What is Independent audit? | ARSEN Audit Glossary

Q: What is Independent audit?

Reasonable assurance provided by an independent auditor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. An independent audit is the examination of an entity's financial statements, books and records and the underlying documents in accordance with auditing standards, with the result set out in an independent auditor's report. Its purpose is to give users of the financial statements (shareholders, lenders, investors, regulators) reasonable assurance that the statements are reliable. In Turkey, Article 397 of Turkish Commercial Code No. 6102 and the criteria set by Presidential Decree determine which

An independent audit is the examination of an entity's financial statements, books and records and the underlying documents in accordance with auditing standards, with the result set out in an independent auditor's report. Its purpose is to give users of the financial statements (shareholders, lenders, investors, regulators) reasonable assurance that the statements are reliable.

In Turkey, Article 397 of Turkish Commercial Code No. 6102 and the criteria set by Presidential Decree determine which companies are subject to independent audit. Audits are carried out under the Turkish Standards on Auditing (BDS) issued by the Public Oversight Authority (POA).

Source: Turkish Commercial Code No. 6102 Art. 397

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Related terms

Independent auditor's reportThe formal report in which the auditor sets out in writing the opinion reached on the financial statements and the basis for that opinion.Reasonable assuranceA high but not absolute level of assurance; the level of assurance the auditor provides on the financial statements in an independent audit.Turkish Standards on Auditing (BDS)The standards issued by the POA on the basis of the International Standards on Auditing (ISA) and applied in independent audits in Turkey.Public Oversight Authority (POA)The public authority in Turkey that sets accounting and auditing standards and authorises and oversees independent auditors and audit firms.Adverse opinionThe opinion in which the auditor states that the financial statements are not presented fairly, where misstatements are both material and pervasive.Agreed-upon proceduresAn engagement in which the practitioner performs procedures agreed with the entity and, where relevant, a third party, and reports only the findings without providing assurance.

Last updated: October 22, 2026 · This definition is for general information only.