{"id":2857,"date":"2020-08-14T16:44:35","date_gmt":"2020-08-14T13:44:35","guid":{"rendered":"https:\/\/teolupus.com\/?p=2857"},"modified":"2023-10-25T16:53:25","modified_gmt":"2023-10-25T13:53:25","slug":"independent-audit-qa","status":"publish","type":"post","link":"https:\/\/teolupus.com\/en\/independent-audit-qa\/","title":{"rendered":"Independent Audit: Questions and Answers"},"content":{"rendered":"

What is an independent audit?<\/b><\/h2>\n

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.<\/span><\/p>\n

What is an external audit?<\/b><\/h3>\n

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.)<\/span><\/p>\n

What is an independent auditor?<\/b><\/h3>\n

Independent auditors are people authorized by the Public Oversight Authority (KGK) to carry out independent audits.<\/span><\/p>\n

What is an independent audit team?<\/b><\/h3>\n

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.<\/span><\/p>\n

What is an independent audit organization?<\/b><\/h3>\n

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.<\/span><\/p>\n

What are the differences between internal audit and independent audit?<\/span><\/h2>\n

<\/h2>\n\n\n\n\n\n\n\n\n\n\n\n
Factor<\/span><\/td>\nInner control<\/span><\/td>\nIndependent Audit<\/span><\/td>\n<\/tr>\n
Aim<\/span><\/td>\nRisk Management and Controls<\/span><\/td>\nAbout Financial Statements Commenting<\/span><\/td>\n<\/tr>\n
Scope<\/span><\/td>\nAll business activities, fraud, compliance, etc.<\/span><\/td>\nBalance sheet, income statement, and financial systems<\/span><\/td>\n<\/tr>\n
Independence<\/span><\/td>\nBusiness employee, but independent as per St.<\/span><\/td>\nAn external audit organization<\/span><\/td>\n<\/tr>\n
Employee<\/span><\/td>\nExpert personnel in the field of internal auditing<\/span><\/td>\nStaff specialized in Financial Reporting Practices<\/span><\/td>\n<\/tr>\n
Methodology<\/span><\/td>\nRisk-focused audit and consultancy activities<\/span><\/td>\nPartly risk-driven, documentation and verification<\/span><\/td>\n<\/tr>\n
Standard<\/span><\/td>\nInternational Internal Audit Standards<\/span><\/td>\nUFRS\/KGK- TFRS<\/span><\/td>\n<\/tr>\n
Reporting<\/span><\/td>\nAudit Committee and Senior Management Detailed Report<\/span><\/td>\nReporting to partners and external stakeholders<\/span><\/td>\n<\/tr>\n
Legal liability<\/span><\/td>\nFinancial institutions affiliated with BRSA and part of the public sector<\/span><\/td>\nPublic enterprises subject to CMB legislation and enterprises in compliance with KGK standards<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Resources<\/b><\/h2>\n
    \n
  • IPPF (International Professional Practice Framework) – Standards, Practice Recommendations, Practice Guides)<\/span><\/li>\n
  • Public Internal Audit Guide (Public Internal Audit Coordination Board Ankara September 2013)<\/span><\/li>\n
  • \u0130SMMMO-Practical Information for Internal Audit in SMEs 2013<\/span><\/li>\n
  • Teolupus Internal Audit Guide Studies<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    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…<\/p>\n","protected":false},"author":2,"featured_media":4030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845,842],"tags":[458],"class_list":{"0":"post-2857","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-insights","8":"category-publications","9":"tag-independent-audit"},"_links":{"self":[{"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/posts\/2857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/comments?post=2857"}],"version-history":[{"count":0,"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/posts\/2857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/media\/4030"}],"wp:attachment":[{"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/media?parent=2857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/categories?post=2857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/teolupus.com\/en\/wp-json\/wp\/v2\/tags?post=2857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}