accountants (IFAC) last Monday, a World Bank press release said. The PIOB will oversee IFAC's international standard setting activities in the areas of audit performance standards, independence and other ethical standards for auditors, audit quality control and assurance standards, and education standards. It will also oversee IFAC's Member Body Compliance Program. The PIOB will be chaired by Stavros Thomadakis, Professor of Finance at the University of Athens, and former chairman of the Hellenic Capital Market Commission. The establishment of the PIOB is the result of a collaborative effort by the international financial regulatory community, working with IFAC, to ensure that the auditing standards set by IFAC and its committees are set in the public interest. Establishment of higher quality standards, coupled with strengthened auditor oversight nationally are part of the substantive reforms that regulators have identified as necessary to achieve a step-up in the quality of external audits of individual companies around the world. The PIOB will strengthen international auditing standards by injecting informed oversight in the public interest into IFAC's standard-setting activities, and by enhancing the transparency and consultative processes of these activities. |
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