Investigation of independent audit and quali̇ty control system: Application at BIST 100 on the measurument of independnt audi̇t quality

The scandals such as Enron, Worldcom, etc. which appeared in early 2000s, have severely damaged investors' confidence in the market. For this reason, national and international professional organizations and related authorities in the countries need to carry out the studies that prioritize the quality of the profession. It is emphasized that it is necessary to have supervision of independent audit by an upper authority by taking into consideration the deficiencies of the current practices in the previous periods. In this context, the public surveillance authorities, that were established in the EU countries and other geographies, especially in the USA, have put into force the practices of increasing the quality of the supervision. This study aims to evaluate the independent audit service within the framework of the quality control system. In this context, we evaluate the effectiveness of the quality control system in our country after important information about the concept of independent audit, the quality of independent audit, and the national and international regulations on quality control system in independent audit have been given. The parties that are handled in part of the application are the independent audit companies and BİST 100 firms that are determined in the Public Disclosure Platform (PDP). In the first part of the application, information on the effectiveness of the quality control system that is established within independent audit firms, is obtained. Meanwhile, in the other part, the information about the quality of the services received by the enterprises in the BİST 100 index, which has received the independent audit service, are obtained. In the last part of the application, there are the evaluations about the satisfaction of the parties, their responsibilities, expectations regarding quality of service within the audit process. As a result of the study, it has been revealed that the regulations and standards established for the quality of independent audit are very important. In this context, it is clear that the acquisition and the granting of the independent audit service have increased the quality of audit when the main provisions of KKS 1 are taken into consideration. On the other hand, we conclude that the Public Oversight Authority (POA) should carry out a more detailed study together with other professional authorities on inspection fees and out of independent audit services within the scope of oversight and inspection activities. Key words: Independent Audit, Quality Control System, POA.