The body was initially established under the name National Supervision Board at Magelang, Central Java during the United States of Indonesia period on 28 December 1946.

[2][3] The Board has increasingly tackled environmental issues, revealing in 2014 that the Ciliwung River had been polluted by seventeen separate companies, submitting its report to the police.

[3] In 2016, Board chairman Harry Azhar Azis was implicated in the Panama Papers due to a previously registered blank company which he hadn't reported.

[4] Azis claimed that the company was merely a registered name on paper which he had started for his oldest daughter, but then sold to someone else after his appointment as Board chairman in December 2014.

The Board is the highest body within the Indonesian government in terms of state financial accountability and management.