DENETİM

If we examine the institutions that are
authorized in the development and publication
of auditing standards, quality control standards
and code of ethics in Turkey and in the World;
IFAC (International Federation of Accountants) is
authorized in the world, KGK (Public Oversight,
Accounting and Auditing Standards Authority) is
authorized in Turkey.

IFAC’s strategic actions are grouped under three strategic
objectives (integrity, expertise, transparency) and
leverage IFAC’s unique position.

The work of the international, independent standard-setting boards supports the global economy and
financial markets by producing high-quality, global standards for audit and assurance, professional ethics,
public sector financial reporting, and professional skills and competencies.

In order to ensure audit to be qualified in Turkey, the KGK signed a copyright agreement
with International Federation of Accountants (IFAC) in 2013.

Auditing standards are the measure of the quality of the auditor’s audit performance.

Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when
conducting audits on companies’ financial records.

General standards address the important qualifications of the auditor should possess.

Unmodified opinion : 

The opinion expressed by the auditor when the auditor concludes that
the financial statements are prepared fairly, in all
material respects, in accordance with the applicable
financial reporting framework and conformity and
accordance with generally accepted accounting principles (GAAP)

The Fundamental Principles
A professional accountant shall comply with each of the fundamental principles. The fundamental
principles of ethics establish the standard of behavior expected of a professional accountant. These
fundamental principles are:

• Integrity
• Objectivity
• Professional Competence and Due Care
• Confidentiality
• Professional Behavior

Integrity: Professional accountants must be
honest and straightforward during their work
in all professional and business relationships at
all times.

Auditing standards provide a measure of audit quality and the objectives to be achieved in an audit.

IFAC is the global organization for the accountancy profession, comprising more than 175 member and associate organizations in 130 countries and jurisdictions, representing nearly 3 million professional accountants.

The KGK is responsible for achieving an effective public oversight in Turkey. The KGK is also responsible for setting standards that ensure the preparation and auditing of financial statements in compliance with international standards.

The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.

Generally accepted auditing standards have been approved and adopted by the membership of the AICPA

Adequacy of Onformative Disclosures is described as reporting standard in Generally Accepted Auditing Standards

The auditor’s responsibility is to form an opinion on the financial statements. Auditor’s report indicates the degree of the responsibilities. The auditor’s report shall be in writing. The auditor’s opinion varies according to the importance of the violation in the reporting standards and its impact on the financial statement. This called Expression of Opinion on Financial Statements in GAAP

Professional accountants must be honest and straightforward during their work in all professional and business relationships at all times. This is called integrity in GAAP

A professional accountant shall comply with the principle of objectivity, which requires an accountant not to compromise professional or business judgment because of bias, conflict of interest or undue influence of others.

The firm shall establish a monitoring process designed to provide it with reasonable assurance that the policies and procedures relating to the system of quality control are relevant, adequate, and operating effectively. Policies and procedures related with monitoring are ensuring harmony with professional standards and legal and regulatory requirements and the system of quality control has been appropriately designed and effectively implemented.