Audit of Financial Statements of Companies within the Scope of KGK… Our aim is to fulfil the legal obligations of companies accurately and in a timely manner and to help our customers obtain the reliable information they need.
Our audit work is carried out in accordance with International Auditing Standards and Turkish Auditing Standards.
We provide independent audit services for financial statements prepared under the following standards and regulations:
- Turkish Accounting Standards and Turkish Financial Reporting Standards (“TMS/TFRS”) published by the Public Oversight Accounting and Auditing Standards Authority (“KGK”) and
- Financial Reporting Standards for Large and Medium-scale Enterprises (“BOBI FRS”),
- International Financial Reporting Standards (“IFRS”),
- U.S. Accepted Accounting and Reporting Standards (“US GAAP”).
Independent audit, refers to the application of all necessary audit techniques over the books, records and documents, evaluating and linking to the report of annual financial statements and other financial information of enterprises regarding its compliance and accuracy with the criteria (for example, international financial reporting standards) determined by the relevant institutions (KGK) in order to obtain sufficient and appropriate audit evidence to provide reasonable assurance by applying all the necessary independent auditing techniques stipulated in the generally accepted independent auditing standards.
Audit of Financial Statements of Companies within the Scope of KGK
An audit of financial statements is an examination of the financial statements of an enterprise to express an opinion on whether the financial statements have been prepared in accordance with predetermined criteria.
Independent auditing can be defined as the process of an independent external auditor systematically collecting and examining evidence and presenting the results in a report to form an opinion aiming to provide reasonable assurance about the accuracy and reliability of the entity’s financial statements.
The purpose of the independent audit is to investigate whether the financial statements as a whole comply with predetermined criteria. The purpose of the independent audit is to reach an idea on whether the financial statements prepared by the enterprise as a whole are prepared accurately and honestly in accordance with financial reporting (accounting) standards.
In an independent audit work, it is tried to form an idea on whether the financial statements of the enterprise accurately and honestly reflect the financial position and operating results in accordance with the generally accepted accounting principles and legal regulations.
The general features of the financial statement audit are listed below:
- The purpose of financial statement auditing is to increase the reliability of the entity’s financial statements.
- The independent audit does not give absolute (100%) assurance about the financial statements but promises reasonable assurance.
- The auditor who audits the financial statements is independent of the entity.
- The purpose of a financial statement auditing is to form an opinion on whether the financial statements as a whole are prepared in accordance with generally accepted accounting principles.