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Independent Audit: Questions and Answers

What is an independent audit?

To obtain sufficient and appropriate independent audit evidence that will provide reasonable assurance regarding the compliance and accuracy of financial statements and other financial information with financial reporting standards (IFRS/TFRS), auditing and evaluating the books, records, and documents by applying the necessary independent audit techniques prescribed in the auditing standards. Reporting is called an independent audit.

What is an external audit?

It refers to the audit carried out by different public or independent organizations for different purposes. (Tax audit, CMB audit, BRSA audit, audit by labor inspectors, etc.)

What is an independent auditor?

Independent auditors are people authorized by the Public Oversight Authority (KGK) to carry out independent audits.

What is an independent audit team?

The team consisting of the responsible auditor and the independent auditors working under his responsibility to perform a specific independent audit task is called the independent audit team.

What is an independent audit organization?

Capital companies authorized by the institution to conduct independent audits and whose partners consist of professionals who have received a sworn financial consultancy or independent accountant financial consultancy license are called independent auditing organizations.

What are the differences between internal audit and independent audit?

FactorInner controlIndependent Audit
AimRisk Management and ControlsAbout Financial Statements Commenting
ScopeAll business activities, fraud, compliance, etc.Balance sheet, income statement, and financial systems
IndependenceBusiness employee, but independent as per St.An external audit organization
EmployeeExpert personnel in the field of internal auditingStaff specialized in Financial Reporting Practices
MethodologyRisk-focused audit and consultancy activitiesPartly risk-driven, documentation and verification
StandardInternational Internal Audit StandardsUFRS/KGK- TFRS
ReportingAudit Committee and Senior Management Detailed ReportReporting to partners and external stakeholders
Legal liabilityFinancial institutions affiliated with BRSA and part of the public sectorPublic enterprises subject to CMB legislation and enterprises in compliance with KGK standards


  • IPPF (International Professional Practice Framework) – Standards, Practice Recommendations, Practice Guides)
  • Public Internal Audit Guide (Public Internal Audit Coordination Board Ankara September 2013)
  • İSMMMO-Practical Information for Internal Audit in SMEs 2013
  • Teolupus Internal Audit Guide Studies

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