Public Oversight Board, with the status of an independent regulatory authority, was established to carry out public oversight and ensure that statutory auditors and audit firms are subject to a quality assurance system. Supervision of the profession of statutory auditors and auditing companies is carried out by the public oversight board as a direct supervising all legal auditors and audit societies, as well as overseeing the activity of the professional organization of legal auditors.
The purpose of the public oversight system of statutory auditors and audit firms is to increase the security that legal audits are conducted in a transparent, controlled and prudent environment and in the service of public interest.

 

Responsibilities

  • Drafts the rules of operation of the Professional Examinations Committee and of the Audit Committee of Legal Auditors and Audit Firms, which are submitted for approval to the authorities provided for in this Law
  • Approves the public register format of statutory auditors and audit firms, registered by the Census Committee, and supervises compliance with the rules regarding the number of identification of legal auditors in the register.
  • It monitors, monitors and evaluates the implementation of the testing and registration procedures of legal auditors and audit firms.
  • Approves the public register format of statutory auditors and audit firms, registered by the Census Committee, and supervises compliance with the rules regarding the number of identification of legal auditors in the register.
  • Approves the Code of Ethics of Legal Auditors and Audit Firms, prepared and proposed by the Professional Organization of Legal Auditors and supervises the implementation of the standards of this Code
  • It oversees the quality control carried out by professional organizations of legal auditors.
  • It oversees the programs and continuous professional qualification of legal auditors.
  • Adopts investigative regulations and procedures for taking disciplinary measures.
  • Whenever it deems necessary, it conducts additional investigations for the statutory auditors and audit societies
  • Review and make decisions on the complaints made by the candidates regarding their registration;
  • Approves and publishes annual work programs and reports of its activities;
    Review and make decisions on cases of disciplinary violations that are its competence;
  • Examines and makes decisions on other aspects or issues provided by this law that are within the scope of its activity.
  • The Board approves the statutes of professional organizations in the field of accounting and oversees their organization and functioning.