Audit and Oversight of Audit in terms of Commerce Law of Turkey

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Gücenme Gençoğlu Ü., İşseveroğlu G., Ertan Y.

Business and Economics Research Journal, vol.2, no.1, pp.109-120, 2011 (Peer-Reviewed Journal)

  • Publication Type: Article / Article
  • Volume: 2 Issue: 1
  • Publication Date: 2011
  • Journal Name: Business and Economics Research Journal
  • Page Numbers: pp.109-120
  • Bursa Uludag University Affiliated: Yes


While the rapid change brought by globalization of the economic life are enhancing world-wide the need for reliable and transparence information, the preparation of financial statement according to these two factors depends on establishing a unity between reporting standards and auditing applied around the world. Since 2005, stock market companies have started mandatory application of Turkish Accounting Standards (TASs), which is published in accordance with the International Financial Reporting Standards (IFRSs). Banking Regulation and Supervision Agency (BRSA) and Capital Markets Board (CMB) have taken very significant steps towards implementation of independent audit. A new Draft Turkish Commerce Law (TCL), as a replacement of the current TCL, has been prepared and it is now underway of becoming law. Moreover, according to draft TCL, Turkish Audit and Assurance Standards Board should be established. All of these developments perform with the object of secure transition from a tax oriented auditing view point to economic auditing point. The current study aims to reveal the development and current condition of auditing in Turkey and what have done in terms of keep up with international development. Keywords: Audit, Oversight of audit, Draft Turkish Commerce Law, International Audit Standards, Turkish Accounting Standards, Corporate governance