Independent external audit in public company

ABSTRACTDoctorate ThesisIndependent External Audit In Public CompanyYasin ULUSOYDokuz Eylul UniversityInstitute Of Social SciencesDepartment of Private LawCapital markets have gained a crucial importance with parallel to theglobalization and development in information technologies. In a capital marketit is necessary to maintain current investors as attracting other investors.Therefore there must be an efficient auditing system in order to built reliabilityand protect all parties especially investors in capital market. Independentexternal auditing is a result of this necessity. That the internal auditing systemregarding the public companies could not execute properly and effectively gainthe external auditing very important position.The auditing processes should be carried out at a specified quality andlevel due to the importance of external audit of financial statements in economiclife. There emerged a crucial need for some standards in order to have theproposed utilities and prevent different comments from occurring for the sameconcept or action. These standards are called as generally accepted auditingstandards. These are the processes that have to be followed by the auditors topursue rather than being the rules that have to be obeyed. These standards arethe least conditions needed for a healthy auditing. In any case of deviation fromthese standards, the report mirrored the auditors opinions has no meaning atall.In this study, the audit concept at general has been examined, then thelocation of independent external audit has been decided and the difference fromthe similar concepts has been laid down. Then, the functions, operations andprocesses of independent external audit at public companies have been studied.Of this direction, the qualities and characteristics of auditors for external audithave been scrutinized. The duties and obligations of audit firms and auditorsare evaluated.Key Words : 1) Audit 2)Auditor 3) External Audit 4)Financial Statement5)Capital Market