Increasing Importance of Independent Audit of Financial Statements in Developing Countries

KIRLIOĞLU, Hilmi and AKAYTAY, Ali (2010) Increasing Importance of Independent Audit of Financial Statements in Developing Countries. In: 2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo.


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In an economy, basic function of money and capital markets are to ensure the converting savings into investment. Unlike the money markets in the capital markets investors individually may choose the investment tool directly which they want to buy. It has great importance for a country‘s economy that investors to convert their savings effectively into investment. This is possible only if the reliable and timely information need of investors are provided. In this respect, the importance of the subject of accurate and reliable financial information of financial statements announced to public periodically that effect directly the price of investment tools in the capital markets is increasing day to day. Today accurateness and reliability of announced financial informations are seriously examined by users of informations that are announced by companies like shareholders, investors, lenders, consulting organisations and public. First the question ―which factors effect the reliability and accurateness of announced financial informations‖ will be discussed in this paper. And the increasing importance of independent auditing will be emphasized. Besides, in today‘s economical conditions, the factors that are complicating the role of independent auditor and possible technological tools that can be used to increase the efficiency of auditing by eliminating these factors will be addressed.

Item Type: Conference or Workshop Item (Paper)
Subjects: H Social Sciences > HB Economic Theory
Depositing User: Mr. Ibrahim Kinal
Date Deposited: 01 Feb 2012 13:23
Last Modified: 02 Mar 2012 10:33

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