The Public Oversight, Accounting and Auditing Standards Authority (KGK) was established in 2011 by Decree-Law No. 660. Turkish Financial Reporting Standards (TFRS), BOBİ FRS (Turkish GAAP for SMEs), Turkish Standards on Auditing (BDS) and Turkish Sustainability Reporting Standards (TSRS) are issued by the POA.
The POA also authorises independent audit firms, carries out quality assurance inspections and imposes administrative sanctions where necessary.
Source: Decree-Law No. 660
Related terms
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.Turkish Financial Reporting Standards (TFRS)The financial reporting standards issued by the POA in line with International Financial Reporting Standards (IFRS).Turkish Sustainability Reporting Standards (TSRS)The standards issued by the POA on the basis of the ISSB standards for companies' reporting of sustainability-related financial information.Transparency reportThe annual report published by audit firms that audit public interest entities on their structure, quality control systems and independence practices.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.