Audit
Risk Audit
Detect the error? Detect the risk of the system that generated the error?
Traditional financial auditing follows unlawful transactions, error abuse and losses and tends to eliminate negative consequences. However, there are some weaknesses of the administrative system that produces all these negative consequences. Unless the weakness of the system is determined and necessary measures are not taken, errors are produced and auditors try to detect these errors as far as they can detect.
Risk auditing focuses on identifying and eliminating the weaknesses of the system that produces them, and not on the wrong results, and tries to prevent the system from producing incorrect outputs.
Standards and Partners utilize internal control techniques to determine the risks, errors and weaknesses of operating systems and improve their systems, and generate risk maps of enterprises and establish new systems that eliminate these risks.
Internal Control
The board of directors takes decisions. Is it applied?
Internal control is defined as a system that is guided by the board of directors, managers and employees in the organization of the enterprise, designed to provide reasonable assurance on this issue and to provide reasonable assurance on the effectiveness and efficiency of operations, reliability of financial reporting system, and compliance with legal regulations.
Standards and Partners plan, design, and accompany the internal audit system from A to Z.
Fraud Audit
Do your employees abuse?
The majority of our businesses around the world are family-owned or private companies. Although there are professional managers in many companies that are in the stage of institutionalization, control is still in the family through the boards of directors.
Although most of the companies have an audit department, the audits are carried out in the form of subsequent control and reporting. Many of our companies do not pay enough attention to the risks of fraud and abuse arising from employees. Research shows that international companies lose 6-7% of their daily income through employee fraud.
Varieties:
– Employee Cheats,
– Administrator Cheats,
– Production and Supply Cheats,
– Customer Cheats,
– Active Fraud Review and Reporting
Standards and Partners subsequently conduct fraud audits using reporting techniques that are very different from auditing techniques and report any identified fraud.
However, this is a temporary solution, and what is essential is that Standards and Partners report new system designs that will eliminate the factors that could lead to abuse in the operating system.
Overseas Subsidiary Audit
In spite of the developing technology, companies have to have their audits performed in determined periods in order to dominate their foreign investments.
Standards and Partners conduct these audits and report the results wherever your subsidiary is in the world and in which sector. However, the schedule of these audits must be prepared 3 months in advance.
Standards and Partners design overseas participation auditing to meet the needs of Turkish businessmen and provide comfort to feel at home abroad.
As a method, it negotiates with local professionals, opens up the technological infrastructure of Standards and Partners, provides the necessary training and creates a disciplined and supervised professional environment.
In recent years, Turkish businessmen have witnessed important projects abroad. In addition, in the last 20 years, Turkish businessmen have increased their business development capabilities more actively abroad. The main problem here is the obligation to surrender to local consultants in the country of destination in respect of investments abroad. Most companies have difficulty in following what is going on abroad and many times the projects fail only for this reason.
Standart and Partners accompanies Turkish businessmen in countries where they have gone through the method developed to fill this gap. It applies its own method of bureaucratic procedures or audits to be carried out in relation to foreign affairs. It makes a local consultancy agreement with the knowledgeable persons in foreign countries in order to provide Turkish businessmen with a certain level of business comfort. He transfers his methods and system to these people. They apply these methods in a healthy way and control the application. And in this way, Turkish businessmen’s overseas adventure provides a deeply comfortable business environment.
Independent Audit
Independent Audit, Enron Story
The Enron scandal had become the cornerstone of accounting fraud around the world. The brightest company in the nineties, Enron was the third largest company in the United States. His audit firm Arhtur Anderson was just as successful and the largest US and world firm. In 1999, Enron was a star with its financial statements, and its stock value increased from $ 20 to $ 90. While everything was going well, it turned out that Enron had actually cheated on accounting and covered up all the negativity with futures, and Arthur Anderson approved the financial statements without disclosing any information. This caused a major earthquake in the financial markets. This earthquake was also devastating on many workers, civil servants, investors and mutual funds who lost their wealth in a short time (share price: $ 0.20). However, the destruction of Arthur Anderson, which is thought to have failed to fulfill its responsibility for destruction, has occurred.
These stories are the foundation of an independent global audit practice introduced in Turkey. After Enron’s experience, the rules of the audit have been tried to be changed and the new rules are intended to provide healthy, audited financial statements to investors, creditors, shareholders, company management and government departments.
In this way, economic and financial actors will be able to use corrected financial statements in decision-making processes, and the uneasiness of fraud will be reduced.
It is not possible to say that all fraud and abuse have been eliminated after independent audit. Indeed, independent auditors confirm the accuracy of the financial statements within a defined confidence interval.
rules during the independent audit carried out by the International Auditing Standards shaped the American system and independent auditing of the International Auditing Standards are used in Turkey.
Standards And Partners conducts independent auditing within a high confidence interval. Independent audit in the first year of a new issue for Turkey and auditing practices and the Standards And Partners must surely America “Independent Audit” works with partners have been trained or have applied.
Full Verification Audit
Chartered Accountant Services
Within the scope of Law No. 3568 on Independent Accountancy, Independent Accountant Financial Advisor and Sworn-in Certified Public Accountant, the companies requesting by law have the right to have the accounting records audited by a Sworn-in Certified Public Accountant during the accounting periods. This inspection carried out by the member of the profession is considered as the inspection done by the members of the Ministry of Finance.
Indeed, unaudited tax accounts can have a devastating effect and lead to unforeseen consequences. This is an important claim, and in this simple example this destructiveness is revealed;
Due to a mistake that has started 5 years in advance and is still continuing, the missing tax payment of 1.000 TL each year, 24.215 TL tax, smuggling penalty and interest payment may result. This is equivalent to an underpayment of 1,000 TL each year. If the amount paid is 10.000.000 TL, the amount you have to pay is 240.215.000 TL. This is an example of the mortality and destructiveness of some tax errors. This example is an indication of why C-Level Managers and Businessmen should be sensitive to tax issues.