Key audit matters in independent audit reports: Investigation of manufacturing businesses in BIST 100

In spite of the changes to the audit report over the years, the audit report remained mostly unchanged, and could not be more than a document that informs financial statement users about whether the finacial statements of the bussinesses have been prepared in accordance with accounting standarts. However, after the audit scandals and finacial crisises in early 2000s, credibility of the independent audit began to be questioned, and users of the financial statements started to demand more comprehensive information about independent audiactivity that had been performed. The International Board of Auditing and Assurance Standards (IAASB) has issued the 'Standard on Key Auditing Issues 70 701 to respond to a more comprehensive, transparent information request from users of the financial statements. Turkish adaptation of the standard was made by the Public Oversight Accounting and Auditing Standards Board and entered into force as of 01.01.2017. In our study, the independent audit reports of the enterprises in the manufacturing sector traded on Borsa Istanbul in 2017 were examined, and the first applications related to the key audit issues included in the independent audit reports of the enterprises were tried to be evaluated in terms of manufacturing sector.