Get to Know the Independent Auditing Profession That Helps Your Company Achieve a Healthy Financial Structure!
Sometimes, companies can only fully understand the importance of receiving independent financial audit support for a healthy financial structure. For this reason, we believe that it will be useful to answer the question of what an independent auditor is, provide information about the independent auditing profession, and examine how an independent auditor will contribute to your company.
If you are undecided about whether to receive independent auditor support, we definitely recommend that you review our article. Below, we will provide you with answers to questions such as what an independent auditor does, how to become one, and then provide information about the responsibilities of an independent auditor and take a look at the benefits it provides to your company.
Independent Auditing in General – What Does an Independent Auditor Do?
An independent auditor is basically a person who examines the financial statements and data of any company according to the criteria determined by the relevant authorities for such tables and data and verifies their compliance. The aim here is to ensure that the company’s financial books, records and tables are legally reliable.
In addition, in cases where there are financial insecurities within the company, independent auditor support can be used for financial fraud auditing. The auditing process carried out by the independent auditor can cover the entire company or it can be a study related to a section or department.
How to Become an Independent Auditor? – Is a CPA Required to Become an Independent Auditor?
A CPA with 15 years of professional experience or at least 3 years of auditing experience in related fields; If they can take the Accounting Standards, Corporate Governance Principles and Financial Management, Auditing exams organized by the Public Oversight Accounting and Auditing Standards Authority (KGK) and achieve an average of over 70 points, they are entitled to become an independent auditor.
However, let’s make a reminder here. A CPA license is not required to become an independent auditor. Graduates of university departments such as economics, finance, accounting, law, banking and political science, which we have mentioned above, can apply for the relevant exams to become an independent auditor.
What are the Responsibilities of Independent Auditors?
Independent auditor responsibilities are determined by the regulations made in the Decree Law No. 660 and the Turkish Commercial Code. Accordingly;
- The independent auditor is responsible for all damages arising from incomplete, incorrect or misleading information in the audit report.
- In the event of negligence in fulfilling their duties from a legal perspective, they are responsible for damages to both the business and the shareholders of the business.
- The independent auditor; must keep confidential the information obtained about a company during the audit.
- During the audit, the independent auditor must observe the principle of impartiality and carry out the entire process in accordance with the law.
- The independent auditor must constantly follow the financial markets and legislation, be informed about innovations and changes, and keep their professional knowledge up to date.
- They have no right to deviate from the procedures specified in the legislation during the audit.
- The independent auditor must advance the audit process based on evidence and prepare their report accordingly.
Increase Your Chances of Finding Financing with Independent Auditor Support!
The biggest benefit of independent auditor support is undoubtedly that it ensures that companies achieve a healthy financial structure. However, the secondary benefits that come with this should not be ignored. Being sure of the reliability of your financial statements; It both makes it easier for you to make predictions about the future and reduces the risk factor of the decisions you will make.
In addition, one of the main issues that institutions ask from companies for low-interest loans, funds and other financing, especially bank and venture support, is an independent auditor report. In this sense, an independent auditor report that shows that your company is financially reliable; It also makes it easier for you to find financing that will increase your business volume.
