Independent audit in Turkey?s capital market

In capital markets, investors make their investment decisions individually. From this aspect; the basic risk that investors are faced with in capital markets is asymmetric information distribution. Thence; the main purpose to regulate capital market process is protection of investors. The significance of independent auditing comes into at this point. The requirement to be felt to reliable information is the fundemental cause that makes independent auditing essential.In this study, basically accentuated on exigency, importance and efficacy of independent auditing that is considerably significant in terms of capital markets regulation. Within the context of independent auditing necessity, the principle of elucidation to public that The Capital Markets Law takes as a base in terms of ensuring reliance and stability in markets and protecting investors is discussed. In this sense, independent auditing is evaluated based on The Capital Markets Law.International Auditing Standards, which were setted by Eight Directive and IFAC, are disscussed from the aspect of Generally Accepted Auditing Standards. Following to the scandals experienced in The US as Enron and WorldCom, the need to make further extensive and detailed arrangements regarding independent auditing, emerged. Within this context of improvements, one of the most significant and comprehensive regulation related to independent auditing was implemented with Sarbanes ? Oxley Law that was passaged into law in The US in 2002. In the study; in parallel with Sarbanes ? Oxley Law, regulations conducted and accomplished by Capital Markets Board are discussed.Problems, concerning implementing of international auditing standarts in Turkey Capital Market during the harmonization period, and solution suggestions are discussed.Key Words: 1) Independent Audit, 2) Elucidation to Public Principle,3) Auditor Independence, 4) International Auditing Standards