Service Scope

HEAD OF AUDIT

nazim.hikmet@tr.gt.com

Nazım Hikmet

Audit Services

At Grant Thornton Turkey, we continue to provide high-quality audit services for all companies which are required to have their financial statements audited.

At Grant Thornton Turkey, we aim to provide excellent audit services for a wide range of clients including both large-scale multinationals as well as small and medium scale dynamic enterprises, and to contribute to healthy and sustainable growth on part of our clients. The fact that new Turkish Commercial Code entered into force, and the innovations introduced and criteria established by the Public Oversight Accounting and Auditing Standards Agency (KGK) regarding auditing processes in Turkey, are most crucial for healthy auditing of the productive and commercial processes in Turkey. The accuracy and reliability of information regarding the finances of the companies has never been more important and is crucial for investors as well as other stakeholders. In this context, financial statements audited by an independent auditor ensures that accuracy and reliability. At Grant Thornton Turkey, we keep a close eye on ever changing national and international accounting and financial reporting standards as well as other applicable regulations and offer integrated audit services in the light of our global audit methodology. The independent assurances we offer through our recommendations and review offers a valuable source of support and protection in an ever more complicated business world.

Comprehensive Audit Solutions

At Grant Thornton Turkey, our audit services cover the following issues, in compliance with international standards.

  • Auditing of the financial statements drawn up on the basis of Turkish Financial Reporting Standards (TFRS) standards in compliance with International Financial Reporting Standards (UFRS), with respect to firms subject to auditing under the new Turkish Code of Commerce
  • Auditing of financial statements drawn up in accordance with UFRS
  • Auditing of financial statements drawn up by firms subject to auditing as per Public Oversight Accounting and Auditing Standards Agency (KGK) regulations
  • Auditing of financial statements drawn up according to the Capital Markets Board Communiqués and Standards, by firms intending to have public offering of their shares, and by publicly held corporations and other firms subject to Capital Markets Regulations
  • Auditing of financial statements of corporations the shares of which are traded in the exchanges of other countries
  • Auditing of financial statements drawn up according to the widely accepted accounting principles in the US
  • Auditing of financial institutions’ financial statements drawn up in accordance with the standards and regulations of the Banking Regulation and Supervision Agency
  • Application and reporting of procedures agreed upon with respect to financial statements,
  • Auditing of financial statements of enterprises which issue bonds or other financial instruments
  • Auditing of the financial statements of foreign firms’ local subsidiaries, and auditing of financial statements drawn up according to local standards, for overseas shareholders,
  • Internal control audits
  • Compliance audits applied in line with the requests of banks and other similar entities
  • Auditing of information technology systems

One of the most important functions of any audit activity is to present financial statements drawn up in compliance with financial reporting standards, and to assess the financial statements to see if they offer accurate and reliable information or not. Each year, the International Financial Reporting Standards (UFRS) undergo significant changes, with new standards being introduced. Such tides of change cause certain variations in the presentation of financial statements. That is why companies are required to draw up their financial statements for each year, in compliance with the standards applicable for that year.

The firms Eren Bağımsız Denetim ve Yeminli Mali Müşavirlik A.Ş. and Engin Bağımsız Denetim ve Serbest Muhasebecilik Mali Müşavirlik A.Ş. operating under the umbrella of Grant Thornton Turkey have been authorized by the Public Oversight Accounting and Auditing Standards Agency (KGK) as ‘Independent Audit Providers’ and are authorized to perform “Audits Including Those of Public Interest Entities (KAYİK)”.

Fair and Transparent Audit of Financial Statements

The primary purpose of having financial statements audited by independent auditors is to see if the statements are authentic, fair, and reliable or not. In some countries, the Generally Accepted Accounting Standards (GAAP) embraced in the US are employed instead of UFRS.  Yet, Turkey have completed its transition to IFRS, and has been implementing these standards. Since 2005, the IFRS-compliant TFRS standards published the Accounting Standards Board of Turkey has been in force in Turkey. These standards provide substantial assets to Turkey, in the field of accounting and auditing. As is the case with many countries all around the globe, companies in Turkey are also required to have their financial statements audited in compliance with TFRS standards. At Grant Thornton Turkey, we offer risk-focused auditing services for such companies.

In addition to our local clients, we work with international corporations as well, and provide auditing services by successfully applying both TFRS and the Generally Accepted Accounting Standards from the US. Turkish Code of Commerce no. 6102 (TTK) embraces the “honest picture principle” regarding the compilation of the companies’ financial data. That principle, in turn, requires transparency, reliability, and comprehensibility of the information provided in a financial statement. Thus, the application of the Accounting Standards of Turkey is most crucial in the preparation and presentation of such statements.

Strict Compliance with Standards and Regulations...

In accordance with Turkish Commercial Code, from 1.1.2013 on, the enterprises subject to auditing are required to adopt the Accounting Standards of Turkey, and to draw up their financial statements for the end of each accounting period in compliance with the Financial Statement Models and Guidelines published by the Public Oversight Accounting and Auditing Standards Agency (KGK). The auditor’s report should explicitly state that the financial statements have been drawn up in compliance with the applicable audit standards. The consistency of the financial statements, as well as ensuring that they are free from any errors or fraud elements, along with their compliance with applicable accounting policies are important concerns the audit report should note. In the same vein, statements attesting the auditor’s compliance with ethical requirements, as well as the applicability, adequacy, regularity and fairness of the process planned for the audit should be presented.

At Grant Thornton Turkey, we continue to provide high-quality audit services for all companies which are required to have their financial statements audited.