The main functions of the Commission for Public Oversight of Statutory Auditors as follows:

• Exercises supervision over the activity of the Institute of certified public accountants. 
• Approves the rules and procedures for carrying out quality assurance reviews of the activity of statutory auditors and the persons involved in the reviews.  
• Approves annual budget assuring the funds for the functioning of the system of quality control, the annual plan and the proper budget for carrying out reviews.
• Approves the contents, organisation, rules and procedures for conducting the candidates’ exams for getting a diploma as a certified public accountant at the Institute of certified public accountants as well as rules for conducting continuing training of the candidates for certified public accountants.
• Approves the Institute of certified public accountants’ reports on the results of the quality assurance reviews on the activity of the statutory auditors completed and  assesses the results of the reviews according to criteria approved by the Commission. Assigns further or repeated reviews in those cases where the results of the quality assurance reviews carried out by the Institute of certified public accountants’ bodies are unsatisfactory and appoints a member of the Commission to take part in the reviews alongwith the Institute of certified public accountants’ representatives.
• Carries out investigations upon received warnings and proposals by interested persons regarding alleged contraventions as well as in other cases where the Commission is vested with discretion. Based on the results of the reviews The Commission prescribes mandatory instructions to the statutory auditors and can undertake measures against them.
• The Commission imposes penalties in cases regulated by the Law.
• The Commission cooperates with the respective competent authorities from other Member States of the European Union with the purpose of exercising their powers in the field of public oversight of statutory auditors.