What is the Purpose of the Public Oversight Authority?

The purpose of the Public Oversight Authority is to protect the interests of investors, ensure that audit reports are prepared accurately and independently, safeguard the public interest, and provide correct, reliable, and comparable financial information. It was established to oversee and monitor the audits of large-scale companies, including stock exchange companies, banks, and insurance companies.

What are the Duties of the Public Oversight Authority?

The duties of the Public Oversight Authority include authorizing independent audit firms and auditors, conducting public oversight in the field of independent auditing to ensure consistency, trust, and quality in auditing, establishing and publishing Turkish Accounting Standards (TAS) in compliance with international accounting standards, and establishing and publishing Turkish Auditing Standards (TDS) in compliance with International Auditing Standards.

What are the Duties of a Public Oversight Expert?

The duties of a Public Oversight Expert include inspecting and reviewing independent auditors and audit firms, participating in legislative work related to the establishment of Turkish Accounting and Auditing Standards, handling the authorization processes of independent auditors and audit firms, representing the Authority in cooperation with international organizations that publish accounting and auditing standards and serving on working commissions within these organizations, proposing and monitoring legislative changes, participating in regulatory activities, and conducting training, conferences, courses, and seminars for real and legal persons, public institutions, and stakeholders to ensure proper application of legislation.

Public Oversight Authority Trainings

On 04.11.2017, in the Official Gazette numbered 30230, the Communiqué on Continuing Education for Independent Auditors was published to regulate the procedures and principles for maintaining and developing the professional knowledge and skills of independent auditors, so that they can provide independent audit services in compliance with ethical rules and at high quality. The purpose of Public Oversight Authority trainings is to maintain and develop professional knowledge and skills at the required level to ensure independent audit services in compliance with ethical rules and at high quality. Training topics consist of core professional subjects and supportive subjects. Core professional subjects include accounting, auditing, ethical rules, finance, and corporate governance. Finance includes capital markets, banking, insurance, private pension, and financial management. Supportive subjects cover other topics that contribute to professional development and personal growth. The presidency is authorized to determine the supportive subjects.