The proposed POB, which will have lay members to represent the public interest that is currently seen by the European Commission, among others, as lacking within the IFAC organization, is likely to go live later this year. Persuading the right people to take on the task, however, will take some time, says Institute of Chartered Accountants in England and Wales president Graham Ward, who is the United Kingdom's IFAC representative.

The POB will be responsible for overseeing the activities of the Forum of Firms, the Ethics Committee and the IAPC.

Meanwhile, IFAC member bodies have agreed to increase their financial support for the IAPC. This will enable the committee to take on at least two new members of staff to help with the heavy workload it faces in updating and improving International Auditing Standards.

The strategy of bringing in lay representation is seen as fundamental if ISAs are to achieve the same level of acceptance globally as International Accounting Standards.

"The POB will really be concerned with the process of standard-setting and enforcement and transparency," Ward said. "Having universal acceptance of those processes is an IFAC priority."

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