PIOBPublic Interest Oversight Board
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Besides its own reforms, such as the creation of the PIOB, IFAC hopes to get an endorsement of its standards on auditing, assurance and ethics by the European Commission, the International Organization of Securities Commissions and key regulators with influence on major exchanges, such as the U.S.
PIOB members will be appointed in early 2004 by the European Commission, the World Bank and the International Association of Insurance Supervisors.
Among the firms joining Wilson on the trip to the Golden State are whisky firm Isle of Arran Distillers, kilt makers Piob Mhor of Blairgowrie, Perthshire, and textile firm Reid & Taylor of Langholm, Dumfriesshire.
MEPs also voted (537 in favour and 20 against) to pump 38.7 million into three European and international financial oversight boards: theaInternational Accounting Standards Committee Foundation (IASCF),athe European Financial Reporting Advisory Group (EFRAG) and the Public Interest Oversight Board (PIOB).
The creation of the Public interest Oversight Board (PIOB) has been responsive to both these common principles.