(PIOB) was established in February 2005 by the Monitoring Group, which was formed when it became apparent that governance reform of the International Federation of Accountants (IFAC) was needed.

IFAC is not an accreditation organization. Membership of IFAC is not obtained via an accreditation process, but instead, IFAC membership is obtained via an application process that must be sponsored by at least one current IFAC member organizations.

Among the key initiatives of IFAC is the organizing of the World Congress of Accountants.

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