Independent audit in Turkey, responsibilities and sanctions

In history, audit has developed in parallel with the increase in human activities. Today , an important area of audit is independent external audit of financial statements .In Turkey and in the world the standards and conditions relating to the audit of financial statements are determined by public oversight bodies. In this study, it is aimed to examine the administrative sanctions of public oversight bodies, which are regulatory authorities on the audit system. With the review, it was aimed to determine the status of administrative sanctions applied in our country and to create an idea about the adequacy of the penalties. In line with this purpose, administrative sanctions and administrative penal legislation which were applied in 2017,2018,2019 by public oversight bodies of Turkey, The United State of America and United Kingdom were compared. As a result, the penal sanctions of the countries were examined, and it was concluded that the deterrent effect of the penalties in our country was not sufficient.