A research on the implementation levels of quality management standards in independent audit firms: Istanbul provincial pratice

Independent audit is of great importance in terms of ensuring the reliability of financial information and providing the necessary support for the users of this information to make correct decisions. In this process, ensuring the quality of the audit stands out as a critical requirement both in terms of the reputation of independent audit companies and the trust in financial reporting. The execution of independent audit activities within a certain standardization framework is made possible through the implementation of Quality Management Standards. However, when the literature is examined, the extent to which these standards are effectively implemented has not been sufficiently examined. In this study, the implementation levels of Quality Management Standards (QMS 1, QMS 2, and ISA 220) by independent audit firms operating in Istanbul were investigated. As a result of the research, it was determined that the implementation levels of Quality Management Standards by independent audit firms were quite high. In addition, it was found that the vast majority of independent auditors had a high level of knowledge about the Quality Management Standards and that this knowledge was supported by continuous in-house training. However, the concentration of experience distribution in companies in favor of young auditors and the relatively low representation of international firms stand out as elements that should be evaluated in terms of the sector's development. Furthermore, it is observed that the implementation level of Quality Management Standards is largely determined by factors such as experience, authority, in-house training, and the size of the firm; whereas variables such as gender, education level, and the sector in which services are provided have a limited effect on this level.