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Audit and advisory for Financial Services

Q: How can companies in Financial Services get a proposal?

Simply share your company and needs via the proposal form; our team, which knows your industry, will send our scope, timeline and fee proposal in writing. Phone: +90 212 951 02 47.

Regulatory reporting, TFRS 9, internal systems and MASAK compliance.

Get a proposal +90 212 951 02 47

Financial reporting and audit in Financial Services companies

Banks, leasing, factoring and finance companies, payment institutions and brokerages are subject to strict regulation on capital adequacy, credit risk and compliance. Financial reporting in these institutions involves complex estimates such as expected credit loss models and the valuation of financial instruments.

ARSEN provides assurance and advisory services to the financial services industry in internal systems, risk management, IT controls and anti-money laundering. In regulated institutions, an independent audit may require separate authorisation by the relevant authority; we set out the scope of service and the authorisation conditions clearly at the proposal stage.

Audit focus areas in Financial Services companies

Expected credit losses

Staging of the loan portfolio, probability of default and forward-looking macroeconomic scenarios are management estimates that significantly affect the amount of the allowance.

Valuation of financial instruments

Measuring the fair value of derivatives, securities and instruments with limited market data requires specialist valuation expertise.

Internal systems and IT

Because of high transaction volumes, most controls are automated; access rights, change management and data integrity are critical.

Compliance and proceeds of crime

Weaknesses in know-your-customer, transaction monitoring and suspicious transaction reporting processes can lead to serious administrative sanctions.

Key standards and concepts in this industry

Financial instruments (TFRS 9)The standard governing the classification, measurement and impairment of financial assets and liabilities, and hedge accounting.Expected credit lossCredit losses on financial assets that are estimated, taking forward-looking information into account, and provided for in advance.Hedge accountingA special accounting approach that ensures the profit or loss effects of a hedging instrument and the hedged item are recognised in the same period.Fair valueThe price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.Internal controlProcesses and controls designed by management to provide reasonable assurance regarding the effectiveness of operations, the reliability of financial reporting and compliance with laws and regulations.IT general controlsControls over access management, change management, IT operations and system development that ensure information systems operate reliably.MASAKThe Financial Crimes Investigation Board, affiliated to the Ministry of Treasury and Finance, which develops policy and supervises obliged parties in combating money laundering and terrorist financing.Know your customer (KYC)The processes by which obliged parties identify and verify their customers, determine the beneficial owner and understand the purpose of the business relationship.

Our services for Financial Services

Advisory

Financial Services Advisory

TFRS 9/17, valuation, risk modelling and actuarial support for banks, insurers and asset managers.

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Governance, Risk and Assurance

We set up, test and improve your internal audit, internal control, enterprise risk management and corporate governance structures.

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MASAK Compliance Programme

Setting up and assessing a compliance programme for the prevention of money laundering and terrorist financing.

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IT Advisory

Advisory from strategy to implementation in cybersecurity, data analytics, automation and IT transformation.

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Fraud Prevention and Investigation

We detect fraud through forensic accounting and data analytics, and build a preventive control structure.

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Proposal request

Get a tailored proposal for the Financial Services industry

Share the scope in a few lines and we will send you our team, timeline and fee proposal in writing. Free of charge and non-binding.

Under founding-partner supervision
Member of the SFAI international network
Written, transparent proposal

or call: +90 212 951 02 47

Frequently asked questions about Financial Services

Why is auditing financial institutions different from auditing other companies?

These institutions are subject to specific regulations on capital adequacy, liquidity and risk management; their financial statements involve complex estimates and they report separately to the regulator. For some types of institution, the relevant authority's separate permission is required to act as their auditor.

Do you support the validation of expected credit loss models?

Yes. We carry out advisory and assurance work assessing whether the model methodology, the data used and the scenario assumptions comply with TFRS 9 requirements.

How can we test the effectiveness of our MASAK compliance programme?

An independent assessment report can be prepared by reviewing, on a sample basis, the compliance of policies and procedures with legislation, customer risk classification, transaction monitoring scenarios and training records.

How can companies in Financial Services get a proposal?

Share your company and needs via the proposal form and our team, which knows your industry, will send our scope, timeline and fee proposal in writing. Phone: +90 212 951 02 47.

Last updated: October 22, 2026

Let's talk about this year's audit.

Share the scope and we will send you our team, timeline and fee proposal in writing.

Request a Proposal +90 212 951 02 47