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’

    standards; and

(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.

Project Contact

Task Force

Correspondent members:

Project Stages

Board Papers

November-December 2021

Board Minutes

November-December 2021 (Available March 2022)

IESBA November-December 2021 Meeting Highlights

The IESBA unanimously approved revisions to the definitions of “listed entity” and “public interest entity” (PIE) in the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code).

The revisions were developed in close coordination with the International Auditing and Assurance Standards Board (IAASB) within the established coordination framework of the two Boards. The IAASB will consider undertaking a narrow-scope maintenance of standards project in 2022 to explore potential revisions to its standards arising from the revised definitions of “listed entity” and “PIE” in the Code.

Subject to Public Interest Oversight Board (PIOB) approval, the final pronouncement is expected to be released by April 2022. It will be effective for audits of financial statements for periods beginning on or after December 15, 2024.