Reporting key audit matters within the independent audit’s report and a study on the companies listed in Istanbul stock exchange

Abstract

It is necessary to clarify “the key audit matters within the auditor’s report” due to the publishing of International Standard on Auditing (ISA) 701: Reporting Key Audit Matters within the Independent Auditor’s Report, in 2017. The mentioned key audit matters are the most important ones for the auditing of current term’s financial tables according to the auditor’s professional reasoning. The aim of the study is explaining the basis relating the detecting of key audit matters and their presentation in the framework of ISA 701; to perform a content analysis about which key audit matters are detected within the independent auditor’s reports for 2017 financial term belonged to the companies listed in Istanbul Stock Exchange. Hence; audit reports of 140 companies are analyzed through the aim of the study also quantitative and qualitative methods are employed about the key audit matters. The most common matters detected within the mentioned reports herein are as the following: Sales, Accounts Receivables, Inventories, Tangible Assets and Investment Properties.