Independent audit of corporations and the responsibilities of the independent auditors

Independent audit has been at the top of the agenda frequently as one facet of the discussions of new trade patterns which has gained momentum with the adoption of the New Turkish Commercial Code through the Grand National Assembly of Turkey on January 11, 2011. In this paper, the New Commercial Code which is bringing a completely different system on independent audit, compared to the provisions of the Commercial Law No. 6763 which was still in force; while we were about completing this paper. The main focus of our study is the responsibilities of the independent auditors in the New Turkish Commercial Code?s system.The independent audit agreement and the responsibilities of the parties under this agreement are examined in this paper, after addressing the legal bases of audit activity in joint-stock companies. The United States and the European Union jurisprudence taken as a model system by the legislator especially when creating a new independent audit system has also been included the paper in a separate section.Financial statements and reports of the companies are the basis of the information in capital markets. The notification of this information in a complete, accurate and effective manner to all concerned parties is an indispensable condition for the existence of a strong capital market. Audit reports are the important sources for the investors of getting inside information from the companies. The main objective of the independent audit is to protect the interests of the shareholders and the investors.