The assessment of independent external auditing performed in Turkey in terms of generally accepted auditing standards

Audit scandals experienced recently in world and in Turkey have better shown the importance of independent external audit in the sense of producing transparent financial statements and earning confidence of financial statement users.Competence and quality of external audit can be guaranteed only when certain criteria are developed. These criteria are auditing standards. ?Generally Accepted Auditing Standards (GAAS)? that have reached today with very few changes are the minimum standards required to be followed during audit activities.The aim of this study is to reach a conclusion on the extent to which the arrangements in Turkey concerning independent external audit within the scope of the legislations on capital market, certified public accountancy and sworn-in certified public accountancy and banking comply with GAAS.Following the study, it is concluded that arrangements regarding independent external audit in Turkey within the capital markets legislation comply with GAASs, while those within the banking legislation are in parallel with GAASs, though not as much as capital market?s arrangements. However, arrangements made within the frame of the certified public accountancy and sworn-in certified public accountancy legislation are far from meeting GAASs.Key Words: 1) Auditing, 2) Independent External Auditing, 3) Generally Accepted Auditing Standards