Finansal denetim ve halka açık şirketlerin denetlenmesi

Abstract

-VI- ÖZET Bu tez çal ışmasında.sermaye piyasalarının hızla gelişme sine paralel olarak büyük bir gelişme gösteren ve f inansal tabloların denetimi ile, bu denetimin en önemli uygulama alam olan halka acık şirketlerin denetimi ele alınmıştır. Birinci bölümde `dentetlm` ve `finansal denetim` kavram ları tanımlanmış ve aradaki ince fakat önemli bir farklılık ortaya konmuştur. Denetim çalışmalarının tarihsel gelişimi ve bugün gelinmiş olan duruma değinilmiştir.Ayrıca bu bölümde denetçi türleri ve denetim çeşitleri kısaca açıklanmıştır.Bö lümün sonunda ise finansal tabloların denetlenme gereği ve önemine yer verilmiştir. ikinci bölümde Genel Kabul Görmüş Denetim Standartları, denetim kanıtları ve kamt toplama teknikleri ele alınmıştır. Ayrıca, bölüm içersinde, denetim kanıtlarının güvenilirliği ve hata ve hilelerin önlenmesi 11e ilgili hususlara da yer ve ri İmiştir. üçüncü bölüm ise denetim çalışmaları sonucunda, denetim görüşünü açıklamak üzere düzenlenecek olan denetim raporuna ayrı İnmşt-ır. Olumlu.olumsuz ve şartlı görüş açıklama ve görüş açıklamama durumları ele alınmış ve AICPA ve SPK'mn standart rapor örnekleri verilerek denetim raporunun içerikleri ve sözkonusu durumlar açıklanmaya çalışılmıştır. Dördüncü bölümde, denetçinin kayıt düzenini oluşturan ça lışma kağıtlarına yer veri İmiştir.Başl ıca çalışma kağıtları ve bunların düzenlenmesi ile ilgili hususlar, çal ışma kağıtla rının dosyalanması.mülkiyeti ve indekslenmesi ile ilgili ko nulara yer verilmiştir. Beşinci bölümde denetimin planlanması ve planlama 1çin iç kontrol sistemini incelemek ve anlamanın önemine değinilmiş, kayıtlardaki hataların nedenleri ve hataların önemliliği ko nuları açıklanmıştır. Altıncı bölümde finansal tabloların denetimi ile ilgili bir örnek denetim programına yer verilmiştir. Yedinci bölümde, halka açık şirketlerin denetimi incelen miş, iç denetim ve bakımsız dış denetim konuları incelenmiş tir, iç denetim konusunda şirketin denetim organı.bağımsız dış denetim kapsamında da SPK'mn yapmış olduÇlu denetim ve bakım sız denetim şirketlerinin yapmış olduğu denetim ele alınmış tır.

-VII- SUMMARY Audits have been performed at least since the fifteenth century. The exact origin of audits of financial reports is in dispute, but it is known that as early as the fifteenth centu ry some basic audits techniques hav.e been performed in econo mic 1 ife. Although its origins are ancient, develeopment of the audit function has occurred most rapidly in last century. Broadly speaking, audi ting is an independent investigation of some particular activitiy.Al though auditing has a precise meaning only when used with a limiting modifier, such as tax auditing or financial audi ting.General definition of the auditing is: A systematic process of objectively obtaining and evaluat ing evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria and communicting the results to interested users. (Audi ting Concepts Committee, `Report of The Committee on Basic Auditing Concepts `, The Accounting Review, Vol.47,Supp. 1972, p. 18). This thesis focuses on audits of financial statements by independent audi tors. These types of audits are the primary activity of independent public accountants in developed capital countries. The definition of the purpose of an audit of financial statements has been stated in this way: The objective of the ordinary examination of financial statements by the independent auditor is the expression of an opinion on the fairness with which they present financial position, resul ts of operations and cash flows in conformity with general accepted accounting principles. The auditor's report is the medium through which he expresses his opinion or, if circumstances require, disclaims an opinion. (AICPA, Codification of Auditing Standards and Procedures, 1988, p.AU 110.01). A comparison of this definition of an audit of financial statements with the generalized definition highlights the es sential aspects of financial auditing. * The systematic process of objectively obtaining and evaluating evidence is an audit of financial statements in accordance with generally accepted auditing stan- darts. The assertions about economic actions and events are the representations made in financial statements by the management of an entity about its financial position, results of operations, and cash flows. The degree of correspondence with established criteria-VIII- -is judged by whether the financial statements are pre - sented fairly in conformity with generally accepted ac counting principles. * The results of this kind of audit are communicated in an audit report. Organizations achieve their goals through the use of hu man and economic resources.Most of en, economic resources are entrusted to the organization by groups or individuals out side it ; frequent! y these outsiders are quite remote from internal operations. Thus, organizations must issue stewardship reports on resource administration-source, quantity, al location and depletion. The auditing of financial statements is neces sary for these reasons: * Users need reliable and more quality knowladge.Many different types of organizations render reports on the administration of their resources.But, the assertions mantioned in these report about economic actions and events can be wrong or deficient. * One of the reasons for an independent audit is the in herent potential conflict between an entity's manage ment and users of its financial statements. Management could have an incentive to bias the information presen ted in financial statements because financial state ments are one of the means used to evaluate manage ment's performance. Independent auditors as a group have adopted ethical rules and professional standards to guide individual auditors in resolving the conflicts that inevitably arise. In audits of financial statements, two critical sets of standards are gen erally accepted accounting principles and generally accepted auditing standards. The other types of audits are basically basically compli ance audits, internal audits, and operational audits. Other ty pes of audits share the same heritage as audits of financial statements and use many of the same methods or procedures. However, audi ts of financial statements have one outstanding distinguishing character istic, that is, their influence on the allocation of resources among organizations in the economy. Independent auditors whose primary activity is audits of financial statements, the other types of auditors may gener ally be classified as f ol 1 ows : (Carmichael, 1 989, p. 2 1 ) * Internal auditors-employees of organizations who func tion in a staff, rather than a 1 ine, capacity as a high- level control over organizational activities. * Government auditors-employees of goverment agencies who act as the auditing arm of the agencies employing them.-IX- Financial audits are deal with financial statement audits. Financial statement audits, which determine (1) whether the financial statements of an audited entity ar& presented fairley in accordance with generally accepted accounting pri nciples, and (2) whether the entity has complied with laws and regulations for those transactions and events that may have a material effect on the financial statements. Financial rela ted audits, which include determining (1) whether financial reports and related items, such as elements, accounts, or faunds ar& fairly presented, (2) whether financial information is presented in accordance with established or stated criteria, and (3) whether the entity has adhered to specific financial compliance requirements. Operational auditing is a more comprehensive activity de signed to analyze organization structure, internal systems, work flow, and managerial performance. In short, an operational audit is intended to provide a measure of the achievement of an organization toward its goals and ob jecti ves. Whi le inter nal auditing is confined to examinations of financial and accounting matters, operational auditing is more concerned with overall goal achievement.effectiveness of operating procedures and internal controls, performance of individual managers, and other nonfinancial aspects of the operation of an organization. Auditing has been performed in Generally Accepted Audit ing Standards. There are three groups of these standards: * General Standards 1 The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor.. 2 In all matters relating to the assignment, an independ ence in mental attitude is to be maintained by the auditor or auditors. 3 Due professionals care is to be exercised in the per formance of the audit and the preparation of the report. * Standards of Field Work 1 The work is to be adequately planned and assistants, if any, are to be properly supervised. 2 A sufficient understanding of the internal control structure is to be obtained to plan the audit and to deter mine the nature, timing, and extent of tests to be performed. 3 Sufficient competent evidential matter is to be obtain ed through inspection, observation, inquiries and confirmations-X- to afford a reasonable basis for an opinion regarding the financial statements under audits. The general standards concern the qualifications of the auditor and the quality of the auditor's work. Standards of Field Work govern the nature of an audit and the extent and types of evidence to be obtained in order to render an opi nion. The contemporary audit report, like any other report, is essentially a communication device. Through the report the auditor conveys, in summary form, a professional judgement on the client's representations in the financial statements. The auditor's task is to clearly and concisely present a highly technical subject to a variety of interested readers. The wording of the auditor's standart report usually fol lows the pattern recommended in SAS No. 58 issued in USA, 1988. In Turkey, the form of the standart audit report determined in an official communication issued on No. 20159 official newspa per, date May 5,1989 by SPK, according to the SAS NO. 58. The exaples of these standart report forms has been given in this thesis. * Reporting Standards Audit report must be prepared according to the Reporting Standards. These standards are: 1 The report shall state whether the financial statements are presented in accordance with generally accepted princip les of accounting. 2 The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period. 3 Informative disclosures in the financial statements are to be regarded as reasonably adequate unless otherwise stated in the report. 4 The report shall either contain an expression of opini on regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an overall opinion cannot be expressed, the reasons therefore should be stated. In all cases where an auditor's name is associated with financial statements, the report should contain a clear-cut indication of the character of the auditor's work and the degree of responsibility the auditor is taking. Generally Accepted Auditing Standards has occuered from these ten standards mantioned abowe.-XI- I independent auditors have to collect enough and reliable evidence to be able to constitute an opinion about financial statements.Auditing standarts are usually distinguished from procedures on the basis that procedures are acts to be performed and standarts are the measures of performance of those acts.Audi ting procedures are: - Physical Examination : This procedure usually means iden tification of an item's quantity and sometimes its qua lity by physical inspection or count. - Confirmation : Confirmation is a type of inquiry by which an auditor obtains a written statement from outside companies or individuals on information which that person is qualified tc give. - Inspection : Inspection is a general term for looking at documents. - Vouching : Vouching is the process of inspecting a docu ment that supports a recorded transaction or ammount. - Tracing: The opposite of vouching is tracing. The direc tion of testing is from the source document to the acc ounting record. - Reperf ormance: Repetition of client clerical routines such as footing (adding) and posting are generally cal led reperf ormance. - Scanning : Visual 1 y examining accounting records and schedules to identify unusual items or inconsistencies is scanning. - Inquiry :Questioning management and employees about matters of accounting or auditing significance is called inquiry. - Observation : Visual 1 y reviewing client activities or locations is called observation. - Analytical Procedures : Making a systematic analysis or comparision of plausible relationships among informa tion is generally referred to as an analyticial test. The auditor must prepare and maintain audit work papers, but the specific form and content of them is determined by the circumstances of the particular engagement. Work papers, according to SAS No. 41 (AU 339), serve two main functions: 1 Work papers are a direct aid in the conduct and supervision of the audit. 2 Work papers provide the principal support for the audi--XII- tor ' s opinion, including the representati tion that the audit was conducted in accordance with generally accepted auditing standards. Common types of work papers are;audit program, working trial balance, lead schedul e, account analysis, 1 ist of trial bal ance, reconci 1 iation schedule, comparison schedule and pro cedure description or resul ts. These types of work papers are expressed in this thesis as detail. Work papers are the property of the auditor, and a number of states have statutes which designate the auditor as the owner of the work papers. Legal ownershipof the work papers, however, does not chance the auditor's ethical responsibility. There are two main divisions of audit work papers; the permanent or continuing audit file and the current audit file. Work papers are hidden in these files according to kind. At the beggining of an audi t, independent auditors must study and understand the related internal control structure. The importance of the understanding the internal control structure has been recognized in professional standarts at lesat since 1947 and is expressed in the second standard of field work, as revised in 1988, as follows: A sufficient understanding of the internal control struc ture is to be obtained to plan the audit and determine the nature, timing and extent of tests to be performed. There are three important points in this standard: ?*. The auditor obtains an understanding of the internal control structure to plan the audit. * Based on the auditor's understanding of the internal control structure, he or she will determine the nature, timing, and extent of tests to be performed. * The process of obtaining an understanding of the internal control structure is never the entire audit. The auditor's understanding of the internal control structure provides a basis for the assessment of cont rol risk. The assessment of control risk is used to de termined the nature, timing and extent of other audit tests. After the understanding of the internal control structure the auditor must plan the audit and perform the audit works according to this plan. In this thesis, in chapter 6, an example of audit plan has been geven. In cahpter 7, the independent audits of Joint-stock compa nies have been studied as shortly because of the importance-xm- in economy and capital markets. Thus, a connecting has been tried to set up between auditing in theory and one of the usage area. Hüseyin Akgül / 1995