The effect of amendments according to ISA 701 in audit reports on auditors: Qualitative research on the potential effect in Turkey practice

The Auditor's Report is the most independent channel in which the results of the audit process are presented directly. The revision of auditing standards has required both for the auditor's responsibilities and for building an opinion due to the increasing need for objective, transparent and reliable information. The works initiated by the International Auditing and Assurance Standards Board (IAASB) in 2006 was finalized and it was decided that new and audited reporting standards should be implemented as of 15.12.2016. The research conducted by the IAASB in this process has revealed that the auditor's report of the users only reads the paragraph of opinion expressing the degree of compliance of the financial statements with the relevant standards. Stakeholders have particularly expressed the need for more informative and informative auditor reports in their work within the context of the IAASB's review of the auditor's report. The new reporting standards are intended to provide detailed information about the audit process, which is part of the key audit issues section included in the auditor's report, and the fact that the readers of the auditor's report provide detailed information about the entity. The aim of our work is to establish a professional jurisdiction within the framework of ISA 701, from the identification of key audit issues in new and audited reporting standards to the reporting of appropriate information to be disclosed in this context. This standard will increase the transparency of the financial statement reader to better understand the financial statements and will be a guide for investors. The importance of this standard is great for competing in international environment.