Definitions of Listed Entity and Public Interest Entity
The objectives of the IESBA’s Definitions of Listed Entity and PIE Project are:
(a) To review, in coordination with the IAASB, the definitions of the terms “listed entity” and “PIE” in the Code with a view to revising them as necessary so that they
remain relevant and fit for purpose; and
(b) In doing so, to:
(i) Establish agreement between the IESBA and IAASB on a common revised definition of the term “listed entity” that would be operable for both Boards’
(ii) Develop a pathway that would achieve convergence between the concepts underpinning the definition of a PIE in the Code and the description of an
ESPI in the IAASB standards to the greatest extent possible.
The project is focused on audits of financial statements and auditor independence.
- Michael Ashley, Chair, IESBA Member
- Liesbet Haustermans, IESBA Member
- Ian McPhee, IESBA Member
- Andrew Mintzer, IESBA Member
IESBA December 2020 Meeting Highlights
The IESBA approved for exposure proposed revisions to broaden the Code’s definition of “public interest entity” (PIE) and to revise the definition of “listed entity.” The proposals were developed in close coordination with the International Auditing and Assurance Standards Board (IAASB) within the established coordination framework of the two Boards.
The Exposure Draft (ED) was released on January 29, 2021 and will be open for public comment until May 3, 2021.