The Audit Public Oversight Board was founded in October 2013 in order to protect public interests and supervise the work of the Chamber of Certified Auditors, audit companies, independent advisers and licensed certified auditors.

The establishment and the work of the Audit Public Oversight Board is governed by the Law on Audit. It is the role of the Board to control the work of auditors, audit companies and of the Chamber of Certified Auditors, and to license auditors and audit companies. Its members are independent from the impact of the auditors and the Chamber of Certified Auditors.

The work of this body will contribute to the higher transparency and enhanced financial discipline. The model of public oversight was accepted in accordance with the best international practices in the area and adheres to the EU acquis. The goal is to have the quality of financial reporting improved, regulations and practice harmonized.

The Audit Public Oversight Board has a Chairman and six members. The Chairman and the members of the Audit Public Oversight Board are elected and released from duty by the Government. Four members are elected at the proposal of the Minister of Finance, one member is proposed by the National Bank of Serbia and one member by the Securities Commission.

The Audit Public Oversight Board supervises:

1) Programs for taking, recognizing and organizing examinations for the title of a certified auditor;
2) Establishing and implementation of the program for continuous professional capacity building of certified auditors;
3) Granting, renewal and withdrawal of certified auditor licenses;
4) Granting to and revoking audit authorizations from audit firms and independent auditors;
5) Application of IAS;
6) Application of the Auditors’ Code of Professional Ethics;
7) Implementation of disciplinary actions and other measures aimed at correcting and sanctioning irregularities.