The Public Interest Oversight Board (PIOB) issued today its First Public Report.

The PIOB was established in February 2005 to oversee the international standard setting activities of the International Federation of Accountants (IFAC) in the areas of audit performance standards, independence and other ethical standards for auditors, audit quality control and assurance standards, and education standards. It also oversees IFAC’s Member Body Compliance Program.

The establishment of the PIOB was the result of a collaborative effort by the international financial regulatory community, working with IFAC, to ensure that auditing standards set by IFAC and its committees are set in the public interest.