The main functions of the Commission for Public Oversight of Statutory Auditors are 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 the contents, organisation, rules and procedures for conducting the candidates’ exams for obtaining a diploma for a certified public accountant at the Institute of Certified Public Accountants as well as rules for conducting continuous training of the candidates for certified public accountants.
   • Approves reports on the results of the quality assurance reviews on the activity of the statutory auditors of public-interest entities and assesses these results according to the criteria approved by the Commission. Assigns further or repeated reviews in those cases where the results of the quality assurance reviews are unsatisfactory.
   • 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 the cases regulated by the Law.
   • The Commission cooperates with the respective competent authorities from other Member States of the European Union as well as the competent authorities of third countries with the purpose of exchanging information in the field of public oversight of statutory auditors.