Standard of reporting key audit issues in the independent auditor's reports: A research on BIST 100 traded businesses/sectors

Situations such as the complexity of economic activities, technological developments, worldwide economic crises and accounting scandals, and the loss of confidence in the independent audit process have changed the expectations of information users from independent auditing. As a result of the need to present audit reporting to all parties in a better quality, reliable, transparent, high communication value and objective manner, studies on independent audit reporting have been carried out by regulatory institutions. The "Auditor Report project" was initiated by the IAASB in 2011 and international auditing standards were renewed and revised. One of the most important changes made is the publication of the "ISA 701 Notification of Key Audit Matters in the Independent Audit Report" standard. In our country, the Public Oversight, Accounting and Auditing Standards Authority published the aforementioned standard dated 09.03.2017 and numbered 30002 with the title of "BDS 701 Notification of Key Audit Issues in the Independent Audit Report"in the official gazette. In accordance with the Turkish Commercial Code No. 6102 and 01.01.2017 for listed businesses, it has entered into force gradually, to be implemented in the accounting periods starting after 01.01.2018, for businesses that are subject to independent audit by meeting the criteria determined by the Cabinet Decision. In our study, the independent audit reports of the companies traded in the BIST 100 for the years 2019-2020-2021 were examined. In the study, content analysis method was applied. The key control issues indicated in independent audit reports have been analyzed in detail from different aspects. It was revealed which key audit issues were included more on the basis of businesses and sectors, and their progress over the years was followed. The lock control issues were evaluated on a sectoral basis by comparing the key audit issues of the nine sectors among themselves.