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Oversight and Supervision of Independent Audit Activities of Publicly Traded Companies in Turkey: Quality Control of Audit


Author: İlyas YILMAZ*
Lecturer PHD, Bingöl University, Vocational School of Social Sciences, Finance Banking and Insurance Department, Finance.
Published Date: 2025-08-20
Keywords: Audit, Independent Audit, Supervision, Quality Control.
Abstract:
Since the onset of the Industrial Revolution, there has been a significant amplification in the importance of auditing activities. Specifically, the ongoing escalation in the number of tasks and operations executed by businesses has rendered the comprehensive auditing of all activities impractical. Furthermore, the veracity and dependability of the information encapsulated within financial statements, which mirror the activities and performance outcomes of enterprises, have perpetually been of concern. These advancements and challenges have precipitated numerous developments in auditing activities, including sampling-based auditing, internal control, internal auditing, risk-based auditing, and independent auditing. The accounting scandals of the 2000s once again foregrounded the veracity and dependability issues related to financial statements. Independent auditing emerged as a pivotal measure to avert the recurrence of similar scandals, prompting the enactment of legal regulations across various nations. Concomitantly, corresponding legal frameworks were instituted in Turkey to underscore the significance of independent auditing activities. This study scrutinized the quality control measures conducted by the Capital Markets Board from 2000 to 2024 to oversee independent audit activities. The findings indicate that while the number of quality control initiatives for independent audits in Turkey has diminished in recent years, several issues persist within the domain of independent auditing activities.