In our consultation response to the 2017/ 2019 Public Interest Oversight Board (PIOB) strategy, we propose three ‘pillars’ in standard setting:

• the preparation of the standards by individuals with technical expertise
• the supervision of the standard setting process in the public interest by a public oversight body composed of a wide range of stakeholders
• the creation of Standard Setting Boards of ’mixed’ composition which direct, review, and improve the technical work and which decide on the new standards. We share concerns on the perceived lack of independence and perceived lack of transparency regarding the current nomination and selection process of members of the Standard Setting Boards.

The PIOB and the IFAC Monitoring Group should align and present together their suggestions for potential reform. Moreover, an oversight body should not be directly involved in the standard setting itself.

We are currently working on a project to suggest potential alternative solutions for standard setting in 2017.