The new TCC accepts the Public Oversight, Accounting and Auditing Standards Board (POB) as the sole and exclusive authority to set Turkish Accounting Standards (TAS) and provides the POB with exclusive powers.
The main objectives of the POB are to:
- Obtain validity for the financial statements of Turkish companies in international markets,
- Publish Turkish Accounting Standards in line with international standards that will ensure transparency, accountability, comparability and consistency of financial statements,
- Publish Turkish Auditing Standards that are in line with international standards in order to ensure (a) the true and fair presentation (b) credibility (c) transparency (d) comparability and (e) understandability of financial position, financial performance and cash flows of companies according to TAS through protecting public interest,
- Oversee the audits of companies in order to protect the public interest in the preparation of informative, accurate and independent audit reports,
- Register auditing firms or persons with the POB in order to prepare, issue, or participate in audit reports of companies,
- Investigate and discipline registered auditing firms and persons associated with those firms for noncompliance with the relevant regulations governing the audits of companies. When violations are found, the POB can impose appropriate sanctions. Sanctions imposed by the POB may include suspension or revocation of a firm's registration. The POB may also require improvements in a firm's quality control, training, independent monitoring of the audit work of a firm or individual, or other remedial measures,
- Make regulations for increasing the quality of independent audit as well as public trust on auditing.
The POB is authorized to publish different and exceptional standards for different sized companies, different industries and non-profit organizations.
