The potentiometer PR has to be adjusted: Just set the desired voltage at which the circuit has to beep and then find a position of the PR at which the circuit starts to beep. The TL431 is a shunt voltage regulator and will pull down the pin 1 of the CD4093 when the voltage on its pin 1 is higher than 2.5V. One gate of the CD4093 forms an oscillator running at audible frequency. 3 unused gates have their inputs tied to GND. Piezzo is a of a passive type, it doesn't have built in generator.
The circuit has been built a piece of prototype PCB.