Independent audit profession under Turkish Commercial Law: Evidence from Gaziantep

In order to compete in highly competitive markets and trade securities in domestic or international stock markets, businesses in Turkey must properly and transparently prepare their financial statements in accordance with IFRS (International Financial Reporting Standards) and these statements must also be audited in compliance with International Standards on Auditing. In this regard, the new Turkish code of commerce has come into effect as of July 01, 2012. Turkish Commercial Code No. 6102 which was enacted by the Grand National Assembly of Turkey require that some certain size companies must prepare their financial statements according to Turkish Financial Reporting Standards and their financial reports have to be controlled by independent auditors. The aim of this study is to introduce the concept of auditing from old and new regulation perspective, to show how independent auditing profession was met by members of the accounting professionals and to reveal the problems faced in practice by professional accountants. In order to show how the theoretical knowledge implemented in practice, a survey was conducted in members of Gaziantep Chamber of CPAs (Certified Public Accountants) and was assessed the results compiled. Key Words: Internatioanal Financial Reporting Standards(IFRS), Turkish accounting standarts (TAS), Turkish Financial Reporting Standards (TFRS), Turkish Commercial Code No. 6102