Key audit matters of auditing standard 701: Analysis of the independent auditors' reports of textile firms listed in BIST

Confidence in audit has been lost in recent years due to various accounting and auditing scandals in various countries. To increase the quality of auditing and to ensure the trust in auditing, international auditing standards have been issued and the independent auditors' reports are required to be based on these standards. International Auditing and Assurance Standards Board (IAASB) has recently made modifications in some of the audit standards and issued International Standard on Auditing 701 Communicating Key Audit Matters in the Independent Auditor's Reports. The Turkish version of the standard was published to be effective on 01.01.2017 by Public Oversight, Accounting and Auditing Standards Authority. In this thesis, we examined the independent auditors' reports of textile firms listed in Borsa İstanbul through the years 2017-2020 and analyzed how key audit matters were addressed in these reports. Keywords: Independent Audit, Key Audit Matters, BIST Textile Industry.