Comparison of Independent Audit Standards and Interest-Free Finance Auditing Standards

The Accounting Information System basically operates as input-process-output for all types of business and differences occur in the financial reports which are the outputs of this system. Accounting information systems are also structured differently due to reasons such as the fact that financial institutions, especially banks, use a different chart of accounts, have been subject to Turkish Financial Reporting Standards for many years, and have to comply with the regulations of institutions such as the Capital Markets Board and the Banks Association. The interest-free financial institutions, among financial institutions, stand out from others. The interest-free financial institutions in our country operate as participation banks and these banks establish a partnership relationship with loan and deposit holders and do not carry out transactions involving interest. Independent audits of interest-free financial institutions, which differ from traditional financial institutions with these features, should also be special. This issue has been regulated by the publication and entry into force of the "Interest-Free Finance Auditing Standards" by the Public Oversight Accounting and Auditing Standards Authority. In this study based on these standards the relation between the currently existing "Interest-Free Finance Auditing Standards" and the "Independent Auditing Standards" published by the Public Oversight Accounting and Auditing Standards Authority was examined. Based on this, firstly, Interest-Free Finance Audit standards were examined; the subjects it covers were matched with whichever independent auditing standard they overlap with. Afterwards, each common point was explained in detail.