Working together, they were able to develop a common position on reforms. This common position served as a basis for dialogue with the leadership of IFAC about establishing a credible independent oversight authority to help enhance the integrity and objectivity of the IAASB's international audit-standards-setting processes.
This led to the creation of the new Public Interest Oversight Board of IFAC, which is now busy assuming its new responsibilities. The Public Interest Oversight Board (PIOB) should, over time, lead to enhanced audit standards and practices around the world.