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.