66238 ACKNOWLEDGEMENTS This report was prepared by a team from the World Bank on the basis of the findings from a diagnostic review carried out in Turkey in May 2005. The staff team was led by Frederic Gielen and comprised of Ayse Seda Aroymak, Georgine Ann-Marie Newman-Alawode, and Zeynep Lalik Mete (ECSPS), as well as a team of experts from relevant institutions in EU Member States. The review was conducted through a participatory process involving various stakeholders and led by the country authorities. Regional Vice President: Shigeo Katsu . Country Director: Ulrich Zachau Sector Manager: John Hegarty Team Leader: Frederic Gielen TURKEY REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) ACCOUNTING AND AUDITING March, 2007 Contents EXECUTIVE SUMMARY ............................................................................................................. i. I. INTRODUCTION .................................................................................................................... 1 II. INSTITUTIONAL FRAMEWORK ......................................................................................... 3 A. Statutory Frame\vork ...........................................................................................................3 B. The Profession ................................................................................................................... 10 C. Professional Education and Training ............... :................................................................. 12 D. Setting Accounting and Auditing Standards ..................................................................... 14 E. Enforcing Accounting and Auditing Standards ................................................................. 16 III. ACCOUNTING STANDARDS AS DESIGNED AND AS PRACTICED ...........................22 IV. AUDITING STANDARDS AS DESIGNED AND AS PRACTICED ..................................28 V. PERCEPTIONS ON THE QUALITY OF FINANCIAL REPORTING .............................. .30 VI. POLICY RECOMMENDATIONS ........................................................................................31 EXECUTIVE SUMMARY As work on the economics of information ' demonstrates, enhancing the reliability and availability of financial reporting is conducive to economic growth and mitigating the risk of financial system instability. In that context, this report provides an assessment of accounting and auditing standards and practices in Turkey. It uses International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks and draws on good practices in the field of accounting and audit regulation to assess the quality of financial information and make policy recommendations. For European Union (EU) candidate countries such as Turkey, the assessment also has regard to the relevant requirements of EU law (also known as the acquis communautaire). There has been significant progress in recent years in improving the environment and framework for financial reporting in Turkey and currently further wide-scale reforms are in progress. In particular, a new draft commercial code will modernize statutory regulation of company financial reporting and will set a major challenge for the accounting and auditing professions in Turkey through the requirement to apply Turkish Accounting Standards based on IFRS and audits based in international Standards ofAuditing (ISA). Corporate Sector Accounting and Auditing are at a Crossroads The role and regulation of corporate sector accounting and auditing are shaped by the economic context in which they take place, and by the structure of the market they serve. Until recently, private enterprises in Turkey were predominantly family-controlled, relying on private sources of finance (including family-owned banks) rather than capital markets. Financial information was not considered a public good provided to meet the needs of market participants generally, but rather a resource to which access was restricted, available only to those having the power to require its provision. Despite banking regulations that require that banks receive fmancial statements from companies as a pre-requisite to lending, in practice, bank lending decisions were primarily based on collateral and other sources of information about the enterprise, with limited reliance on a borrower's financial statements. These considerations, among others, do much to explain the current arrangements for accounting and auditing in Turkey, give insight into the causes of existing tensions, and point the way to reforms need~d to meet the new demands of an economy undergoing radical transformation. The economic context resulted in an environment where each agency (e.g., the tax authorities) developed its own accounting and auditing requirements. With the exception of regulated entities, (including publicly-held companies) there were minimal general requirements for the publication of financial information and the concept of published, general purpose financial statements meeting the needs of several user groups was effectively unknown. Consequently, there was little demand for an independent financial statement audit performed by qualified professionals to lend credibility to the financial information provided to the marketplace. In recent years, progress has been made in the accounting and auditing environment but much remains to be done for Turkey to achieve compliance with international good practices. I The role ofinfonnation in a well-functioning economy. Turkey - Accounting and Auditing Rose Executive Summary i Aligning the Statutory Framework with the Acquis Communautaire and International Standards This report highlights certain shortcomings in the legal and regulatory framework and stresses that addressing those should be a priority for Turkey in order to ereate a robust legal foundation for the provision of reliable financial information to market participants. Three issues stand out: • The accounting regulations established by the Ministry of Finance take precedence over all other regulations with limited exceptions for banks and insurance companies. As a consequence, entities falling within multiple jurisdictions are required to prepare multiple sets of financial statements from their single set of underlying accounting records. In addition, the management information system of many medium and large enterprises is based on tax accounting, which may not provide management with adequate information to manage their enterprises efficiently. • Fragmented approaches based on a multiplicity of stand-alone, special-purpose accounting and auditing systems for confidential use need to be replaced by a single robust general purpose system, which treats disclosure and transparency as public goods available to all market participants. Current approaches result in inefficient use of scarce resources and lack of publicly available financial information conducive to efficient resource allocation by market participants. • Financial reporting and auditing requirements applicable to banks, insurance companies, and publicly-held companies have been more stringent than for other companies but, while generally "based on" IFRS and ISA, they have fallen short of these standards and have not always provided users of financial information, including regulators, with fmancial information reliable enough for decision-making purposes. The Turkish Accounting Standards Board, Turkish Auditing Standards Board (TUDESK), Revenues Administration, the General Directorate of Insurance of the Undersecretariat of Treasury, Capital Markets Board and the Banking Regulation and Supervision Ageney are currently addressing this issue. 2 A draft new Commercial Code has been prepared, which will address these matters. This report endorses the objective of the draft Commercial Code to broadly model Turkey'S legal framework after the acquis communautaire. The draft Commercial Code requires: • All companies other than small and medium-sized entities (SMEs) to present their legal and consolidated financial statements in accordance with Turkish Accounting Standards as adopted by the Turkish Accounting Standards Board (TASB). TAS are based on, and correspond to, IFRS. • That SMEs, as defined in the Code, be allowed to apply simplified accounting standards issued by the TASH. • That all companies have an annual audit by an independent auditor licensed in accordance with the Code. These audits must be carried out in accordance with International Standards of Auditing (ISA). 2 Various laws give each regulatory authority, the Ministry of Finance, the Capital Markets Board (CMB), the Banking Regulation and Supervision Agency (BRSA), and the General Directorate of Insurance (GDI), the authority to set and enforce accounting and auditing requirements for the various entities that fall under their jurisdictions. Turkey - Accounting and Auditing ROSe Executive Summary ii • That all companies file their annual financial statements with the Ministry of Trade and Industry (where they will be publicly available) and publish financial statements on the company website, in the Trade Registry Gazette and in 2 newspapers with national circulation. The draft Code will significantly improve the statutory framework for fmancial reporting but will also create new challenges for the accounting and auditing professions in Turkey. This report believes that the following issues should be considered: • This report recommends that exemptions from the audit requirement may be allowed for certain companies such as dormant companies and those with very low turnover. • Those persons and firms authorized to carry out the independent financial statement audit in accordance with ISA described under the draft Code and the Independent Accountants, Independent Accountants and Financial Advisors, and Sworn-In Financial Advisors (Law 3568) should be required to meet appropriate education, training and experience requirements such as those detailed in International Education Standard 8 and the requirements set out in the Eighth EU Company Law Directive. • As it would be impra<;tical to publish the full financial statements including the notes in national newspapers, publishing a summary set of financial statements would be more appropriate. However, it is important that the full set of financial statements, including the notes, are available to the public either via a registry or directly (e.g. via a website) as the notes contain much information that is crucial to the understanding of the financial statements, such as related party and contingent liability information. Enforcing Financial Reporting Requirements International investors and credit rating agencies assess the overall transparency and disclosure levels of Turkey's top companies as "unsatisfactory" and, in general, bankers do not feel they can "trust" the financial statements presented by prospective borrowers due to rampant "informality problems." While "informality" is an issue that goes beyond the proper scope of this report (i.e., it is more linked to macroeconomic, fiscal and social issues), there are some actions that can be taken in regards to final reporting which may help this area. These include a combination of market (i.e., positive) and deterrent incentives. In this context, this report suggests that a three-pillar approach to enforcement would be beneficial: • Revamp the corporate governance framework to ensure that company directors are responsible for the probity of financial statements not only in law but also in practice. • Further develop a well governed audit profession responsible for reporting on compliance with accounting standards where audits are mandated by law. In addition to mandating statutory audits as suggested above, this report recommends that TURMOB should continue to develop the effectiveness of its statutorily delegated regulation of certified auditors, i.e. those TCIRMOB members responsible for financial statement audit in accordance with "full ISA." Among other things, TURMOB should continue to exercise quality assurance over the audit activities of its members; exercise disciplinary authority over its members; and issue audit licenses to both individuals and audit firms. This delegated regulation of auditors should be reinforced by a public oversight system for the audit profession to ensure that quality assurance and other functions mentioned above are, in fact and appearance, exercised with sufficient public integrity. This system of public oversight must be governed by "non­ practitioners" and be independent of the profession. Turkey - Accounting and Auditing ROSe Executive Summary iii • Further develop institutionalized finaneial infonnation enforcement mechanisms. The repeated instances of non-compliance with existing accounting requirements identified in this report suggest that there could be unrevealed discrepancies in financial statements with possible significant impact, which may not have been adequately flagged by the auditors of these financial statements. This report recommends that regulators continue to playa more active role in the enforcement of accounting standards in the general purpose financial statements of public interest entities. While this report endorses an approach through cooperation among existing regulators or through a unified financial infonnation enforcement institution, it raises concerns about enforcement by prudential supervisors, since current monitoring and enforcement practices suggest that compliance with reporting requirements appears to be a secondary consideration where the instance of non-compliance has no impact on prudential interest. Since Article 50(a) of the Capital Market Law exempts listed insurance companies from financial reporting requirements set forth by the Capital Markets Board, the current reporting requirements for insurance companies may not be perceived as adequate by the shareholders and investors of these listed financial institutions, in particular as full consolidated financial statements are not prepared at present. Enhancing Academic Education, Professional Training, and "Retooling" Accountants In parallel to these improvements, there is a strong need to improve the capacity of the accounting and audit profession in order to enhance the quality of audited [mancial statements and promote public trust. The genuine understanding and adoption of these new accounting and auditing requirements requires related education and training for preparers, auditors, and regulators. There must be a greater focus towards the needs of general purpose financial reporting. In this regard, it is essential to enhance the capacity of existing accountants as well as ensure the capacity of future accountants. This report makes a number of recommendations to address capacity Issues, including: • Assisting vocational and academic education with the development of IFRS and ISA­ compliant training materials and enhancing the relationships between the business community, including the accounting profession, and universities. • That TURMOB continue to review, on an ongoing basis, their professional qualifications to ensure that they more effectively meet the needs of Turkish accountants and auditors, taking into account developments in the requirements of the Eighth EU Company Law Directive and IFAC's International Education Standards. • That TDRMOB continue to develop their compulsory Continuing Professional Development (CPO) requirement, including mandating a minimum amount of CPO in line with IES 7 and ensuring completion of CPO requirements is enforced. • Targeting the significant retooling needs of accountants in industry. Several stakeholders articulated their concerns that there is a lack of up-to-date accounting knowledge within industry. The report recommends a policy mix of positive incentives (e.g., education tax credit) and deterrent incentives (e.g., through corporate governance mechanisms) to foster the retooling of accountants. From Diagnostic to Reform The recommendations of this report are mutually supportive in some obvious ways and require a holistic, multi-disciplinary approach to implementation. Also, the report only sketches the policy Turkey Accounting and Auditing ROSe Executive Summary iv recommendations to enhance the quality of corporate financial reporting. Upon commencement of this assessment, Turkey established a multidisciplinary National Steering Committee (NSC) for accounting and auditing reform to participate in the assessment and to advise policymakers, regulators, and other stakeholders regarding the implementation of the recommendations. Based on the successful experience of other countries, the report recommends that the NSC develops a Country Strategy and a detailed Country Action Plan (CAP) to enhance the quality and availability of financial reporting in Turkey. In this context, the report recommends that the institutions which are members of the NSC ensure that they are represented at a senior level on the NSC with adequate support staff to follow through on the substantial agenda ahead. Turkey - Accounting and Auditing ROSe Executive Summary v I. INTRODUCTION 1. This assessment of accounting and auditing practices in Turkey is part of a joint initiative of the World Bank and the International Monetary Fund (IMF) to prepare Reports on the Observance of Standards and Codes (ROSCs). The assessment focuses on the strengths and weaknesses of the accounting and auditing environment that influence the quality of corporate financial reporting and involves a review of both mandatory requirements and actual practice. It uses International Financial Reporting Standards (IFRS)3 and International Standards on Auditing (ISA)4 as benchmarks and draws on international experience and good practices in the field of accounting and audit regulation. For European Union (EU) candidate countries, such as Turkey, the assessment also has regard to the relevant requirements of EU law (also known as the acquis communautaire5 ). The report sometimes takes a position that goes beyond what is present practice in most EU Member States (e.g., it recommends the use of IFRS for public interest entitiei and ISA for all statutory audits, and relies on the international initiatives currently underway at the international level to ensure that these standards and the related standard setting processes will be further enhanced). These positions are clearly identified in the report. 2. Turkey has a population of 67.8 million and gross domestic product (GDP) per capita of US$ 7,500 as of end-2004.7 Turkey is steadily recovering from the economic and financial crises of 2001. After significantly shrinking in 2001, the Turkish economy has grown at a rapid pace in the last three years with single-digit inflation in 2004. 8 Many reforms have been introduced in a number of areas, including in the financial sector, in response to the 2001 banking crisis. However, further reforms are needed for the financial sector to fulfill its role in making the economy more productive. 10 December 2004, the EU extended a formal invitation to Turkey to start membership negotiations. This report makes recommendations to assist Turkey in aligning its regulatory environment with that of the acquis communautaire. Within this report, IFRS refer to both International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and the Standards issued by the Board of the International Accounting Standards Committee, and each applicable Interpretation of the International Financial Reporting Interpretations Committee (IFRIC). 4 Within this report, ISA refer to the International Standards on Auditing and related practice statements developed by the International Auditing and Assurance Standards Board (lAASB) of the International Federation of Accountants (IFAC). EU harmonization of Member State private sector accounting and auditing requirements has, to date, formed part of the program of company law harmonization. This had led to the adoption of a number of accountancy-related Company Law Directives, including the Fourth (1978) on the annual accounts of individual companies, the Seventh (1983) on the consolidated accounts of groups of companies, and the Eighth (1984) on the licensing requirements for the auditors of these annual and consolidated accounts. These are supplemented by specialized Directives for banks and insurance undertakings, and Regulation 1606 on the use ofIFRS in listed companies. 6 Within this report, public interest entities are those in which the general public has an interest by virtue of the nature of their business, their size, their number of employees, or their range of stakeholders. Examples may include banks, insurance companies, investment funds, pension funds, listed companies, and large enterprises, including large state-owned enterprises. 7 Gross domestic product based on purchasing-power-parity per capita, International Monetary Fund, World Economic Outlook Database April 2005. 8 A hyperinflationary economy, as Turkey had been considered for many years, requires specific accounting techniques, since reporting the operating results and financial position of an enterprise in local currency without restatement would not be useful. The fmanciaI statements reviewed for this report were prepared using hyperinflationary accounting. Paragraph 53 discusses this issue. Turkey - Accounting and Auditing ROSe Page 1 3. The private sector accounts for approximately 80 percent of Turkey's economy, including a significant contribution from small and medium-sized enterprises (SMEs).9 Progress in privatization remains limited and currently there is a significant number of public interest entities, which are state-owned (e.g., banks, telecommunication, airline, electricity), some of which are listed. Assessing state-owned enterprise financial reporting requirements and practices was deemed important in the context of this report and consistent with the Government's objective to improve the governance of these enterprises. Also, this report assessed the quality of SME financial reporting with a view to enhancing SME access to finance. 10 4. Financial intermediation in the banking sector is improving but still lags with respect to medium to long-term investment lending to the real sector. The size of the Turkish financial sector is relatively small and is dominated by the banking sector, whose assets are equivalent to an estimated 84 percent of GDP. At the end of 2005, there were 51 banks comprising 34 deposit banks, 13 investment banks and 4 participation banks. The largest five banks account for 6" percent of total banking assets and the largest 10 banks account for 83 percent of total banking assets, with a 33 percent share for the three state-owned banks. Many of the important private banks are part of family-owned conglomerates and as a result of complex ownership structures, compliance of those companies with prudential and transparency standards is sometimes difficult to assess. 5. The role of the non-banking financial sector is somewhat limited. The non-banking financial sector assets account for approximately 4 percent of GDP. The insurance sector, currently comprising 45 insurance companies and one reinsurance company, expanded significantly in recent years. At the end of 2004, there were 81 leasing companies. The Istanbul Stock Exchange (ISE) trades the stocks of 308 companies and started to rise after the 2001 crisis. This trend continued during 2004 and 2005. 6. This report takes these factors into consideration in examining the arrangements for private sector accounting and auditing in Turkey and in making recommendations to address the needs of an economy undergoing radical transformation. For example, while lending to the private sector remains limited, recent increases in loans to this sector in a context of declining interest rates will require enhanced financial reporting by borrowers and loan accounting by lenders. Also, it is important for financial system stability that accounting adequately measures foreign currency risk exposure at both the borrower and lender level in an environment where foreign exchange positions are significant (as at the end of 2004, loans in foreign currencies amounted to US$26 billion, i.e., 35 percent of total loans).ll, 12 Finally, conglomerates and groups are quite important in Turkey, with a strong historical tradition related to family owned businesses. As a consequence, consolidation and related party infonnation are essential to depict the [mancial position and perfonnance of a group. 9 In Turkey, there are several defmitions of SMEs used by various organizations depending on the framework within which they operate. 10 Access to fmance is a perennial problem experienced by SMEs. Financing constraints include poor risk assessment by fmancial institutions, requiring the widespread use of asset-based rather than cash flow­ based credit analysis partially due to a lack of financial information on potential borrowers. Therefore, enhancing SME financial reporting is important in a multifaceted approach to enhancing access to finance. II Source: BRSA Provisional Data on "Loans of Banking Sector (including SDIF)" as at December 2004. 12 In this context, it is very reassuring that accounting requirements in Turkey require all loans in foreign currencies to be revalued at the current foreign exchange rate and unrealized foreign exchange losses to be recorded in the income statement. Turkey - Accounting and Auditing ROSe Page 2 7. In this context, this report sketches policy recommendations to enhance the quality of corporate financial reporting and foster a financial reporting platform conducive to sustainable private sector growth, and financial system stability. It is expected that the National Steering Committee (NSC) will develop a Country Strategy and a detailed Country Action Plan (CAP) based on the recommendations outlined in this report (refer to Section VI) as an initial step in the reform process. 13 II. INSTITUTIONAL FRAMEWORK A. Statutory Framework 14 8. The Commercial Code, effective January 1, 1957 (henceforth, the "Commercial Code (1957)") outlines the basic accounting, auditing, and financial reporting requirements for the five main types of business entities: • The general partnership (Kollektif Sirket) is established with the purpose of engaging in commercial activities under a common trade name. Partners have joint unlimited liability for the debts of the partnership. • The limited partnership (Komandit Sirket), where some of the partners, called silent partners, are liable for the partnership's debts in the amount of capital which they contributed, while the other partners, called active partners, have unlimited liability. • The cooperative association (Kooperatif Sirket) is established based on the principle of mutual help and guarantees. • The limited liability company (Limited Sirket), the shares of which are not publicly tradable. Limited liability companies generally have a few shareholders (minimum two and maximum 50) and a minimum capital of YTL 5,000 15 (equivalent to approximately USS 3,700). Limited liability companies do not have a board structure and are managed by managers who have the right to administer and represent the company. • The joint stock company (Anonim Sirket), the shares of which may be publicly tradable. Joint stock companies generally have many shareholders (minimum five) and a minimum capital ofYTL 50,000 (approximately US$ 37,000). Joint stock companies have a unitary board structure (management board, or Idare Meclisi). Publicly-held joint stock companies, i.e. listed companies and companies with more than 250 shareholders, are monitored by the Capital Markets Board (CMB). As of October 2006 there were 614 publicly-held companies of which 330 were traded on the ISE. 13 At the beginning of the assessment the Treasury established a National Steering Committee, composed of representatives of the Turkish Accounting Standards Board (TASB), Union of Certified Public Accountants of Turkey (TURMOB), Capital Markets Board (CMB), Banking Regulation and Supervision Agency (BRSA), Central Bank of Turkey (TCMB), Ministry of Finance, Ministry of Justice, the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Undersecretariat of Treasury, General Directorate of Insurance, and General Directorate of Foreign Economic Relations to review the assessment and act on the recommendations. 14 This report outlines the legal principles applicable with regard to accounting, auditing and financial reporting and does not attempt to give anything more than an introduction to the issues. This report is not meant to be an exhaustive rendition of the law nor is it legal advice to those reading it. 15 Law 5083 on the Monetary Unit of the Republic of Turkey was effective from January 1,2005 and deleted six zeroes from the former currency of the Turkish Republic, the Turkish Lira (TL), to form a new currency the New Turkish Lira (YTL). Thus, 1YTL = 1,000,000 TL. Turkey - Accounting and Auditing ROSe Page 3 For the period January 1995 to April 2005, 447,296 new companies were formed in Turkey/6 of which 89.3 percent were limited liability companies and 6.8 percent were joint stock companies. While the Commercial Code (1957) sets out certain minimum bookkeeping requirements, these do not govern the preparation or publication of financial statements. It contains provisions with respect to "auditors" (murakip) ofjoint stock companies who cannot be more than five in number, and if there is more than one, they form the Board of Auditors (Denetim Kurulu). Limited liability companies are required to have one "auditor" if the number of shareholders is greater than 20. Since their task is to oversee the affairs of the company by checking its transactions and accounts, their functions do not correspond to the independent audit of financial statements as this is understood elsewhere (e.g., under the EU Company Law Directives). In addition, there are no licensing, qualification, or education requirements for appointment. 9. The Commercial Code (1957) establishes that members of the board of directors are collectively responsible for the probity of financial statements unless they can prove that they are faultless or the shareholders ratify the financial statements as correct. Directors have civil and penal liability. 10. In line with what is ~urrently prevailing in most EU Member States, shareholders are required to approve the financial statements of a company. The Commercial Code (1957) adequately requires that the meeting of shareholders approve the financial statements of the company and the distribution of profits within three months of the year end. II. A new draft Commercial Code (the "draft Code"), which will significantly improve corporate law and will also introduce new financial reporting requirements, is currently being considered by Parliament. In 2000, a Commission of 40 experts appointed by the Ministry of Justice started preparing a new Commercial Code. The draft Code was released in February 2005 for comments. The main improvements proposed by the draft Code are summarized below. 12. Financial Reporting Requirements: Article 64 of the draft Code requires all companies other than SMEs to prepare financial statements in accordance with Turkish Accounting Standards (TAS) adopted by the Turkish Accounting Standards Board (TASB). These TAS are based on, and correspond to, IFRS. SMEs are allowed to use simplified accounting standards published by the TASB, though they may also use TAS if they choose to. From a policy point of view, exempting SMEs from too complex a set of financial reporting requirements (such as IFRS) is good practice and is consistent with existing practices in most EU countries, where it is not common to require the use of IFRS by all companies. 13. Statutory Audit Requirements: Articles 397 and 398 of the draft Code require all companies to have an independent audit conducted according to ISA by auditors or audit firms authorized according to the code. Medium and large joint stock companies would be required to use an independent audit firm whereas small joint stock companies may appoint two sole practitioners, YMMs or SMMMs (refer to defmitions in Paragraph 29 below), as independent auditors. Audit firms would be subject to rotation every five years and would be prohibited from providing certain services, including legal and financial conSUlting services to audit clients. This 16 The State Statistical Institute did not have readily available infonnation on the number of new companies formed since the enactment of the Commercial Code in 1957. The ROSC team felt that looking at the infonnation for the last decade would be most relevant in assessing the dynamics of new company formation. Turkey - Accounting and Auditing ROSe Page 4 universal audit requirement would lead to over 700,000 companies requiring an ISA-compliant audit. 14. The determination of the scope of audit requirements, i.e. the entities which will he subject to statutory audit, may require further consideration. As with IFRS, the application of ISA to excessive numbers and/or inappropriate types of entities may lead to problems of general compliance, even on those engagements where compliance should be possible. Requiring a larger number of audits than the audit profession is currently able to provide would necessitate extensive training to eliminate the risk of poor quality audits, whereby protecting the public perception of the quality of the audit profession. These training programs should be in compliance with International Education Standard 8. 15. Filing and Publishing Requirements: The draft Code requires that all companies must file their annual financial statements with the Ministry of Trade and Industry (where they will be publicly available) and publish the financial statements on the company website, in the Trade Registry Gazette and in 2 newspapers with national circulation. 16. As it would be impractical to publish the full financial statements including the notes in national newspapers, publishing a summary set of financial statements would be more appropriate. However, it is important that the full set of financial statements (including the notes) are available to the public either via a registry or directly (e.g. via a website) as the notes contain much information that is crucial to the understanding of the financial statements, such as related party and contingent liability information. 17. Currently, and until the new draft Code is adopted, various laws and regulations govern financial reporting in a fragmented way, which leads to a multiplicity of stand-alone special purpose accounting requirements. The application of corporate financial reporting requirements to different enterprises is summarized in Figure 1, which should be read in conjunction with Paragraphs 18 to 21 : ~ Legal Entity FiDucial ConsoHdated Financial Statements Statements E ntities Joint stock and Hmited HabiUty _C:~~P..l!!l!~~_________________________ ---------.--_._-----_ .. _-------------­ ------------------------------------­ No requirement Large and medium Tax Procedural Law and UCA -----------.------------------------­ ----------------------------~~-------- Small entities and sole Basic Concepts of Accounting set -------------~----.------------------ No requirement proprietors out in the ASIR PubHcly-beld companies Tax Procedural Law, UCA and Communiques issued by the CMB Communiques issued by the CMB Banks Specific accounting requirements within the Regulations and Communiques issued by the Banking Regulatory and Supervisory Agency (BSRA), as established by the Banks Act Insurance companies Specific accounting requirements No requirement within the Regulations and Communiques issued by the GDI Figure 1: Corporate financial reporting requirements Turkey - Accounting and Auditing ROSC Page 5 18. The Tax Procedural Law of 1950--which has since been consolidated into the Tax Procedures Code - introduced detailed bookkeeping requirements. Under the powers granted to it by the Tax Procedures Code, the Ministry of Finance (MoF) introduced the Accounting System Implementation Regulation (ASIR), which became effective on January 1, 1994. The ASIR prescribes certain fundamental accounting concepts, a chart of accounts, and a format for the presentation of financial statements and is commonly referred to as the Uniform Chart of Accounts (UCA). The stated purpose of these requirements is to provide information to the taxation authorities as well as to establish an accounting system in line with International Accounting Standards (refer to Paragraph 53 below for an analysis of the differences between the ASIR and IFRS). The UCA is applicable to all companies and sole proprietors with varying exemptions to certain business organizations. For example, of the five areas covered by the ASIR I7 small entities and sole proprietors are only required to comply with the Basic Concepts of Accounting, i.e. simplified reporting requirements. Also, financial institutions, including banks, insurance companies, private institutions, and financial leasing companies, that are subject to different accounting requirements as mandated by their respective regulatory agencies, must also comply with the Basic Concepts of Accounting, Explanations of Accounting Policies, and Principles of Financial Statements in accordance with the Tax Procedural Law. 19. The Capital Markets Law of 1981 established the Capital Markets Board with powers to regulate companies listed on the ISE, other companies which have more than 250 shareholders, mutual and investment funds, and financial intermediaries. The Capital Markets Law gives CMB responsibility for monitoring and enforcing compliance with reporting requirements of market participants, except banks, insurance companies, leasing, factoring, and consumer finance companies. 18 CMB is empowered to determine, monitor and enforce the content, standards and principles governing the publication of financial information by listed and other publicly-held companies and the principles related to their audit. These requirements are in addition to those laid down in the UCA and the Tax Procedural Law. 20. Banks and leasing, factoring and consumer finance companies are required to prepare and present their fmancial statements in accordance with the accounting requirements set out by the Banking Regulation and Supervision Agency (BRSA). The BRSA issued new regulations in November 2006 which require banks to comply with Turkish Accounting Standards set by the TASB. Moreover, through corporate governance principles, the BRSA requires that banks prepare financial statements that fully comply with TAS in addition to the statements that the BRSA require for regulatory purposes. 21. The General Directorate of Insurance (GDI) of the Undersecretariat of Treasury is responsible for regulating and overseeing insurance and reinsurance companies and for establishing their fmandai reporting regime. The preparation and introduction of EU­ compliant requirements in respect of insurance companies has not proceeded at the same rate as other regulated entities. Recent Communiques published by the Treasury aim to update the accounting requirements and financial structure regulations, including capital adequacy, to be consistent with the EU Insurance Accounts Directive. It is only now that financial reporting standards, largely "based on" IFRS, are being developed. In particular, the Communique on "the 17 These include: (I) Basic Concepts of Accounting; (2) Explanation of Accounting Policies; (3) Principles of Financial Statements; (4) Preparation and Presentation of Financial Statements, and (5) Framework of Uniform Chart of Accounts and its Functions. 18 Article 50 of the Capital Markets Law provides for banks and insurance companies to be subject to specific requirements regarding audit supervision, accounting and other requirements in respect of financial statements and which are issued by other regulatory institutions. Turkey - Accounting and Auditing ROSe Page 6 Insurance Accounting System and its Definitions," was adopted and published in the Official Gazette in 2004. The GDI draws on the Regulations published by the CMB in 2004, which introduced "IFRS-based" accounting standards for capital market participants. Since amendments are envisaged to these standards, the GDI will need to review these amendments in order to avoid conflicts or inconsistencies. 22. The Law gives each regulator the authority to determine in secondary legislation how an audit firm should conduct an audit of an entity in their jurisdiction, which results in similar but distinct auditing procedures for banks, insurers and publicly-held companies. This leads to a fragmented approach to audit regulation. The audit requirements established by the various regulators differ considerably from the requirements in the acquis communautaire with respect to their objective and scope. Such differences need to be considered when placing reliance on audited financial statements. Audit requirements in Turkey fall into two broad categories, tax and accounting audits of fmancial statements prepared according to the UCA and the Tax Procedural Law, and audits of regulated entities. • Authorization to perform tax audits is determined according to the Law on "Independent Accountants, Independent Accountants and Financial Advisors, and Sworn-In Financial Advisors," which was enacted in 1989 (henceforth, Law 3568). Tax audits are: o Heavily relied upon by the Revenues Administration (RA) when conducted by Sworn-In Financial Advisors (YMMs). This conclusion is supported by the fact that YMMs are the only professionals who can certify financial statements prepared ~ccording to the UCA and the Tax Procedural Law, for large companies. While companies audited by a YMM are not exempt from tax inspections, there has been no precedent of inspections of such firms to date. o Substantially different from the audits required by the Fourth and Seventh EU Company Law Directives as shown in Section II.B below. Tax audits relate to the revision of the audited financial statements for tax purposes in conformity with the UCA and Tax Procedural Law. TURMOB regulations describing the working principles of YMMs provide a description for the auditing requirements before the financial statements are revised for taxation pUIposes.1 9 The Tax Procedural Code requires tax-based financial statements to be audited by a YMM if the company exceeds one of the two following size thresholds: a total balance sheet ofYTL 3 million (approximately US$ 2.2 million), and net annual turnover ofYTL 6 million (US$ 4.4 million). Upon discovery of an error or fraud in the financial statements, the YMM is required to recommend that the error or fraud be corrected. If the company refuses to correct the error or fraud, the YMM is required to inform the relevant Governmental agency(ies). • Each regulator in the financial sector sets distinct requirements and rules on how audits of the financial statements of entities in their jurisdiction should be conducted. The BRSA sets audit requirements for banks, leasing, factoring and consumer finance companies while the audit requirements for publicly-held companies are established by the CMB. The Treasury determines the audit requirements for insurance companies. 2o These audits can be characterized as follows: o Article 16 of the Capital Markets Law (CML) requires that an independent audit firm approved by the CMB should audit the financial statements ofpublicly-held 19 Regulation 20391 January 3, 1990 Section 3 20 Other regulated entities were not specifically analyzed for this report. Turkey - Accounting andAuditing Rose Page 7 companies. The CML sets out in Article 22 (d) that the CMB must approve all auditors of publicly-held companies. All CMB registered audit firms must be registered with the Union of Independent Accountants, Certified Public Accountants and Sworn-In Certified Public Accountants (TORMOB). The criteria for such approval are outlined in the Communique on "Principles of Auditing in Capital Markets." Among others, partners, managers and independent auditors of approved audit firms must declare that they have not worked in an audit firm whose right to conduct such audits has been revoked. As of October 2006, 93 firms are approved to conduct such audits. In June 2006, CMB issued a new regulation requiring that auditors pass a further examination set by the CMB in order to be approved to audit CMB-regulated companies. This examination should not replace the existing audit licensing of SMMMs and YMMs by TORMOB, rather it should be in addition to TORMOB's audit licensing in accordance with the draft Code and Law 3568. o Articles 15, 33 and 39 of the Banking Law (2005) require that the financial statements submitted to the shareholders should be audited by an independent audit firm approved by the BRSA. The BRSA requires independent auditors and audit partners to declare that their license to perform an external audit of companies has not been revoked by Turkish or foreign supervisory authorities and that they have not taken part in audit activities that has caused such a revocation. The BRSA, in consultation with the Central Bank and TlJRMOB, is responsible for establishing the criteria an audit firm must meet to be authorized to audit banks. 21 At present, 41 firms are authorized to audit banks, but a group of four to five firms dominates the sector. o Article 39 of the Insurance Audit Law No. 7397 states that practitioners, individuals and firms are required to be approved by the Treasury in order to audit insurance companies. The detailed requirements for approval to conduct independent audits of insurance companies are outlined in the Regulation on "Conduct of Independent Audit in Insurance and Reinsurance Companies" and in the Regulation on "Principles Applicable to Independent Audit of Insurance Companies" dated September 2003. At present, 40 firms are authorized to audit insurance companies. 22 This fragmented approach results in overlap, an inefficient use of resources, and has further consequences for enforcement related to availability and technical capacity of skilled individuals. In addition, the audit firm approval process as currently conducted exposes regulators to significant risk in the case of an audit failure. The audit firm approval process focuses on structural composition rather than technical capacity. For example, the approval process entails a review of an audit firm's application file and a short site visit with staff members from the regulatory body. The scope of the review and the expertise of the reviewers fall short of emerging practices in this area. 23. The BRSA and the Treasury have implemented some of the internationally recognized good practices regarding the relationship between regulators and external auditors. There is evidence that regulators leverage the work of external auditors to varying degrees. For example, auditors are required to report on internal control and risk management; issues that would affect the going concern of a bank or insurance company. As part of the prudential supervision of banks, the BRSA verifies that the figures in the audited fmancial statements 21 The audit finn must be registered with TURMOB. 22 There is significant overlap between the audit finns, which are authorized to audit banks and insurance companies. Specifically, firms applying for authorization to audit insurance companies must prove that their approval to audit banks and/or companies has not been revoked by the BRSA and/or the CMB. Turkey - Accounting and Auditing ROSe Page 8 reconcile with those in the unifonn reporting package which is submitted by banks for prudential purposes. In addition, the BRSA holds regular meetings with audit fInns to discuss various items in the audited financial statements. However, the ROSC team sees that there are opportunities for leveraging more effectively the work of the external auditors, in a properly governed framework, given the move to adopt IFRS. The Basel Committee on Banking Supervision and the International Auditing and Assurance Standards Board (IAASB) have given some joint guidance governing the relationship between banking supervisors and banks' external auditors, which may be used as a framework by the BRSA and the Treasury.23 24. With the exception of regulated entities, stakeholders in Turkey do not have access to company financial statements. There is no general requirement for companies to fIle audited legal entity and consolidated financial statements in order to make them publicly available. This does not comply with the acquis communautaire, which requires a company to file its financial statements, together with the auditor's report (where applicable) with a "registrar," which in turn is required to make the infonnation publicly available. 2 This hinders the decision-making ability of users and consequently may distort resource allocation. As detailed above, this will be addressed in the draft Commercial Code. 25. Financial statements of regulated entities are required to be published: • Banks are required to fIle their printed and electronic versions of annual fmancial statements and auditor's report with the BRSA and the Banks Association of Turkey within four months of the year end. 25 Banks must also fIle non-consolidated interim financial statements within 45 days and consolidated interim financial statements within 75 days. These statements must also be published in the Trade Registry Gazette with full disclosures and an abridged version must be published in the Official Gazette. The Banks Association of Turkey also makes them available on its web-site. Finally, banks are encouraged to publish their fmancial statements on their web-site. Financial Statements of Banks. ADD~al (Audited) Inter~ AUdited)· ;; I~· ....•.Separate CODsotidated Balance Sheet Within 75 days Within 45 days Income Statement Within 4 months of the year of the period of the period Cash Flow Statement end end end Statement of Changes in Equity Profit Distribution Statement Not applicable Figure 2: Filing deadlines for banks • Insurance and re-insurance companies are required to publish their balance sheet and income statement in two daily papers within one month of approval by the general meeting. • Publicly-held companies are required to file quarterly, semi-annual and annual financial statements with the CMB. The CMB is developing a system using electronic signatures 23 Basel Committee on Banking Supervision (BCBS), 2002, The relationship between banking supervisors and banks' external auditors. This was also issued by the IAASB under International Auditing Practice Statement (lAPS) 1004. 24 Refer to Article 47 of the Fourth EU Company Law Directive and Article 38 of the Seventh EU Company Law Directive, as well as Article 3 ofthe First EU Company Law Directive. 25 Banks are also required to file quarterly and semi-annual financial statements. Turkey - Accounting and Auditing ROSe Page 9 which will increase the efficiency of the submission of financial infonnation. The financial statements are also published in Stock Exchange Bulletins. In addition, companies are encouraged to publish their financial statements on their web-sites. Filing deadlines imposed by the CMB are as follows: ,,­ Financial statements Annual First-time Interim implementation Legal entity - audited/reviewed Within 10 weeks of the Within 12 weeks of the Within six weeks of the year end year end period end - unaudited Not applicable Not applicable Within four weeks of the period end Consolidated - audited/reviewed Within 14 weeks of the Within.!§ weeks of the Within 10 weeks of the year end year end period end Not applicable Not applicable Within li weeks of the - unaudited period end I Figure 3: Filing deadlines for publicly-held companies 26. Many of the inconsistencies and fragmented approaches detailed above will be addressed through the implementation of the draft Commercial Code and through the adoption by many of the regulators of T AS and ISA. However, the draft Code is not yet enacted; any delay in its enactment would prolong the confused state of fragmented requirements for financial reporting currently in place. The rapid enactment of the Code should be a high priority for legislators in Turkey. 27. Once the draft Code and other regulatory changes requiring the use ofTAS and ISA are enacted there will be a significant challenge in successfully implementing the new regulations. This will represent a challenge for the accounting and auditing professions and also for the regulators in monitoring and enforcing the implementation. Meeting the challenge will require detennined efforts by all stakeholders; education and training will be key to successful and sustainable implementation. B. The Profession 28. There is a well-established accountancy profession with a clearly defined organizational structure in Turkey, which dates back to the nineteenth century. Therefore, the provision of accountancy services predates the fonnation of the Expert Accountants Association of Turkey (EAAT) in 1942. This voluntary private organization has no fonnal legal recognition or legal powers and is a member of the International Federation of Accountants (IF AC). Other than the delivery of some training in IFRS and ISA, EAAT is not active in any of the key areas covered by this ROSC. In 1989, Law 3568 gave legal recognition to the accountancy profession, established qualification requirements, and regulated the organizational structure of the profession. The organizational structure is supported by two distinct Chambers, the Chamber of Independent Accountants and Certified Public Accountants, and the Chamber of Sworn-In Certified Public Accountants, which together fonn TURMOB. TURMOB is· the national umbrella for the local Chambers, and it alone is authorized to issue professional audit Turkey Accounting and Auditing ROSe Page 10 licenses, issue licenses to SMs (see below) and to set professional standards. TURMOB is a member of IF AC and a well-resourced professional organization. 26 29. Accouutaucy services are a regulated activity in Turkey. Law 3568 stratified the profession in Turkey into three groups with different educational requirements for licensing and specific allowed activities for each group: • SMs, of which there are currently 30,000, may provide bookkeeping services, prepare financial statements and tax declarations. They cannot conduct any audits. • SMMMs, numbering 31,000, may conduct general audits but not tax audits and provide consulting services in addition to all the services provided by SMs. • YMMs, numbering 3,500, may conduct tax audits and "certify" the tax financial statements and tax returns in addition to all the services provided by SMMMs except bookkeeping. YMMs have joint responsibility with the audited company for errors and misstatements in the financial statements they have certified. In addition, the MoF determines the minimum mandatory audit fee levels with input from TURMOB. 30. There are many differences between an audit required for tax purposes and a general purpose audit performed according to ISA. The new Commercial Code, when enacted, will increase the demand for general purpose audits from TURMOB members. A clear understanding of the differences and required skills, knowledge and activities under these two approaches is essential in reorganizing the profession to meet the needs of the market for high quality financial reporting. The profession will need strengthening and development to meet increased demand for independently audited, general-purpose financial statements in the economy. 31. TURMOB needs to keep pace with the growing technical and complex demands on the profession. The banking and other technical committees of the Independent Auditors' Association (IAA), a focus group comprised of audit firms which conduct external auditing, is used by the profession for liaison with the regulatory bodies on practical matters related to IFRS and ISA. The IAA lacks legal recognition and authority but has recently articulated the professions' opinions to various regulatory bodies regarding the issue of whether hyperinflationary accounting should still be required in Turkey for calendar year 2005 IFRS financial statements. Whilst such dialogue between regulators and practitioners is a positive feature and is supplemented by client-specific discussions, there is an opportunity to enhance the standing of TURMOB if TURMOB were to focus more on external aUditing. 32. The profession in Turkey is in some aspects self-regulatory. The audit of banks, insurance companies, and publicly-held companies is regulated, and monitored to varying degrees - see Section lIE on enforcing accounting and auditing standards below. For example, the regulators have the authority to approve the external auditors as described in 22 above). A recent IFAC self-evaluation assessed rORMOB to be in compliance with IFAC 26 TURMOB's President, Vice President, General Secretary and Treasurer are all members of the Executive Board. They are complemented by 90 full-time staff working in large, modem, well­ furnished premises. TURMOB had an income in 2004 of approximately TRL 15 million (equivalent to approximately US$ II million), which was derived from a percentage income-based fee on the individual chambers and from the issuing of licenses, training courses, and publications. Turkey - Accounting and Auditing ROSe Page 11 Statements of Membership Obligations (SMOS).27 However, this fragmented approach falls short of the new Eighth ED Company Law Directive, which requires that the audit profession be subject to public oversight in order to protect the public interest. An independent public oversight system should oversee TORMOB's activities where they carry out the approval and registration' of statutory auditors and audit firms; the adoption of standards on ethics, internal quality control of audit firms and auditing practices; continuing education; quality assurance; and investigative and disciplinary systems. The establishment of such an oversight system in Turkey is currently under consideration. C. Professional Education and Training 33. Turkey has a strong tradition of accountancy education and training. However, given the complexities of IFRS, ISA, and the requirements of the acquis communautaire, the profession will need to undergo expanded education and training. TURMOB's education syllabus, in large part, was originally designed to cater to the needs of traditional Turkish tax reporting notwithstanding TORMOB's commitment to the adoption of IFRS and ISA. This is understandable given that there has been no general legal requirement for companies to use TAS/IFRS or to have ISA-compliant audits in the past; this will change with the adoption of the new Commercial Code. Therefore, the current syllabus may need to be reviewed to meet the challenges of the new Code; in particular in the areas of Turkish Accounting Standards, International Financial Reporting Standards and International Standards on Auditing. 34. The business community, preparers and auditors, stated that the education of university accountants has not kept pace with the demands of the changing bnsiness environment. The Turkish Higher Education Council regulates university undergraduate and graduate programs. Preparers and auditors indicated that university graduates had limited knowledge of IFRS, ISA or professional ethics. While some universities have included subject matters on IFRS in their curriculum and audit firms consistently draw on the graduates from these universities, most university and vocational schools will need to modernize the contents of their accountancy syllabus in order to provide graduates with the basic knowledge for entering the profession. 35. The seven-person TURMOB Examination Commission manages and controls the examination program for trainee accountants in Turkey. Two members represent the MoF, three members are selected from five candidates proposed by the Turkish Higher Education Council, and the MoF selects the remaining two from among four candidates proposed by TORMOB. TORMoB currently has approximately 12,000 registered trainees attached to chambers spread throughout Turkey. 36. There are three levels of education requirements for professional licensing. However, they may not currently achieve all the objectives outlined under the new Eighth EU Company Law Directive regarding the development of professionals to conduct the statutory audit of general purpose financial statements. The following entrance requirements relate to the three distinct TURMOB professional accounting qualifications: • An SM license requires candidates to successfully complete a practical trainee period under the direct supervision of a member of the profession. The period of required traineeship is six years for the graduates of vocational colleges, four years for the 27 IF AC SMOs are benchmarks used for assisting IFAC members in ensuring high quality performance of their individual members. They include SMO }., Quality Assurance, Turkey Accounting and Auditing ROSe Page 12 graduates of two-year high schools, and two years for holders of Bachelor of Arts (BA) degrees in Economics, Law and Management. Practical training must cover the requirements of Law 3568, related accounting regulations under the UCA and the Tax Procedural Law, social security law, etc. • An SMMM license requires that candidates (i) have at least a BA or post-graduate degree in Law, Economics, Business Administration, Accounting, Banking, Public Administration or Political Science; (ii) pass the initial entry exam for the SMMM program; (iii) have two years' practical experience under supervision or control of either an SMMM or a YMM in public practice or industry; practical training must cover IFRS, ISA, the requirements of Law 3568, related accounting regulations under the UCA and the Tax Procedural Law, social security law, etc ; (iv) pass the professional SMMM exams; and (v) fmally are certified as an SMMM by TURMOB. • The Y~ license requirements are (i) 10 years of work experience as an SMMM, (ii) successful completion of a further set of exams conducted by TURMOB, and (iii) certification as a YMM by TURMOB. The SMMM qualification has similar requirements to those detailed in the Eighth Directive, but is only partially aligned - for example the EU requires three years of suitable practical training whereas TURMOB only requires two. TURMOB has reviewed their examination against the Eighth Directive's list of subject areas that should be covered to ensure all subjects are included. TURMOB should continue to review their qualification against the Eighth Directive requirements and the requirements of IFAC's lESs, to ensure the most effective implementation of the requirements and standards. There are currently grandfathering policies for civil servants of the MoF and academics that are not in line with the requirements of the Eighth Directive. TURMOB's practice of exempting individuals with a minimum of eight years of service working as a tax inspector or as an academic from sitting professional exams in order to qualifY as auditors would need to be reexamined. TDRMOB provides both new training members and existing m(fmbers with training in IFRS and ISA. However, the ROSC team found that there was a perception amongst some members of the business community, preparers and auditors that completion of the TURMOB educational and training requirements does not provide new accountants with the ability to prepare or audit financial statements in accordance with IFRS and ISA. In the short-term, audit trainees of the large and established firms conducting external auditing are given in-house IFRS and ISA training. 37. There is a clear need for accountants and auditors to undertake formal continuing professional development to maintain sufficient theoretical knowledge, professional skills and values in line with the new Eighth EU Company Law Directive. This requirement for a commitment of life-long learning is mirrored in IFAC' s IES 7, Continuing Professional Development (CPD). TURMOB members are subject to a mandatory CPD requirement. TESMER, a division of TURMOB is responsible for basic education and training, and organizes and offers a range of courses to members throughout the year. The complexities and in-depth knowledge required for certain IFRS and ISA will necessitate a more consistent and effective requirement for CPD. TURMOB recognizes this need and will offer extensive CPD training opportunities in IFRS and ISA to its members. Turkey Accounting and Auditing ROSe Page 13 D. Setting Accounting and Auditing Standards 38. The Tax Procedures Code is currently the basis of authority for accounting regulations for all entities in Turkey with some exemptions for financial institutions, including listed companies and banks. The Revenues Administration designs legally mandated accounting requirements to meet the needs of the state as a tax collector. These requirements do not necessarily meet the needs of several other user groups, locally and internationally, which use general purpose financial statements for decision-making purposes. 39. The Capital Markets Law provides the CMB with the authority to determine accounting and auditing requirements in respect of companies with shares listed on the ISE, companies having more than 250 shareholders, mutual funds, investment funds and financial intermediary companies except for banks and insurance companies. In the past, the CMB has promulgated accounting requirements based on a perceived need in the market draft regulations are prepared taking into account the views of all relevant stakeholders and are posted on the internet for comment prior to promulgation. Regulations are published in the form of Communiques and the most recent Communique on accounting requirements, issued as Series X1I25 applicable from I January 2005, aimed to raise the accounting requirements of market participants to be "equivalent" to IFRS (refer to Paragraph 54 below). CMB also permits adoption of "full IFRS" for financial periods ended December 31, 2003 onwards. CMB is currently undertaking a study on the compliance of its accounting requirements with IFRS. 40. The Banking Law (2005) provides the BRSA with the authority to determine accounting and auditing requirements applicable to all banks under its supervision. The BRSA introduced new regulations in November 2006, which require banks to comply with Turkish Accounting Standards set by the TASS. For regulatory purposes, banks are required to consolidate financial statements of credit institutions and financial institutions. Moreover, via corporate governance principles, the BRSA requires that banks prepare financial statements that fully comply with TAS, in addition to the statements that the BRSA require for regulatory purposes. 41. The General Directorate of Insurance, in cooperation with the Turkish Association of Insurance and Reinsurance Companies, an industry association, sets accounting requirements for insurance companies. The conclusions reached under Paragraphs 39 and 40 also apply to the GD!. 42. The TASB began operations in 2002 as a public legal entity, with administrative and financial autonomy, to develop national accounting standards. These will supersede the standards developed by the BRSA, the CMB, and the Treasury (GDI). The CMB and Treasury, all of whom are represented on the TASB, will adopt the standards so that there is consistent and comparable fmancial reporting among regulated entities. The BRSA adopted the TAS in November 2006. Please refer to paragraph 55 below for the new regulations issued. 43. The TASB board comprises nine members representing (l) the Ministry of Finance, (2) the Ministry of Industry and Commerce, (3) the Council of Higher Education, (4) the Undersecretariat of Treasury, (5) the CMB, (6) the BRSA, (7) TOBB, (8) a self-employed accountant, and (9) a certified fmancial consultant from TirRMOB. The Board draws its members from a range of institutions and authorities which have a common interest in raising the quality of financial reporting in Turkey. The last two members listed above should represent users Turkey - Accounting and Auditing ROSe Page 14 and preparers of financial statements, whose practical experience is critical to the development and implementation of standards likely to be accepted, adopted and understood by the financial reporting community. The TASB also has a number of preparers and users of accounts on its committees which review the accounting standards prior to adoption. 44. The T ASB is financed in part by budget from the Ministry of Finance and in part by 2 percent of the income of TURMOB. It currently lacks a robust legislative underpinning setting out its remit and responsibilities, functions and aims and it is currently supported by only one supplementary article in the Capital Markets Law. Following the implementation of the draft Code, the TASB will become the recognized single body for the setting of accounting standards in Turkey. The TASB has recently published a full set of TAS with standards corresponding to all extant IFRS and lAS. TAS corresponding to lAS 32 and 39 were initially published in draft and have recently been adopted formally by the TASB. 45. The T ASB's coherent approach to setting accounting standards is not currently replicated in the promulgation of auditing standards, over which a number of regulatory institutions have authority in respect to particular types of entities. This fragmented approach to auditing standard setting is inefficient and is not conducive to the creation of a common platform, which treats disclosure and transparency as public goods available to all market participants. The regulatory approach to private sector auditing in Turkey is one in which specialized agencies each devise different obligations. This hinders the agencies' efforts to develop their staff expertise, which is further curtailed by the lack of seconding mechanisms, and results in inefficient duplication of tasks. • For publicly-held companies and other capital market institutions, the CMB is authorized under Article 22 ofthe Capital Markets Law to determine the principles related to independent audit requirements. CMB requires the application of independent audit standards that are fully convergent with International Standards of Audit. • Under Articles 15, 33, and 39 of the Banking Law (2005) the BRSA sets audit requirements for banks. The BRSA prepared a regulation which requires audits to be performed to standards 'parallel to ISA.' • Requirements relating to the auditing of insurance companies are established through Regulations issued by Treasury. Also, the respective departments of the BRSA, CMB, and Treasury, which deal with matters relating to audit have little practical experience in ISA. The recruitment process is such that staff are recruited after college and undergo the regulators' high quality training. However, failure to complement in-house-developed expertise with mid-career staff from the sector and/or the accounting industry does not allow staff to develop subsequently. In line with current international practice, an easily implementable approach would be to have fellowships and secondments to and from the regulatory sector and the accounting industry, both locally and internationally. 46. An effort to unify auditing standard setting has been made with the formation of the Turkish Audit Standards Board (TUDESK), which has a mandate of setting national auditing standards. TUDESK has translated ISA in compliance with an IFAC licensing agreement and are translating the IFAC Code of Ethics. The 2004 updates had been made to reflect the ISA 2002 translations. TUDESK is currently in the process of updating the translations Turkey - Accounting and Auditing ROSe Page 15 as of 2006. The 15-member board of TUDESK has established a number of eommittees to ensure that the national auditing standards produced will be "convergent" to ISA. E. Enforcing Accounting and Auditing Standards 47. Reflecting the fragmented nature of regulatory responsibility of accounting standards, each of the institutions authorized to set accounting standards also monitors their compliance and oversees their enforcement. The regulators responsible for the enforcement of applicable accounting standards in their jurisdictions are the Revenues Administration within the Ministry of Finance for the Tax Proeedures Code; the BRSA for banking and other financial companies; the CMB with respect to publicly-held companies; and the Treasury with respect to insurance companies. TlJRMOB, through its professional ethics standards, requires its members to check compliance with applicable accounting standards in the companies they audit. 48. The regulation and enforcement of accounting and auditing standards as they relate to the Tax Procedures Code is carried out by one of the two departments in the Revenues Administration (RA) within the MoF. The implementation of the auditing requirements, under Law 3568, and the accounting requirements outlined in the UCA and the Tax Procedural Law, is done by the RA. This department employs 25 people, who are distinct from Tax Inspectors, and is financed by the state budget. Compliance with the procedures and principles in the regulation is compulsory. If this is not adhered to by the preparers and auditors, the Tax Procedure Code and Law 3568 grant authority to the MoF and TORMoB to impose penalties. 49. This report uses Standard No.1, Enforcement ofStandards on Financial Information, issued by the Committee of European Securities Regulators (CESR) as a benchmark to assess accounting standards enforcement in publicly-held companies.28 In order to measure, on an accepted basis, the quality of the enforcement regime (as demonstrated by CMB in respect to listed issuers the prime enforcer) the principles of Standard No. I are adopted as a stable and recognized guideline against which to assess fundamental aspects of the enforcement regime, notwithstanding that CMB is not yet enforcing the EU reporting framework as envisaged by Standard No. 1.29 • Principle 3 - Competent independent administrative authorities set up by Member States should have the ultimate responsibility for enforcement ofcompliance ofthe financial information provided by the issuers identified by Principle !Yo with the . reporting framework. The Standard does not define a "competent independent administrative authority" but it does introduce a limited number of key characteristics. The authority should not be capable of undue influence from issuers, their auditors, intermediaries, the government or other stakeholders. It should have minimum powers to: o monitor fmancial information, o require additional information from issuers and their auditors, and 28 The report also uses these principles as a benchmark when assessing accounting standards enforcement in the general-purpose financial statements of listed banks and insurance undertakings. 29 This report only focuses on those principles, which were deemed of significant importance to further enhance existing practices in Turkey_ 30 Principle 9 - The principles for enforcement should apply to financial information provided by issuers: (a) whose securities are admitted to trading on a regulated market; (b) that applied for admission to trading of their securities on a regulated market. Turkey Accounting and Auditing ROSe Page 16 o implement measures consistent with the purposes of enforcing the reporting framework of financial information (Principles 6 and 7). The CMB is a regulatory public agency responsible for the reliable, transparent and stable operation of the capital market; it has administrative and financial autonomy. The OvID's Corporate Finance Department is primarily responsible for the enforcement of reporting requirements and is authorized to take "all kinds of measures" in order to secure an orderly market. Issuers have no formal relationship with CMB that might impact on its monitoring or enforcement activities, nor how they are conducted. Under the due process of enforcement, the Executive Board of CMB considers and determines cases put to it by the Department of Enforcement and decides on the enforcement actions to be taken. • Principle 4 - Other bodies might carry out enforcement on behalf ofthe competent administrative authorities, provided that these bodies are supervised by and responsible to the relevant competent administrative authority. The CMB has not delegated any of its functions or powers given to it by the Capital Markets Law. The exception to this is that the ISE may suspend shares of companies from trading in case of non-publication of financial statements in a timely manner. The BRSA and the Treasury have their own authority to act in respect of other entities - they do not carry out enforcement activities on the part of any other regulator. • Principle 5 - Irrespective of who carries out enforcement, any standard on enforcement esmblished by CESR should be complied with. As the appointed regulators of the accounting requirements of banks and insurance companies, the BRSA and the Treasury would also need to cooperate with the CMB in its role as the securities regulator. There is a need for clarification of the CMB's role with regard to the supervision of the securities of banks and other fmancial companies. In regards to the banking sector: o By implication, as banks are exempt from most of the reporting requirements of the Capital Markets Law and the BRSA has authority to set the accounting framework, the BRSA enforces the accounting framework as envisaged by Standard No 1. Compliance with the CESR Standard. However, this must be considered in light of BRSA's activities as an enforcer of fmancial information, not as a prudential supervisor. The BRSA's activity should be looked at as a matter of fact, i.e. the extent to which it does require financial information to comply with relevant financial reporting requirements (irrespective of any consequential impact on matters of prudential intcrest) and the nature of the corrections it requires. o Banks, their management, and their auditors are obliged by law to provide the BRSA with explanations and access to documents in order to satisfY the BRSA's inqumes regarding compliance with financial reporting requirements. The Banking Law provides for the BRSA to require any document or explanation it considers necessary. Failure to comply can lead to fines and/or imprisonment. o The BRSA has appropriate sanctions and actions it can impose to correct breaches in respect of this framework - i.e. not merely financial penalties. The Banking Law (Article 37) gives the BRSA the power to take appropriate actions where any published financial statement is found to be inaccurate. That no corrections have been made nor fines imposed in recent times could indicate either that minor matters are settled informally (i.e., include missing Turkey - Accounting and Auditing ROSe Page 17 infonnation in future sets of financial statements) or that these issues are not raised with the banks in the first instance. In regard to the insurance sector: o The functions of regulation and supervision of insurance companies are divided between two units of the Treasury. As discussed in Paragraph 41 above, the GDI has responsibility for the drafting of legislation and regulations, for offsite supervision, and for the approval of premiums and coverage levels. The onsite supervision of companies is handled by the Insurance Supervisory Board (ISB) within the Treasury. The areas for improvement relating to the enforcement of accounting standards in listed banks (see above) apply similarly to listed insurancc undertakings. • Principle 6 - Competent administrative authorities shall have adequate independence from government, and market participants, possessing the necessary powers and having sufficient resources. The CMB is a public lcgal entity with administrative and financial autonomy. The seven-person Board is appointed by the Council of Ministers and comprises representatives from the Related Ministry (two representatives), Ministry of Finance, Industry and Commerce, BRSA, the Union of Chambers and Commodity Exchanges of Turkey and the Association of Capital Markets Intennediary Institutions. Members serve for six years. The Council of Ministers determines the compensation of Board members. The CMB is, in substance, financially independent of Government. It is funded by fees raised upon issuers equivalent to 3/1000 of the issue value of traded securities. The Ministry of Finance is obliged to cover any shortfall. This last occurred in 1994. The CMB has approximately 100 capital market experts involved in monitoring compliance with CMB reporting, accounting and auditing requirements. Each has a university degree in social sciences. CMB staff implied that 50 were committed to corporate finance activity, which has a very wide scope. Intensive training is provided in the first six months of employment, but there is limited subsequent fonnal training program beyond the practical on-the-job training that is provided during the next 2.5 years of working with a qualified expert. There are also overseas graduate studies and certificate programs. The broad nature of the CMB graduate entrants and the lack of a fonnal IFRS training program pose a risk in the IFRS environment that staff may not be appropriately versed in the detailed accounting requirements of IFRS to be confident in the monitoring of IFRS compliant financial statements. Whilst the CMB has hosted several educational programs on the application of IFRS, further IFRS training should be a priority for CMB staff if they are to be able to properly detect and enforce noncompliant financial infonnation. • Principle 7 - The necessary powers - which may he delegated to those acting on hehalf of the competent independent administrative authority - should at least include power to monitor financial information, require supplementary information from issuers and auditors, and take measures consistent with the purposes ofenforcement. The Capital Markets Law, Article 22, provides CMB with the necessary powers - including the specific authority to require publication of corrected financial infonnation. • Principle 8 - The competent administrative authorities should he responsihle for setting up an appropriate due process of enforcement consistent with the application of the principles herehy stated, as well as the implementation of that due process. Therc is a clear and published due process in respect to CMB' s Turkey Accounting and Auditing ROSe Page 18 enforcement of financial information (i.e., a flowchart of the decision process and the actions and sanctions available under it, is included in the CMB Annual Report). Cases for enforcement draw on a range of proactive and reactive prompts - including complaints, internal referrals, publisbed comments, and planned enforcement activities. The ongoing monitoring function of the CMB focuses initially on determining whether the relevant reports have been submitted within the filing deadlines. It appears that 506 such reviews were conducted in 2003. The initial reviews are carried out on the basis of a standard form, but subsequent follow-up review does not appear to be according to a consistent procedure in all cases. The CMB relies initially on the auditor's report to highlight potential matters of interest - qualified audit opinions always attract a more detailed review as do other unusual comments. Staff also look at the primary statements for evidence of unusual or unexpected items and transactions, which may warrant enquiry of the company. The extent of the further review is not clear - in particular, whether the "quick-scan" approach adopted above would then give rise to a full compliance review of the financial statements to ensure that all potential breaches are raised with a company. The lack of a standard approach to the initial review of financial statements raises the following risks: o Lack of consistency - the quality of the review is dependent on the skills of the individual CMB experts. o The review is restricted to a reading of the primary statements, which will not highlight potentially inappropriate accounting policies or disclosure issues. This may be more likely to arise in 2005 with the transition to IFRS of "IFRS-based" requirements. o Failure to identifY potential areas of significant non-compliance. The CMB is aware of the greater potential for non-compliance in the transition period to IFRS or "IFRS-based" requirements. Staff agreed that a checklist of key risk areas, supplemented by a detailed checklist, would assist in the consistency of their reviews and their ability to focus on known areas of difficulty, which may differ within industry groups. With little specific provision in the law regarding the review of financial information, staff understood the need for an operational framework to support the enforcement process. If structured to focus on recognized risk areas of potential non-compliance, the initial review could function as a "quick scan" tool to contribute to a risk-based selection of financial statements for a full review in accordance with a consistent checklist. • Principle 10 - The principles for enforcement identified here should apply to financial information provided by all harmonized documents, including annual and interim financial statements and reports, prepared on an individual and consolidated basis as well as prospectuses and equivalent documents. The CMB is responsible for the monitoring of annual financial statements, periodic financial statements and prospectuses required of issuers. • Principle 11 - For financial information other than prospectuses, ex-post enforcement is the normal procedure, even if pre-clearance is not precluded. The CMB reviews prospectuses on an ex-ante basis and other harmonized financial information ex-post. The CMB also provides issuers with oral or written opinions on the applicability of specific accounting treatments but this is not considered by CMB to constitute pre-clearance of accounting treatments to be included in annual or periodic reports. There is no indication that issuers are entitled to rely on responses Turkey - Accounting and Auditing ROSe Page 19 given by staff. Particularly in the transItIOn period to IFRS or "IFRS-based" requirements, such enquiries by companies are likely to increase in number and complexity. Care needs to be taken that the advice given - even if on an informal basis - is internally consistent and compliant with IFRS but without encroaching on the proper domain of the International Financial Reporting Interpretations Committee (IFRIC). • Principle 13 - Enforcement of all financial information is normally based on selection of issuers and documents to be examined. However, an approach based solely on risk may be an acceptable selection method. CESRfin (SCE) is currently developing guidance on how financial information is to be selected for review. A primarily risk-based approach is envisaged, which combines an assessment of the probability of error and the impact that any such error would have on the market and investor confidence. This risk-based approach can be supplemented with rotation or sampling techniques. The current CMB approach to ongoing monitoring would constitute an acceptable first step - i.e. the "quick scan" approach to highlight areas of potential risk of non­ compliance. As noted above however, a greater degree of formality could be introduced to the "quick-scan" to increase its effectiveness and the consistency with which financial statements are reviewed. The inclusion of other industry and company specific factors see below - could improve the chance of detecting information where there is a higher risk of material non-compliance. • Principle 14 - In order to allow enforcers to adopt gradually the selection methods provided for by Principle 13, a mixed selection technique based on a combination of random selection and rotation is considered a workable transitional step. However, such a methodology should be designed to give an adequate level of detection risk. The CMB is proactive in its monitoring function although it also responds to specific complaints about financial information and matters drawn to its attention in the press. Prior to 2003, CMB reviews were often promoted by complaints leaving less resources to perform the continuous monitoring function. There have been substantially fewer complaints in the intervening period arguably because investors are not well versed in "IFRS-based" requirements. Historically, the CMB has paid particular interest to potential fraudulent activity rather than prima facie non-compliance with reporting requirements. Selection of financial statements for further review is not systematic, but dependent upon a quick review of key items in the primary statements. As noted above, if properly formulated and expanded to include risk areas of potential material non-compliance, such reviews could be conducted as a "quick-scan" tool to determine financial statements with a higher risk of non-compliance for a full compliance review. "Quick scan" reviews may be conducted on all financial information where the number of market participants is limited to extract information to feed a detailed risk approach to selection. Liquidity ratios, and other changes in accounting policies, a high level of acquisitions, significant variations from trends in profit or turnover all feature in most such approaches. The quality of corporate governance could also play a role in the process, particularly in light of CMB's adoption of a "comply or explain" approach to corporate governance principles in annual fmancial statements. 3 ) 31 The CMB adopted a code of corporate governance principles in June 2003 (amended in February 2005). Adoption of the code by issuers is optional. Turkey - Accounting and Auditing ROSe Page 20 Alternatively, depending on the shape and charactcristics of the overall market, particular focus could be placed on those issuers with a high market capitalization where, if there were an error in the financial statements, the impact would have a more significant effect on the markets and investor confidence generally, the maintenance of which is a stated aim of the CMB. • Principle 15 - Methods of enforcement on selected information cover a wide spectrum ofpossible checking procedures, ranging from purely formal checks to in-depth substantive in-nature checking. The level of risk should normally determine the intensity of the review to be performed by the enforcers. The type of document to be examined and the level of information available on the issuer are also to be taken into consideration. As noted above, the extent to which financial infonnation is reviewed is not wholly clear once the "quick-scan" review is completed. There are no fonnally documented procedures. Enquiries are made of the company bye-mail, telephone or fonnal letter depending on the materiality and potential seriousness of the issue raised. Auditors may also be approached for further infonnation and their working papers may be reviewed. • Principle 16 to 19 - Where a material misstatement in the financial information is detected, enforcers should take appropriate actions to achieve proper disclosure and, where relevant, public correction of the misstatement (in line with the requirements of the reporting framework). Non-material departures from the reporting framework will not normally trigger public correction even though they normally deserve action as well. Actions taken by the enforcers should be .distinguished from sanctions imposed by the national legislation. Actions should be effective, enacted in a timely manner, and proportional to the impact of the detected infringement. A consistent policy of actions should be developed, whereby similar actions are adopted where similar infringements are detected. Material decisions in respect of enforcement cases are considered by the Executive Board, which has a range of actions and sanctions at its disposal, including the requirement to publish information omitted from the financial statements, correction of the fmancial statements, fines and prohibition of trading. In determining appropriate action, the Board considers previous fmdings to ensure consistency in the action taken in respect of similar breaches. • Principle 21 - Enforcers should periodically report to the public on their activities. At the very least they should report information on the enforcement policies adopted and decisions taken in individual cases, including accounting and disclosure matters. The decisions of the Executive Board in respect of enforcement decisions are announced to the public through CMB's weekly bulletin. In addition, where the CMB discovers "generic" issues not specific to the fmancial information of a particular company, it can issue Bulletins to give advice on the application of an accounting requirement. 50. There is currently no program of audit practice quality review undertaken by the auditors' professional body (TURMOB) to review the work of the 1,239 member firms in accordance with IFAC SMO No.1, Quality Assurance, or in line with the new Eighth EU Company Law Directive (which requires external quality control of all auditors registered for statutory audit at least every 6 years, or every 3 years for auditors of public interest entities). Reliance is placed on the quality review activity of the regulating bodies as well as audit firm's own internal quality review procedures. No specific annual returns have to be made by member firms in this context. The TURMOB's current practice of audit quality review Turkey - Accounting and Auditing Rose Page 21 consists only of investigating complaints made against TORMOB members of the public or by regulators, but does not conduct proactive measures to promote quality in the performance of audits. If a case is found following investigation, the file will be referred to the chamber's Disciplinary Board. Members can appeal against chamber decisions to the TURMOB Disciplinary Board within one month of the decision. Final decisions are forwarded to the MoF, which will publish details in the Official Gazette. For example, the Chamber of Certified Public Aceountants of Istanbul dismissed 150 members in 2003/4 and 62 licenses were removed by the equivalent Ankara chamber in 2003. TURMOB have stated their intention to implement such a program of quality control. 32 51. The CMB operate audit quality inspections of the auditors who are approved by them to audit CMB-regulated companies. This inspection includes an on-site review of audit working papers by staff from the CMB. The CMB performed 6 such inspections in the last year (out of 90 audit firms approved by the CMB). The CMB is aware of the requirement in the Eighth ED Directive that all auditors of public interest entities should be inspected every 3 years. In response to this, the CMB intends to increase its capacity for inspections to meet this requirement overtime. 52. The BRSA do not perform regular on-site inspections of BRSA-approved auditors but have the authority to do SO.33 They rely on audit firms' own internal quality control and desk­ top reviews of audit opinions. The BRSA could work together with the CMB in this area as most, ifnot all, of the BRSA-approved auditors will also be approved by the CMB. III. ACCOUNTING STANDARDS AS DESIGNED AND AS PRACTICED 53. Significant differences arise between the {'mancial position and performance of an enterprise prepared in accordance with the UCA and Tax Procedure Law, as opposed to IFRS. Since the Tax Procedure Law has precedence over all other accounting regulations, most Turkish companies only prepare financial statements in accordance with the DCA and the Tax Procedural Law. The needs of the users of [mandaI statements prepared by medium-sized and large entities are not being met given the limited scope of this basis of preparation. The required disclosures are limited, hence further reducing the transparency of financial statements in general. Dissimilarities between the DCA and IFRS are wide-ranging and illustrative differences and their implications are outlined as follows: • lAS I, Presentation of Financial Statements, has not been adopted and so requirements for the Statement of Changes in Equity, the Cash Flow Statements, and some accounting policies and explanatory notes are omitted. While the tax regulation has disclosure requirements, these are less comprehensive than "full IFRS." The absence of extensive accounting policies, explanatory notes and other disclosure requirements prevents users of the financial statements and enforcers from determining the complete basis of preparation of the fmancial statements, including assumptions made and departures from standards, if any. While users may be able to make economic decisions using the current UCA-based fmancial statements in small enterprises, the lack of disclosures is likely to hinder the decision-making process in larger and more complex enterprises where such decisions require an evaluation of the ability of an enterprise to generate cash and of the timing and certainty of its generation. 34 32 TURMOB will start the application of mandatory quality assurance system starting from January 1,2007 in line with the decision taken by the Board ofDirectors. 33 BRSA Regulation on Operations and Authorization of Independent Audit Firms. 34 Also, the UCA does not include a "true and fair view override" requirement, which is required under both lAS 1 and the Fourth and Seventh EU Company Law Directives. Turkey - Accounting and Auditing ROSe Page 22 • lAS 16, Property, Plant and Equipment (PPE), requires that the depreciable amount of an asset be depreciated over its usefullife. 35 The UCA requires application of the depreciation rates outlined in the tax laws, which may not necessarily reflect the useful life of the asset. Also, under Turkish law, capitalization of subsequent costs (e.g. day-to-day servicing) is allowed at all times, whereas IFRS only allows capitalization if the recognition criteria of lAS 16 are met (e.g. a major inspection of an aircraft). • lAS 17, Leases, distinguishes between fmance and operational leases. Under the UCA, assets subject to finance leasing contracts after July 2003 are accounted for in accordance with lAS 17 requirements. However, assets subject to finance leasing contracts prior to July 2003 are not reflected in the lessee's balance sheet. This means that accounting treatments across these two periods are not comparable. In addition, the economic resources and the level of obligations of the lessee may be understated resulting in distorted financial ratios. • lAS 19, Employee Benefits, requires that an entity recognize a liability when an employee has provided service in exchange for employee benefits to be paid in the future (e.g., a pension plan that provides a pension of 2 percent of final salary for each year of service). Under the UCA, an entity is not allowed to recognize a liability for such post-employment benefits. Consequently, accounting under the UCA does not provide a clear understanding of liabilities that a company will face, which could be substantial. Thus significant information that would aid users of the fmandal statements in assessing the economic reality facing the company in the future is absent. At a macroeconomic level there may be a significant amount of "hidden liabilities" since existing social legislation in Turkey requires employers to make a lump-sum termination payment to employees who complete at least one year of service. • lAS 24, Related Party Disclosures, has not been adopted and related party activities are not adequately disclosed under the UCA. This may facilitate the diversion of company resources for private benefit. While listed companies, banks, etc., are subject to more stringent requirements (refer to Paragraphs 54 to 56 below), the UCA falls short of good practices in EU Member States as recognized by the recent proposal by the European Commission to amend the Fourth and Seventh EU Company Law Directive in this regard. • lAS 27, Consolidated Financial Statements and Separate Financial Statements, has no equivalent under the UCA. Hence, consolidated financial statements are not presented. Given the complex relationships of companies in Turkey, this represents a significant obstacle for third parties to gain a full understanding of the economic relationships that exist between companies and the resulting consequences for the group. • lAS 29, Financial Reporting in Hyperirif/ationary Economies, was only partially taken into account by the UCA. As discussed above, the objective of fmandal reporting is to assist users in making economic decisions. In times of hyperinflation, lAS 29 seeks to eliminate the effects of price changes to allow comparability. For example, if a machine had been purchased for TRL 100 in December 1994, its 35 Under lAS 16, an entity should choose either the cost model (cost less accumulated depreciation) or the revaluation model (fair value less any subsequent accumulated depreciation) as its accounting policy and apply that policy to an entire class ofPPE. Turkey - Accounting and Auditing ROSe Page 23 "value" at the end of 2003 would have been TRL 3,309. 36 Until 2003, the UCA did not require hyperinflationary accounting. In 2004 the Ministry of Finance introduced a new set of regulations detailing the principles for the application of inflation accounting for financial statements beginning with the year ended December 31, 2004. • The UCA does not embrace "fair value" as an acceptable or required valuation basis for assets and liabilities. The valuation approach that the IASB is rapidly introducing "fair value" as the primary basis of asset/liability measurement. 3? As a result, a substantial portion of a reporting entity's assets and liabilities under IFRS are stated in the balance sheet at "fair value," including pension assets and liabilities, derivative fmancial instruments, certain other financial assets, financial liabilities held for trading, tangible and intangible fixed assets that have been acquired in a business combination, impaired or revalued, assets held for disposal, share-based payment liabilities, investment properties, provisions and biological assets. In most instances, the UCA generally endorses "historical cost" as the measuremcnt basis for assets and liabilities. 54. The Turkish requirements which are closest in purpose to IFRS are the accounting standards issued by the CMB, although it is recognized that these apply only to the 600 or so companies which are subject to CMB's regulations. Until January 1,2003, the fundamental difference between CMB accounting requirements and IFRS was the lack of hyperinflationary accounting. Although Turkey had been experiencing hyperinflation in the last three decades (refer to Paragraph 2 above) the only requirement was the annual revaluation of PPE. Furthermore, long-term investments were carried at cost. Other differences related to consolidated financial statement, investments in associates, etc. On November 15,2003, the CMB issued Communique XlI25, effective from January 1,2005, which is intended to cover all extant lAS, IFRS and IFRIC interpretations and to close the existing differences between CMB requirements and IFRS. Communique XlI25 is required in respect of all listed companies, intermediaries, and their subsidiaries and associates. Other publicly-held companies are not subject to Communique Xl/25. While the CMB is firm that the financial statements of listed companies provide equal relevance and reliability as they are presented in accordance with IFRS, the ROSC team noted that differences with "full IFRS" remain. These stem from two major issues: • Delays in keeping the body oftranslated and "gazetted" [FRS-based requirements up-to-date. Turkey has a tradition of reliance on laws and regulations (rather than standards) for the fixing of accounting and auditing requirements. Rather than giving authority to a continuing process of standard-setting, new statutory measures are required whenever a new international standard is enacted, or an existing international standard is amended (between 2003 and 2004 alone, five new IFRSs were adopted by the IASB, 15 lASs were amended, and one lAS was withdrawn). Most amendments and new standards enacted by the IASB since November 15,2003 are not reflected in CMB accounting requirements. Consequently, foreign users of listed company financial statements may face difficulty in analyzing financial statements due to a lack of international comparability. 36 Example adapted from Principle of Financial Accounting, Prof. Can Simga-Mugan, Nazli Hosal­ Akman, page 638, 2nd edition, Ankara, 2005. 37 The lASB has adopted what is essentially a marlcet value defmition of fair value, and expresses it in most of its standards as follows: "the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction." Turkey - Accounting and Auditing ROSe Page 24 • Regulatory intervention in the implementation of the standards: As discussed in Paragraph 53 above, the Ministry of Finance (in coordination with other regulatory agencies) has indicated that hyperinflationary accounting will no longer apply for financial statements for the year ending December 31, 2005. Consequently, this will introduce a major difference between CMB accounting requirements and IFRS if Turkey still qualifies as a hyperinflationary economy based on the characteristics outlined in lAS 29. As a consequence, some companies may elect to voluntarily prepare additional financial statements in which full compliance with IFRS can be achieved (e.g. for their foreign investors, credit rating agencies, etc.). This has negative cost implications and also raises uncertainties among users as to which are the "real" figures. In addition, financial statements prepared and audited on a voluntary basis will fall outside the scope of domestic regulatory regimes, thereby often reducing the reliance users can place on them. 55. There are specific differences between IFRS and BRSA accounting requirements. As discussed in Paragraph 20 above banks are required to prepare financial statements in compliance with BRSA accounting requirements. The BRSA introduced new regulations which will require banks to comply with Turkish Accounting Standards set by the TASB. For regulatory purposes, banks have to consolidate financial statements of participations which are credit institutions and financial institutions. In addition, through corporate governance principles, the BRSA will require that banks and other financial companies prepare fmancial statements that fully comply with TAS in addition to the statements that the BRSA require for regulatory purposes. Differences between TASIIFRS and current BRSA accounting requirements mainly relate to: • The scope ofconsolidation. As discussed in Paragraph 20 above, the BRSA requires banks to prepare consolidated fmancial statements, but these include financial subsidiaries only. However, banks are also required to prepare fully consolidated financial statements in accordance with TAS which is in line with lAS 27. • The measurement ofloan losses. The BRSA requires that banks perfonn a review of loan exposures and classifY them into risk categories (i.e. standard, closely monitored, with limited collectibility, doubtful, and loss). The classification is largely based on timeliness of repayments of loans and the economic and financial condition of the borrower. The BRSA requires banks to establish a general provision relating to the first two categories and specific provisions for the last three categories. Specific provisions are detennined on the basis of a provisioning matrix that specifies a range of fixed minimum provisioning rates for each category (e.g., 20 percent for the "with limited collectibility" category). This methodology may not comply with lAS 39, which requires impainnent or loan losses to be calculated as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. Although this methodology differs from lAS 39 with respect to calculating provisions for bank originated loans, the BRSA indicated that the regulation was prepared in accordance with the requirements of Basel Capital Accord. The Turkish financial sector consists in large part of financial-industrial conglomerates, having commercial banks at the center of the groups, surrounded by both financial and non-financial subsidiaries. As with other publicly held companies, if the ultimate parent company is publicly held, it has to prepare consolidated financial statements in accordance with the CMB regulations. The "Regulation on Financial Holding Companies" was published in November 2006 by BRSA. According to this regulation, if a parent company is a fmancial holding company, it has to prepare consolidated financial statements. Turkey - Accounting and Auditing ROSe Page 25 56. The GDI has indicated its commitment to the phased-in adoption of "full IFRS" in the insurance sector. Currently, as discussed in Paragraph 21 above insurance companies are required to prepare financial statements in compliance with the accounting requirements issued by the General Directorate ofInsurance of the Undersecretariat of Treasury. Since the applicable standards adopted by the Treasury are similar to those adopted by the BRSA and CMB, the ROSC team anticipates that the issues relating to the difference between Turkish accounting requirements and IFRS will be similar to those in Paragraphs 54 and 55 above. 57. The ROSe team made assessments of the compliance gap, sampling 12 sets of financial statements, which purport to be prepared in accordance with IFRS, and 12 sets that purport to be prepared in accordance with Turkish accounting requirements. For the sample review, the ROSC team selected 17 enterprise sector companies (listed and unlisted), three banks, and one insurance company (the financial statements were as of December 31, 2003i 8 • The team noted that the quality of the IFRS financial statements is inconsistent and there is non-compliance with specific standards by a number of companies, even where the audit opinions were unqualified. This non-compliance could be due to a lack of understanding on how to implement IFRS and is further evidenced by the use of "boilerplate language" in the accompanying required disclosures. The quality of the financial statements prepared according to Turkish accounting requirements, which purport to be significantly compliant with IFRS, was variable with a number of significant issues. 39 The multiplicity of accounting regulations over a relatively short period of time, occasionally with an early adoption option may have contributed to confusion and affected preparers' ability to properly implement the new requirements. With respect to IFRS financial statements, the ROSC team noted the following non-compliance Issues: • Assets and profits may be overstated in a number of public interest entities. Several companies have capitalized borrowing costs in accordance with lAS 23 in spite of the fact that lAS 29 states that it is inappropriate to do so in a hyperinflationary economy. The capitalization of borrowing costs in such circumstances leads to double counting, as actual interest rates reflect the rate of inflation dealt with by indexation. All the financial statements were unqualified in respect of this matter. • Incorrect valuation of financial assets at cost and not at fair value, which could result in the overvaluing of assets and consequent understating of losses in a reporting period. The unqualified audit opinion on a eompany's 2003 consolidated fmancial statements includes an emphasis of matter paragraph, which indicates that the opinion on the 2002 financial statements was qualified because available-for-sale investments were carried at cost instead of fair value in contravention of lAS 39. The 38 Among these 24 sets of financial statements, two were audited by local audit firms and 17 by local member firms ofintemational audit firm networks. Due to a confidentiality agreement with the MoF, we are unable to ascertain the auditors of the fmancial statements prepared according to the UCA. 10 of the 12 IFRS fmancial statements had unqualified opinions (three reports included emphasis of matter paragraphs) while the other two were qualified (both with emphasis of matter paragraphs). Of the 12 fmancial statements prepared according to Turkish accounting requirements, four had unqualified opinions, three were qualified, and five were unaudited. 39 The ROSC team used stratified random sampling to select the companies that were analyzed in this report. However, due to the sample's small size, it cannot be considered to be representative of all listed companies. Hence, the fmdings, although useful for illustrating potential problems in financial reporting, pertain to shortcomings found in the fmancial statements of specific companies. The findings are not meant to reflect systemic problems that would apply to all companies. Turkey Accounting and Auditing ROSe Page 26 company sold the available-for-sale investments during 2003 at a loss of TRL 35 million (equivalent to approximately US$ 26 million) to a subsidiary, which carries the investments at fair value. The loss, which represents about 15 percent of net income, would have been reported in 2002 or earlier if lAS 39 had been applied correctly and as a result the 2003 financial statements were materially incorrect. This transaction is also in contravention of lAS 27.28, which states "consolidated financial statements shall be prepared using uniform accounting policies for like transactions and other events in similar circumstances," and lAS 27.24, which states "intragroup balances, transactions, income and expenses shall be eliminated in full." • Provisions for employment benefits may be understated. There are significant omissions with respect to post-employment benefits (pensions and employee termination benefits), including non-disclosure of the actuarial valuation method, lack of segregation of the charge for the period between current service cost and interest, the present value of the defined benefit obligation, the fair value of plan assets and other assumptions. • Use of boilerplate disclosures. The wording used in each case to describe the reasons and procedures in the application of lAS 29, Financial Reporting in Hyperinjlationary Economies, is virtually identical. The procedures followed are correct (with one exception) although there are several references to corrections of the indexation of assets in prior periods, which suggest that there are some practical implementation issues. • Lack of comparability of operating performance of companies due to incorrect cash flow statement classifications. Two of the banks in the sample show loans to customers as investing activities and deposits from customers as financing activities. They should be classified as operating activities in the cash flow statement in accordance with lAS 7.15, which states " ... cash advances and loans made by fmandal institutions are usually classified as operating activities since they relate to the main revenue-producing activity of that entity." This breach of compliance is also in contravention of BRSA regulations (Communique No. 16 on "Recognition of Cash Flow Statements" and Communique No. 17, which dealt with the presentation of the Cash Flow Statements. These regulations were prepared for compliance with lAS 7 and have been revoked since banks started to implement the TAS). With respect to financial statements prepared in conformity with BRSA accounting requirements, the ROSC team noted the following non-compliance issues: • Lack of transparency related to provisions could lead to manipulation of earnings. A bank with an unqualified opinion has provided for "Other Provisions" without providing a detailed explanation of the nature or content of the provision. The BRSA does not allow the setting of provisions without specific correlation to loans or assets. This non-compliance with BRSA regulations, which was considered against the backdrop of a lack of transparency in provisions, may conceal an attempt to smooth earnings. • Inconsistently applied loan-loss provisioning in consolidated financial statements could restrict third parties' ability to assess credit quality in bank's financial statements. There were two cases where the loan loss provision policy of subsidiaries in another country was not in compliance with BRSA regulations but with the other country's rules. With respect to financial statements prepared in conformity with CMB accounting requirements, the ROSC team noted the following non-compliance issues: Turkey - Accounting and Auditing ROSe Page 27 • Possible misleading financial statements as a result of inadequate disclosures. A number of disclosures were missing from the financial statements that were reviewed. The missing disclosures concerned items in the balance sheet and income statement and related to fair values, classification of investments and valuation methods related to discounting of financial assets and others. Disclosures are important in informing users as to the measurement basis and assumptions that underlie the fmancial statements. • Possible aggressive accounting policy. A company with fmancial statements prepared according to Communique Xl125 had a relatively low profit in 2003 and a significant loss in 2004. No corporate tax liability arose due to significant losses (almost 20 times 2003 profit) that were carried forward from prior years. A material deferred tax asset has been calculated and reflected in the financial statements although Communique XI!25 permits recognizing the deferred tax assets only if it is probable that the deferred tax assets can be realized. Given the current profit levels, it is unlikely that the company will realize the entire deferred tax assets and therefore the company's action could be viewed as aggressive accounting policy. IV. AUDITING STANDARDS AS DESIGNED AND AS PRACTICED 58. There is no single standard governing the audits of the financial statements of companies generally. TlTRMOB, through internal regulations, has prepared guidelines on conducting audits. 40 In addition, as discussed in Paragraph 22 above, the law gives each regulator the authority to determine in secondary legislation (e.g., Communiques) how an audit firm should conduct an audit of an entity in their jurisdiction, which results in distinct auditing procedures for "tax audits," banks, insurance and publicly-held companies. 59. Most audits conducted in Turkey are based on asserting that the statutory books are in compliance with the UCA and the Tax Procedural Law. While some audits of large companies are conducted according to ISA (especially those with foreigD interests), audits of the statutory books are generally not conducted in accordance with ISA but instead in accordance with special purpose auditing regulations set by the Ministry of Finance and by TURMOB. Therefore, most audits are distinct from the general understanding of an audit as required by the Fourth, Seventh, Insurance Accounts and Banking Accounts Directives. 60. Turkish Auditing Standards governing regulated entities are effectively an abbreviated version of ISA. Practicing auditors generally comply with the strict wording of written Turkish Auditing Standards and a lack of ISA-compatible requirements in certain areas may adversely impact audit quality. Since the requirements adopted by the regulators are very succinct as compared to ISA, the ROSe team determined that a detailed list of the standard gap would be overwhelming and not necessarily conclusive. Instead, the team sought to highlight a few areas where the lack of ISA-compatible requirements may impact audit quality. 61. There is conflicting evidence about the quality of audits which purport to be conducted in accordance with ISA. From the review of a sample of audited financial statements (see Paragraph 57 above) and discussions with sole practitioners, small and large audit firms, TURMOB, and regulators, specific issues surfaced that adversely impact the average quality of auditing practices: 40 See TURMOB's Regulation on "the Working Principles and Procedures of Certified Public Accountants and Sworn-In CPAs" and the auditing standards issued by TUDESK Turkey Accounting and Auditing ROSe Page 28 • Confusing/misleading audit opinions The review indicated a number of instances where the opinion given by the auditor should have been different given other information in the audit opinion and the financial statements. For example, there were several reports with emphasis of matter paragraphs that appeared to be unnecessary and were related to the adoption of IFRS and corrections to the indexation of assets. Overuse of the emphasis of matter paragraph may lead to a use of the paragraph to avoid compliance and it then becomes less certain as to the precise nature of the auditor's opinion, thus increasing the risk of misleading users of the financial statements. • Use of emphasis of a matter where a qualification may have been more appropriate - The audit report of a listed company contained an emphasis of matter paragraph related to a qualified opinion on the 2002 financial statements because available-for-sale investments were classified at cost instead of fair value (refer to Paragraph 57 above). In addition, an emphasis of matter paragraph was used in the case of non-compliance with lAS 28, Investments in Associates, where a qualification may have been more appropriate based on the information provided in the financial statements. The use of emphases of matter paragraphs as opposed to qualifications is potentially misleading to investors and could raise doubts as to the auditors' independence and objectivity. • Inadequate implementation of ISA 600, Using the Work ofAnother Auditor - The auditors of a listed company have relied entirely on the reports of other auditors who have audited 18 percent oftotal assets and 23 percent of net profit. ISA 600.18 allows such an approach only "where local regulations of some countries permit a principal auditor to base the audit opinion on the fmandal statements taken as a whole solely upon the report of another audit regarding the audit of one or more components." No evidence has been found in the auditing regulations in Turkey that this is permitted and in order to comply with ISA 600.18, the auditors were expected to "perform procedures to obtain sufficient appropriate audit evidence, that the work of the other auditor is adequate for the principal auditor's purposes, in the context of the specific assignment." • Possible misleading audit opinions could affect reliance on audited financial statements - The 2003 audited financial statement of a listed company stated that in the 2002 fmancial statements, which were audited by another auditor, goodwill acquired in 2001 was written off because the merged operation had been fully integrated. The auditors of the 2003 audited fmancial statements do not indicate whether they agree with the treatment and do not qualify their opinion in this respect. If the auditors agree with the treatment then the explanatory paragraph is unnecessary. However, in 2002 the goodwill should have been included in the balance sheet as an asset and amortized over its useful life in accordance with lAS 22, Business Combinations. This departure from lAS 22 should have resulted in a qualification. The auditor's failure to qualify the opinion could mislead investors comparing the performance of this company with others in the same sector. 62. Auditors are sometimes expected to prepare financial statements or at a minimum make adjustments prior to conducting the audit.41 The supply of technically competent professionals with the ability to prepare financial statements in accordance with increasingly technical and complex accounting requirements has not kept pace with demand. This has created 41 This issue was also raised in "Convergence to IFRS: The case of Turkey," Can Simga-Mugan, Nazli Hosal-Akman, draft paper, Ankara, 2005, page 11. Turkey Accounting and Auditing ROSe Page 29 a situation where the staff in many companies is unable to fully prepare the financial statements according to IFRS. Accounting staff in one of the companies involved in preparing IFRS statements for the past 10 years stated that standards are difficult to implement and that the auditors were relied upon to prepare the consolidated financial statements42 and audit them. This has implications for auditor independence and the ability of the market to rely on such audited financial statements. Given the skills gap, which is expected to remain at the current level in the near future, training of highly educated accounting professionals is a priority. v. PERCEPTIONS ON THE QUALITY OF FINANCIAL REPORTING 63. The overall transparency and disclosure level of Turkey's top companies is assessed as "unsatisfactory." In an April 2005 a press release assessing financial disclosure by the top 52 Turkish companies, Standard & Poor's pointed to the limited level of voluntary disclosure and a problem of transparency of groupS.43 For "accounting~literate" users of companies' financial statements with no supplementary access to internal financial and management information, published fmancial statements prepared in accordance with current legal and regulatory requirements, suffer from the following major shortcomings: • Failure to adequately and consistently adjust for the effects of hyperinflation. Efforts can be made to compensate for this by means of the process of "dollarization," but this is considered to be too approximate to result in sufficiently reliable information. • Absence of full consolidated financial statements for groups of companies as a whole, including for banks. Concerns are expressed about the lack of information on transactions between group companies (including the basis for transfer pricing, intra-group transfers of assets, and the elimination of intra-group transactions). Combined with certain weaknesses in the protection of minority shareholders, this undermines investor confidence. • Absence of related party disclosures. This raises many of the same issues as the absence of full consolidation. 64. There is a perception that different types of user groups have access to information that others do not. In response to user pressures, certain groups/companies now prepare IFRS financial statements on a voluntary basis, but there is dissatisfaction with this approach. Firstly, the number of companies/groups involved is small. Secondly, such voluntary financial statements are not disclosed to the market, and there is a perception that not all shareholders are treated equally in terms of access to them. Domestic minority shareholders, in particular, are concerned that more information may be provided to foreign institutional investors. Thirdly, these financial statements are prepared outside any regulatory or enforcement framework (e.g., they are not reviewed by the CMB) and there are concerns about their reliability. Such public perception is very detrimental to Turkey as highlighted in a Financial Times article on the listing of Turk Telekom which stated: "Public financial disclosure is poor. Regulation and permissible 42 In repeated instances, preparers and auditors indicated that the audit firms, including the local member finns of international audit finn networks, do the consolidation and prepare the fmandal statements. In addition, the ROSe team noted that the electronic file of the IFRS financial statements (selected for purposes of the review under Section III of this report) had been prepared on the computers of the audit finns. 43 Corporate Governance: Turkish Transparency and Disclosure Survey, Standard & Poor's Governance Services, London, April, 22, 2005. Turkey - Accounting and Auditing ROSC Page 30 redundancy levels remain opaque... If Turkey wants to attract quality investors to its privatizations it will have to raise its game.'>44 VI. POLICY RECOMMENDATIONS 65. The National Steering Committee should develop a detailed action plan based on the recommendations of this report. Without attempting to provide a detailed tactical design for reform, this report sketches the policy recommendations to enhance the quality of corporate financial reporting. Upon commencement of this assessment, Turkey established a multidisciplinary National Steering Committee (NSC) for accounting and auditing reform to participate in the assessment and to advise policymakers, regulators, and other stakeholders regarding the implementation of the recommendations. Based on the successful experience of other countries, the report recommends that the NSC develops a Country Strategy and a detailed Country Action Plan (CAP) to enhance the quality and availability of financial reporting in Turkey. 66. Implementing the proposed recommendations wiD enhance the reliability and availability of financial reporting. As work on the economics of information,45 this will be conducive to: • Strengthening Turkey's financial architecture and reducing the risk of financial market crises and their associated negative economic impacts, including through increased transparency about the financial condition and performance of public interest entities; • Contributing to foreign direct and portfolio investment; • Helping mobilize domestic savings; • Facilitating the access of smaller-scale corporate borrowers, including small and medium enterprises, to credit from the formal financial sector by shifting gmdually from collateral-based lending decisions to lending decisions, based on the financial performance of the prospective borrower; • Allowing investors to evaluate corporate prospects and make informed investment and voting decisions, which will result in a lower cost of capital and a better allocation of resources; • Allowing shareholders and the public at large to assess management performance, thus influencing its behavior (financial reporting is a building block of a market­ based monitoring of companies); and • Assisting the authorities to adopt, monitor, and enforce compliance with the relevant portions of the acquis communautaire. The policy recommendations set forth in this report are predicated on the notion that full compliance with the acquis communautaire, which represents a high-quality regulatory and institutional framework for accounting and auditing, is Turkey's long-term objective. As set forth in this report, such an objective requires extensive reforms to Turkey's legal framework, institutions, and accounting profession, as well as changes in its accounting, auditing and business culture. 44 "Turk Telekom" in Financial Times Europe, Saturday May 14 and Sunday May 15,2005, page 22. 45 The role of information in a well-functioning economy. Turkey - Accounting and Auditing ROSe Page 31 67. The membership of the NSC would need to be expanded to include academics, users and preparers of financial statements in order to reflect the many stakeholders in the accounting reform process. The NSC will be essential to the reform process, given the diversity of legislation, regulatory authorities, and the fragmentation of the financial reporting framework. It is critical that the members possess demonstrated technical competency and knowledge of accounting, aUditing and financial reporting (including knowledge ofIFRS, prudential regulation, ISA, and IFAC's International Educations Standards and Code of Ethics); high level analytical skills; integrity, objectivity and discipline; and commitment to accounting and auditing reform and the public interest. 68. Measures are needed to address the wide-scale "informality" problem in Turkey. Such informality is linked to a range of macroeconomic, fiscal and social issues, and progress should be made in each of these areas; however, there are some actions that could help, relating to financial reporting. The challenge for Turkey is to encourage a culture of compliance and disclosure where, in the past, such compliance has been seen to lead to higher taxes and a greater regulatory burden. The timely enactment of the new draft Commercial Code together with coordinated regulatory requirements to use TAS and ISA in preparing and auditing financial statements should help the authorities in this regard, but these measures will only work if they are effectively implemented and if the macroeconomic, fiscal and social drivers complement these reforms. Measures to aid this implementation include: • Helping preparers, users and auditors of financial statements to understand a clear difference between fmancial reports and tax reports; ideally tax reporting should be based on making the necessary adjustments to financial reports. • Implementing and enforcing specific actions linked to regulated activities which reinforce the use of audited financial statements, such as in banking, where the BRSA should require banks to ask their loan customers for audited financial statements for their business. Banks should keep the statements on their credit files and, crucially, should make their lending decisions based on the statements, whether on a subjective or on an objective, model-oriented, basis. Such activity is envisaged by current banking regulations but is not widely practiced by banks. • Developing auditors' ability to perform ISA-compliant audits through training and education and through the provision and implementation of a standards ISA­ compliant audit methodology with associated training. 69. Fragmented approaches based on a multiplicity of stand-alone special purpose accounting and auditing requirements should be replaced by a single, coordinated, robust general-purpose system, which treats disclosure and transparency as public goods available to all market participants. The revision of the statutory framework, led by the revision of the Commercial Code (1957) currently underway in Turkey will address this but it is crucial that this revision is completed urgently and that it is not unduly delayed or its effectiveness and scope reduced by the political process. This report supports the reform to corporate financial reporting proposed in the draft Commercial Code. However, it makes the following recommendations in regard to the draft Code: • That very limited exemptions to the audit requirement be made for dormant companies and possibly for those with very low turnover. • That the Code clearly requires that companies file their full financial statements, including all notes, with a registering entity where they will be publicly available. Turkey - Accounting and Auditing ROSe Page 32 70. In addition this report recommends that: • Remaining conflicting or ambiguous financial reporting requirements should be amended. The legal and regulatory framework should be revised so that regulatory requirements do not impede compliance with TAS in general-purpose financial statements. If regulators need additional (unpublished) information for prudential supervision or statistical purposes, this should be done only by supplementing, not departing from, IFRS. This would have the added benefit of mobilizing regulators to assist in the enforcement of the requirements for general-purpose financial statements, since the regulators would have a keen interest in ensuring that the fundamental TAS/IFRS-based financial statements are correct (as their reports would be built on that foundation). • Corporate governance arrangements should be modernized in line with emerging practices in OECD countries. The recommendations of the recent OECD report on corporate governance in Turkey should be implemented. Confidence in the financial statements is linked to those who have responsibility for preparing and making them publicly available. In line with what is currently prevailing in ED Member States, the responsibility should rest collectively with all board members both in law and in practice. • In order to meet the challenge to the auditing profession that the audit requirement in the draft Code will pose, TURMOB must continue to develop the effectiveness of its regulation of certified auditors, i.e. those TURMOB members who are authorized to conduct audits in accordance with ISA under the Code and Law 3568 (SMMMs and YMMs). This regulation should include the following tasks: (i) ensuring timely updates to the translation of ISA and IFAC Code of Ethics for Professional Accountants into Turkish (refer to Paragraph 71 below); (ii) issuing implementation guidance on the application of ISA; (iii) exercising quality assurance over the auditing activities of its members by way of monitoring of their work; (iv) exercising disciplinary authority over its members; (v) issuing audit licenses to both individuals and audit firms on the basis of education, experience, and examination requirements consistent with IFAC lESs and the acquis communautaire; adverse fmdings of either the quality assurance system or the disciplinary system should result in suspension or removal of this license; and (vi) working closely with the BRSA, CMB and the Treasury in the development of specific additional approval, auditing, quality assurance or reporting requirements applicable to the statutory auditors of entities subject to their supervision. These arrangements should be established in accordance with the requirements of the new Eighth ED Company Law Directive. • A public oversight system for the audit profession should be established to oversee the operation of the above audit regulation. The purpose of the oversight system is to ensure that quality assurance is, in fact and appearance, an exercise with sufficient public integrity; it should also instill public confidence in the profession and demonstrate to regulators and the public the adequate discharge of self-regulating responsibilities. The public oversight system should have the ultimate responsibility for the oversight of: (i) the approval and registration of statutory auditors and audit firms; (ii) the adoption of standards on ethics, internal quality control of audit firms and auditing; and (iii) continuous education, quality assurance and investigative and disciplinary systems. Turkey - Accounting and Auditing ROSe Page 33 In addition, the oversight system of public oversight should have the right, where necessary, to conduct its own investigations of statutory auditors and audit ftrms and to take appropriate action. Importantly, the system of public oversight must be governed by "non­ practitioners.'.46 While Turkey may allow a minority of practitioners to be involved in the governance of the public oversight system, the oversight system should be clearly independent of the profession. Given the growing presence of large Turkish companies on international equity and debt markets (e.g. through issuing Eurobonds), these measures will help underpin the conftdence in the functioning of the Turkish capital market and help prevent unnecessary international regulatory overlap through reciprocal cooperation with other countries. 71. The current framework has some of the institutional infrastructure necessary to foster an accounting and auditing environment which facilitates the preparation of high quality financial statements. Speciftc recommendations that would utilize aspects of the current infrastructure while incorporating new features where necessary are as follows: • Accounting and auditing standard setting activities should provide for a common platform, which ensures efficient use of expert resources: o The TASB should become solely responsible for accounting standard setting activities subject to a review of its remit, membership and resources. For the TASB to become the recognized single accounting standard setter in Turkey, a legislative framework needs to be developed with a clear set of accepted and understood aims and objectives and remit. The draft Turkish Commercial Code gives this mandate to TASB~ other regulatory regulations may need to be further amended to conftrm this. o TUDESK, the auditing standard setter within TDRMOB, should gain similar responsibility for adopting auditing standards for the audit profession which would conform to ISA. The TASB and TUDESK should have adequate resources to continue to translate updates to IFRS and ISA on a timely basis in line with the official translation process set out by the IASCF and the IF AC Translation Policy. • Institutionalized accounting standard enforcement mechanisms should be reviewed to ensure compliance with reporting requirements. This report's recommendations aim to strengthen two enforcement pillars: (a) preparers, through requiring collective responsibility of board members, requiring the application of TAS, retraining of accountants in industry, and enhancing academic education; and (b) auditors, through the adoption of ISA, quality assurance system, and public oversight. However, it is essential to also address the third enforcement pillar, i.e. regulators. While different models exist, this report recommends that regulators play an active role at least in the enforcement of accounting standards in the general­ 46 Under the new Eighth EU Company Law Directive, a "non-practitioners" is defined as a "natural person who for at least three years prior to his or her involvement in the governance of the public oversight system has not carried out statutory audits, has not held voting rights in an audit firm, has not been a member of the administrative or management body of an audit finn and has not been employed by or otherwise associated with an audit finn." Turkey - Accounting and Auditing ROSe Page 34 purpose financial statements of public interest entities. This may be done either through the establishment of a new body (e.g., one with a similar role and remit to that of the Financial Reporting Review Panel in the United Kingdom), or extending the enforcement role and capacity of existing regulators (BRSA, CMB, and Treasury). While there are clear advantages to a regulatory system which gives authority to a single central regulator, a fragmented approach where responsibility is shared amongst enforcers is an accepted alternative. Such a model presents risks of overlap or, more significantly, areas where there are gaps between the powers or remits of those concerned. Particularly as the enforcers strive to enforce IFRS there is arguably a greater need for consistent application of similar requirements. The relationship between the various enforcers could be strengthened by Memoranda· of Understanding, which set out clearly the manner in which they may seek to co· operate and demonstrate a unified approach to enforcement. Going forward, this could include prior discussion before release of generic bulletins or advice that may have implications across the various regimes if issued in respect of an accounting requirement common to all preparers. 72. There is also a strong need to develop the capacity of the accounting and audit profession. The genuine understanding and adoption of these new accounting and auditing requirements require related education and training for preparers, auditors, and regulators. In this context, there will need to be greater focus on the needs of general purpose financial reporting. The following recommendations would enhance the capacity of existing accountants as well as ensure the capacity of future accountants: • Vocational and academic education. Vocational schools and universities will require further assistance with the development of, training materials that are compliant with and adequately cover IFRS, ISA and the IFAC Code of Professional Ethics. Training of syllabus preparers and lecturers, including practical work experience, in these specialized areas would also be highly beneficial. A liaison group should be established between the universities and TORMOB. This will assist with the dissemination of knowledge and help keep universities aware of the training needs of the profession. • The professional examination syllabus should continue to be reviewed periodically to ensure that it effectively meets the needs of the audit and accounting professions and tbat is aligned with the requirements of the new Eighth EU Company Law Directive and the IFAC International Education Standards (lES). • The Continuing Professional Development requirement for auditors and accountants should continue to be developed to meet the needs of practicing auditors and accountants and to meet the requirements of the new Eighth EU Company Law Directive and IFAC IES 7. TURMOB should actively control completion of the required CPD hours by members and ensure that appropriate courses are offered, especially in the areas ofISA and TASIIFRS. • Accountants in industry: As discussed in Section ILC above, several stakeholders articulated their concerns that there is a lack of up-to-date accounting knowledge within industry. In order that accountants in industry obtain a deeper understanding of the issues concerned, a program should be developed to specifically target the significant retooling needs of accountants in industry. A number of approaches exist, Turkey - Accounting and Auditing ROSe Page 35 and can be broadly categorized as direct regulation or incentive-based policies, which are further described below. The "right" policy will likely draw upon both types to include a mix ofpositive incentives, compliance monitoring and sanctions. o Direct regulation involves statutory requirements that are monitored and enforced by a regulatory body, and non-compliance is punishable by sanctions. However, it is important to note that in EU Member States, there has been a clear trend away from direct regulation of accounting services, other than audit. With regard to the accounting profession, direct regulation generally takes one of the following three forms: required licensing, protection of an accounting title, or qualification for external accountants. o While direct regulation mandates a certain type of behavior through rules, enforcement and sanctions, incentive-based measures encourage certain behaviors through rewards, which are usually market-based. The Government can play an active role in promoting the improvement of the quality of the accounting profession through the use of incentives. These include an array of options, such as setting a good example through applying international good practice in accounting and auditing within state-owned enterprises, so that these may serve as a model for the rest of the corporate sector; and providing seed money or tax credits for the establishment of retooling programs of accountants in enterprises. Turkey Accounting and Auditing ROSe Page 36 Turkiye Standartlara ve Kanunlara Uyum Raporu Muhasebe ve Denetim Mart 2007 Mali Yonetim Birimi , Operasyonel Politikasl ve Olke Hizmetleri Avrupa ve Orta Asya Bolgesi DOnya Bankasl www.worldbank.org/ifa/rosc_aa.html Bu rapor, MaYIS 2005'te Tiirkiye'de yapllan bir tam sal incelemeden e1de edilen bulgulara dayanarak Diinya Bankasl ekibi tarafmdan haZlrlanml~tlr. Frederic Gielen liderligindeki ROSC ekibinde Ay~e Seda Aroymak, Georgine Ann-Marie Newman-Alawode ve Zeynep Lalik Mete (ECSPS)'nin yam S1Ta AB Dye Devletlerinin i1gili kurulu~lanndan uzmanlar da bulunuyordu. inceleme, ~e~itli payda~lann katIldlgl ve i.ilke makamlanmn onderlik ettigi katIhmcl bir siire~ vasltaslyla ger~ekle~tirilmi~tir. STANDARTLARA VE KANUNLARA UYUM RAPORU (ROSe) Tiirkiye MUHASEBE VE DENETiM Mart 2007 i~indekiler Yonetici Ozeti .................................................................................................................................................. 1 1. Goo$ ................................................................................................................................................1 II. KURUMSAL <;ER<;EVE ................................................................................................................ .3 A. Y asal <;er4Yeve....................... :............................................................................................................ 3 B. Meslek ............................................................................................................................................. 10 C. Mesleki Ogretim ve Egitim ............................................................................................................. 11 D. Muhasebe ve Denetim Standartlanm Belirleme.............................................................................. 13 E. Muhasebe ve Denetim Standartlanm Uygulatma ............................................................................ 15 III. TASARLANAN VE UYGULANAN MUHASEBE STANDARTLARI ...................................... .22 IV. TASARLANAN VE UYGULANAN DENETiM STANDARTLARI... ........................................ 27 v. MALi RAPORLAMANIN KALiTESi HAKKINDA ALGILAR ..................................................29 VI. POLiTiKA TA VSiYELERi ...........................................................................................................30 YONETICI OZETI Bilgi ekonomisi iyi i~leyen bir ekonomide bilginin rolii - iizerine yah~malann gosterdigi gibi, mali raporlamamn giivenilirligini ve varhgml iyile~tirmek ekonomik geli~meyi te~vik etmekte ve mali sistem istikrarslzhgl riskini azaltmaktadlr. Bu baglamda, bu rapor Tilrkiye'deki muhasebe ve denetim standartlan ve uygulamalannm bir degerlendirmesini yapmaktadlr. Rapor, Uluslararasl Finansal Raporlama Standartlan (UFRS) ve Uluslararasl Denetim Standartlannl (ISA) mukayese esasl olarak kullanmakta ve mali bilgilerin kalitesini degerlendirmek ve politika tavsiyelerinde bulunmak iyin muhasebe ve denetim diizenlemesi alamndaki iyi uygulamalardan yararlanmaktadu. Tiirkiye gibi Avrupa Birligi (AB) aday iilkeleri iyin, bu degerlendinne aym zamanda AB hukukunun (aym zamanda topluluk miiktesehatl olarak bilinen) ilgili gereklerine de dayanmaktadIr. Tilrkiye'de son yIllarda fmansal raporlama ortammm ve yeryevesinin iyile~tirihnesi konusunda onemli ilerlemeler ohnu~tur ve daha geni~ olyekli refonnlar da yoldadlr. Ozellikle, taslak haldeki yeni ticaret kanunu Tiirkiye'deki ~irketler mali raporlamaslyla ilgili yasal diizenlemeleri yagda~la~trracak ve UFRS bazh Tiirkiye Muhasebe Standartlan'mn uygulanmasl ile lAS bazh denetim zorunlulugu getirmesiyle iilkedeki muhasebecilik ve denetim mesleginin oniine zorlu ama frrsatlar iyeren bir ortam olu~turmaktadrr . Kurumsal Sektor Muhasebe ve Denetimi Yol Kav§agmdad,r Kurumsal sektor (Le. ~irketler kesirni) muhasebe ve denetiminin rolii ve diizenlemesi, iyinde yer aldIklan ekonomik yeryeve ve hizmet verdikleri piyasanm yaplsl taraftndan ~ekillendirilir. Son zamanlara kadar, Tiirkiye'de ozel i~letmeler biiyiik olyiide aile denetimindeydi, sermaye piyasalanndan ziyade ozel finans kaynaklanna (ailenin sahip oldugu bankalar dahil) dayaDlyordu, ve mali bilgiler genel olarak piyasa katthmcdanDln ihtiyaylanDl kar~Ilamak iizere saglanan bir kamu mall olarak kabul edilmiyordu; mali bilgiler daha ziyade, eri~imin ktslth oldugu bir aray niteligindeydi ve yalmzca bu bilginin saglanmasml isteme yetkisine sahip olanlarm kullan1ffilna aylk idi. Bankacdlk diizenlemelerinin bankalara kredi degerlendirme siirecinde ~irketlerin mali tablolanm alma zonmlulugu getirmesine ragmen, uygulamada, bankalar, kredi kararlarml kredi alanm mali tablolanndan ziyade, oncelikli olarak teminat ve i~letme hakkmdaki diger bilgi kaynaklarma dayandlrmaktaydl. Bu degerlendirmeler, Tiirkiye'de muhasebe ve denetim iyin mevcut diizenlemeler hakkmda fikir vermekte, mevcut gerilirnlerin nedenlerini anlamaYl saglamakta ve koklii bir don~iim geyirmekte olan bir ekonominin yeni ihtiyaylarlm kar~Ilamak iyin gerekli olan reformlara giden yolu i~aret etmektedir. Ekonomik ortam, her bir kurumun (vergi makamlan gibi) digerlerinin ne yaptlgma bakmakslzm kendi muhasebe ve denetim gereklerini yarattlgl bir ortama yol ayml~trr. Mali bilgilerin kamuya aylklanmasl, halka aylk =?irketlerin de dahil oldugu diizenlenlemelere tabi ~irketler haricinde, asgari genel =?artlara baghydl ve ye=?itli kullamcl gruplarmm ihtiyaylarml kar~llayan yaymlanmt~, genel maksath mali tablolar kavraml fiilen bilinmiyordu. DolaYlslyla, piyasaya saglanan mali bilgilere inamlrrhk katacak ~ekilde ehil meslek erbabl tarafmdan yapllan baglIllSlz mali tablo denetimi iyin yok az talep vardl. Son yIllarda, muhasebe ve denetim ortammda ilerleme kaydedilmekle birlikte, uluslararasl iyi uygulamalara uymaYl ba~armak iyin Tiirkiye'nin yapmasl gereken yok =?ey vardlr. Yasal {:erfeveyi Topluluk Miiktesebatl ve Uluslararasl Standartlar ile Uyumlu Hale Getirmek Bu rapor, yasal yeryeve ve diizenlemelerdeki bazI eksiklikleri ortaya koymakta ve piyasa katthmcdanna giivenilir mali bilgilerin saglanmasl iyin saglam bir yasal temel yaratdmasl iyin bunlann giderilmesinin Tiirkiye iyin bir oncelik olmasl gerektigini vurgulamaktadlf. Bu baglamda iiy konu one ylkmaktadlf: Tiirkiye - Muha.'iehe ve Denelim ROSe Yiinelici Ozeli Sayfa 1 • Maliye Bakanhgl tarafmdan olu~turulan muhasebe diizenlemeleri, bankalar ve sigorta ~irketleri i~in smrrh istisnalar dl~mda diger tUm diizenlemelerin iizerinde tutulmaktadrr. Sonu~ olarak, birden fazla yetki alanma giren tiizel ki~iliklerin ~irketin defter kaYltlan temelinde hazrrlanan birden fazla saYlda mali tablo seti hazlflamasl gerekmektedir. iIaveten, bir~ok orta ve buyiik i~letmenin yonetim bilgi sisterni vergi muhasebesine dayahdlr, ki bu da yonetirne i~letmeyi etkin ~ekilde yonetebilmesi i~in yeterli bilgi (omegin, konsolidasyon yoklugu) saglamamaktadlf. • Gizli kullanlm i~in ~ok saYlda baglrnslz, ozel maksath muhasebe ve denetim sistemlerine dayah olan bOliiniik yakl~lmlann yerini, beyan ve ~effafhgl tUm piyasa katIlrrncIlannm kullanabilecegi kamu mall olarak goren tek bir sag lam genel maksath sistemin almasl i~in koordineli ~abalar olmahdlf. 1 $imdiki yakla~Imlar, kit kaynaklann verimsiz kullantlmasma ve piyasa katIlrrncllan tarafmdan etkin kaynak tahsisatml saglayacak kamuya a~lk mali bilgilerin yokluguna yol a~maktadlf. • Bankalar, sigorta ~irketleri ve kamuya a~lk ~irketler i~in ge~erli olan mali raporlama ve denetirn ~artlan - diger ~irketlere gore daha slkl olmasma ragmen - genellikle UFRS ve ISA temelinde hazlrlanmakla beraber bu standartlarm gerisinde kalmaktaydl ve diizenleyiciler dahil mali bilgi kullarucIlarma her zaman karar verme am~lan i~in yeterli giivenilirlikte mali bilgi saglamamaktaydl. Tiirkiye Muhasebe Standartlan Kurulu (TMSK), Tiirkiye Denetim Standartlan Kurulu (TODESK), Gelir idaresi B~kanhgl, Hazine Muste~arhgl Sigortaclhk Genel Mudiirlugu, Sermaye Piyasasl Kurulu ile Bankaclhk Denetleme ve Diizenleme Kurumu halen bu konu iizerinde ~ah~maktadu. Bu hususlan ~ozmek i~in taslak bir yeni Tiirk Ticaret Kanunu hazlflanmt~tlf. Bu rapor, taslak Ticaret Kanunu'nun hedefi olan Tiirkiye'nin yasal ~er~evesini genel olarak miiktesebata uygun olarak ~ekillendirmesini desteklemektedir. Taslak Ticaret Kanunu; • Ku~iik ve orta ol~ekli i~letmeler (KOBi) hari~ tUm ~irketlerin Tiirkiye Muhasebe Standartlan Kurulu (TMSK) tarafmdan yaymlanan Tiirkiye Muhasebe Standartlan (TMS)'ye gore hazlrlanml~ yasal ve konsolide mali tablolanru sunmalanm gerektirmektedir. TMS, UFRS temelinde hazlflanmt~ ve UFRS 'ye kar~tlIk gelmektedir. • Kanun'da belirtilen tarurruyla KOBi'lerin, TMSK tarafmdan yaymlanan basitle~tirilmi~ muhasebe standartlanm uygulayabilmelerine olanak tanrrnaktadlf. • Tiim ~irketlerin, Kanun'da belirtilen ko~ullan ta~lyan lisansh bagrrnslz bir denet~i tarafmdan denetlenmesini gerektirmektedir. Bu denetimler Uluslararasl Denetin Standartlan (ISA),ya uygun olarak yapIlmahdu. • Tum ~irketlerin ytlhk mali tablolanru Sanayi ve Ticaret Bakanhgl'na sunmalan (burada kamuya a~lklanacaktlr), mali tablolanm ~irketin web sayfasmda, Ticaret Sicili Gazetesi'nde ve iki ulusal gazetede yaymlamalan gerekmektedir. Tasiak Kanun Turkiye'deki ~irketler mali raporlamaslyla ilgili yasal diizenlemeleri ciddi bir bi~imde iyile~tirecek, iilkedeki muhasebecilik ve denetirn meslegi i~in zorlu ama yeni firsatlar yaratacaktlf. Bu rapor ~u hususlarm goze almmasl gerektiginin albm ~izmektedir: • Bu rapor, gayri faal ya da ~ok du~iik ciroyla faaliyet gosteren i~letmeler gibi bir taklm ~irketlerin denetim zorunlulugundan muaf tutulmasml desteklemektedir. 1 C;e~itli kanunlar her bir diizenleme kurumuna, Maliye Bakanhgt (MB), Sennaye Piyasast Kurulu (SPK), Bankacthk Diizenleme ve Denetleme Kurumu (BDDK), ve Hazine Miiste;;arhgl Sigortaclhk Genel Mudurliigii'ne (SGM), kendi yetki alanlanna giren c;e~itli tfizel varhklann muhasebe ve standartlanm belirleme uygulatma yetkisi vennektedir. Tiirkiye - Muhasebe ve Denetim ROSe Y6netici Sayfa2 • • Taslak Kanun ve Serbest Muhasebecilik, Serbest Muhasebeci Mali Mii~avirlik ve Yeminli Mali Mii~avirlik Kanunu (3568 saylll Kanun)'da tanunlandlgl ~ekliyle bagnnsiz mali tablo denetimi yapmaya yetkili ki~i ve frrmalann Sekizinci Uluslararasl Egitim Standardl ve AB ~irketler Hukuku Sekizinci Direktifi'nde ortaya koyulan uygun egitim, staj ve tecrube gerekliliklerini yerine getirmi~ olmahdrr. • A~lklaYlcl notlanyla birlikte tUm mali tablolann ulusal gazetelerde yaymlanmasl pratik olmayacagmdan, ozet mali tablolann yaymlanmasl daha uygun bir yakla~lIll olacaktu. Ancak, a~lklaYlcl notlanyla birlikte mali tablolann tamammm ya Ticaret Sicili ya da dogrudan (or. Web sayfasl yoluyla) kamuya eri~iminin saglanmasl, notlarm (ornegin ili~kili ~irket bakiyeleri ve ~arta bagh yiikiirnliiliiklerle ilgili bilgilerin) mali tablolann anla~Ilabilmesi baklmmdan gerekli oldugu i~in ~ok onetnlidir. YakIn ge~mi~te, Tiirkiye Muhasebe Standartlan Kurulu, mevcut tiim UFRS ve UMS 'lere k~Ihk gelen tam set Tiirkiye Muhasebe Standartlan (TMS),Yl yaymlamI~ttr. Ba~langl~ta taslak olarak yaymlanan ve UMS 32 ile UMS 39'a kar~lhk gelen TAS 32 ve TAS 39, 2006 YIh Ekirn aymda kabul edilmi~tir. Mali Raporiama $arliaTlnl Uyguiatma Uluslararasl yattnmctlar ve kredi derecelendirrne kurulu~lan, Tiirkiye'nin onde gelen ~irketlerinin genel ~effafltk ve beyan seviyelerini "yetersiz" olarak degerlendirmektedir ve genellikle bankacIlar miistakbel kredi mii~terileri tarafmdan sunulan mali tablolara, yaygm olarak "gayri resmi olmalan" nedeniyle "giivenmemektedirler." "Gayri resmilik" bu raporun konusu dl~mda kalan bir husus olmakla birlikte (yani, bu daha ~ok makroekonomi, mali ve sosyal meselelerle ilgilidir), mali raporlama baktmmdan bu yonde yardlmcl olabilecek bazl eylemler vardlr. Bunlar, piyasa te~vikleri (yani, pozitif) ve caydmcl te~viklerin bir birle~irnini i~ermektedir. Bu baglamda rapor, uygulatmaya ili~kin olarak fi~ ayakb bir yakla~lIll onermektedir: • Bir ~irketin direktOrlerinin mali tablolann dogrulugundan yalmzca hukuken degil aym zamanda fiilen sorutnlu olmasml saglayacak ~ekilde kurumsal yonetirn ~er~evesini tadil etmek. Bu, tavsiye editen Kurumsal Yonetim Standart ve Kanunlara Uyum Raporu (Corporate Governance ROSC) i~in bir odak a1am olmahdrr. • Denetimin yasal olarak zorunlu ktlmdIgl hallerde muhasebe standartlanna uyarak raporlama yapmaktan sorutnlu olan iyi yonetilen bir denetim meslegini daha da geli~tirmek. Yukanda belirtilen yasal denetimlere ek olarak rapor, TORMOB'un, devredilmi~ diizenleme yetkisiyle lisansh denet~ilerin diizenlenmesini etkin bir ~ekilde silrdiirmesini desteklemektedir; burada denet~iler, 'tam ISA'ya uygun olarak mali tablo denetimi yapmaktan sorumlu TORMOBiiyelerini ifade etmektedir. Diger ~ah~malannm yanl sua TORMOB, iiyelerinin yaptlgI denetirn faaliyetlerinin kalite gUvencesi uygulamaya, iiyeleri iizerinde disiplin yetkisini uygulamaya ve hem bireylere hem de denetim frrmalanna denetim ruhsatl vermeye devam etmelidir. Denet~ilerin devredilmi~ yetkiyle diizenlenmesinin, denetim mesleginde bir kalite giivencesinin temin edilmesi ve yukarda belirtilen i~levlerin fiilen ve ~eklen kamusal bir diiriistliikle yerine getirlmesi baktmIndan bir 'kamu gozetirn sistemi' ile gii~lendirilmesi gerekmektedir. Soz konusu gozetim sistemi "uygulama yapmayanlar" tarafmdan yiiriitiilmeli ve meslekten baglmslz olmahdlr. • Kurumsall~tmlmI~ mali bilgi uygulatma mekanizmalanm geli~tirmek. Bu raporda te~his edilen, mevcut muhasebe ~artlanna miiteaddit uymazhk olaylan ~unu gostermektedir ki, mali tablolarda muhtemelen bfiyiik etkisi olacak olan, ancak mali tablolann denet~ileri tarafmdan yeterince dikkat ~ekilmeyen a~lga vurulmaffil~ ayktnhklar olabilir. Bu rapor,mevcut diizenleyicilerin i~birligiyle veya birle~ik bir mali bilgilendirme ve uygulatma kurumu vasltaslyla,diizenleyicilerin muhasebe Tiirkiye - Muhasebe ve Denetim Rose Yonetici Ozeti - Sayfa 3 standartlannm uygulanmasml saglamak konusunda daha aktif bir rol almaya devam etmesini onermektedir. Mevcut gozetim ve yasal uygulamalar gostermektedir ki, diizenlemelere uyulmamasl durumunun menfaatler iizerinde menfi bir etki yapmadlgl hallerde, raporlama gerekliliklerinin yerine getirilmemesine ancak ikinci derecede onem verilmektedir. Sermaye Piyasasl Kanunu Madde 50(a) uyarmca, borsadaki sigorta f?irketleri SPK tarafllldan getirilen mali raporlama f?artlanndan muaf ,tutulmuf?lardlr; sigorta f?irketlerinin hali hazrrdaki raporlama zorunluluklanmn, bunlarm tam konsolidasyona tabi tutulmUf? mali tabiD hazirlamasllli gerektirmemesi bakrrmndan, soz konusu mali kurumlann hissedarlan ve yatmmcllan a~lsllldan dogru algIlanmayabilir. Akademik Ogrenim, Mesleki Egitimi jyile~tirmek, ve Muhasebecileri "¥eniden Terhiz Etmek" Bu iyilef?tirmelere paralel olarak, denetlenmif? mali tablolann kalitesini artlrmak ve kamu giivenini yiikseltmek i~in muhasebe ve denetim mesleginin kapasitesini artlrmaya gii~lii bir gereksinim vardlr. Bu, yeni muhasebe ve denetim f?artlarmlll ger~ekten anlaf?llmasl ve benimsenmesi, hazrrlaYlcIlar, denet~iler ve diizenleyiciler i~in ilgili ogretim ve egitimi gerektirmektedir. Genel ama~h mali raporlama ihtiya~lanna yonelik daha biiyiik bir odaklanma olmahdlr. Bu baknndan, mevcut muhasebecilerin yam srra gelecekteki muhasebecilerin de kapasitesini artlrmak zorunludur. Bu rapor, af?agldakiler dahil olmak iizere kapasite sorunlanm ~ozmek i~in birtakIm tavsiyelerde bulunmaktadrr: • UFRS ve ISA'ya uygun egitim malzemelerinin gelif?tirilmesi yoluyla mesleki ve akademik egitime yardIm etmek ve muhasebe meslegi ve iiniversiteler dahil olmak iizere if? diinyasl arasllldaki ilif?kileri gelif?tirmek. • TURMOB'un siirekli olarak Tiirk muhasebeci ve denet~ilerinin ihtiya~larml karf?Ilayacak mesleki kalifikasyonlanm, AB Sekinci ~irketler Hukuku Direktifi ve IFAC'1ll Uluslararasl Egitim Standartlan'm da dikkate alarak, gozden ge~irmeye devam etmesi . • TDRMOB'un mecburi Siirekli Mesleki Gelif?im (Continous Professional Development - CPD) f?artml gelif?tirmesi ve bunu yaparken asgari CPD miktanm IES 7 dogrultusunda belirlemeli ve CPD f?artlarma uyulmasllli temin etmesi gerekmektedir. • Sektordeki muhasebecilerin ihtiyacl olan diizenlemeleri yapmaYI hedeflemek. Bazl paydaf?lar, sektOrde gUncel muhasebe bilgisinin yokluguna ilif?kin endif?elerini dile getirdiler. Rapor, muhasebecilerin yeniden te~hiz edilmesini desteklemek i~in, pozitif tef?vikler (orne gin, egitim vergi kolayhgl) ve caydmcl tef?viklerin (ornegin, kurumsal yonetim mekanizmalan yoluyla) kanf?lrmndan olUf?an bir politika tavsiye etmektedir. Te~histen Reforma Bu raporun tavsiyeleri birbirlerini destekleyicidir ve uygulama i~in biitiinciil, ~ok disiplinli yaklaf?lm gerektirmektedir. Aym zamanda, rap or kurumsal mali raporlamamn kalitesini yiikseltmek i~in yalmzca politika tavsiyeleri vermektedir. Bu degerlendirmenin baf?lamaSI iizerine Tiirkiye, degerlendirmeye katllmak ve tavsiyelerin uygulamaya konulmasllla ilif?kin olarak politika belirleyiciler, diizenleyiciler ve diger paydaf?lara damf?manhk yapmak iizere muhasebe ve denetim reformu i~in bir ~ok disiplinli Ulusal Yiiriitme Komitesi (NSC) kurmUf?tur. Diger iilkelerin baf?anh deneyimlerine dayanarak rapor, NSC'nin Tiirkiye'de mali raporlamamn kalitesini ve varhglm yiikseltmek i~in bir DIke Stratejisi ve aynntlh bir DIke Eylem Plam (Country Action Plan - CAP) gelif?tirmesini tavsiye eder. Strateji Hiikiimet tarafmdan onaylanmah ve CAP, NSC'nin koordinasyonu altlllda ve uluslararasl kalklnma ortaklannlll yardlrmyla uygulamaya konulmahdlr. Bu baglamda Rapor, NSC'nin iiyesi olan kurumlann NSC'de iist diizeyde ve oniimiizdeki onemli giindemi uygulayacak yeterli personel ile temsil edilmesini tavsiye etmektedir. Tiirkiye - Muhasebe ve Denetim ROSe Y6netici Ozeti - Sayfa 4 I. GiRiS 1. Tfu'kiye'de muhasebe ve denetim uygulamalannm bu degerlendinnesi, Standartlara ve Kodlara Uyma Raporlan (ROSC'ler) hazlflamak i~in Dunya Bankasl He Uluslararasl Para Fonunun (lMF) ortak giri~iminin bir par~asldlr. Degerlendinne, kurumsal mali raporlamanm kalitesini etkileyen muhasebe ve denetim ortammm gii~lu ve zaYlf yonlerine odakhdlf ve hem zorunlu ~artlann hem de ger~ek uygulamanm bir incelemesini i~ennektedir. Rapor, Uluslararasl Mali Raporlama Standartlan (UFRS) 1 ve Uluslararasl Denetim Standartlarml (ISAi mukayese esaSl olarak kullanmakta ve muhasebe ve denetim duzenlemesi alanmda uluslararasl deneyim ve iyi uygulamalardan yararlanmaktadlf. Turkiye gibi Avrupa Birligi (AB) aday iilkeleri i~in, degerlendirme aym zamanda AB hukukunun (aym zamanda topluluk miiktesebatt3 olarak bilinen) ilgili gereklerine de dayanmaktadu. Rapor bazen, ~ogu AB Dye Devletindeki halihazlr uygulamalann Otesinde bir pozisyon almaktadlr (omegin, kamu yaran i~letmeleri4 i~in UFRS kullamlmasml ve rum yasal denetimler i~in ISA kullanllmasml tavsiye etmektedir, ve bu standartlarm ve ilgili standart belirleme sure~lerinin daha da geli~tirilmesini saglarnak i~in halen uluslararasl seviyede devam etmekte olan uluslararasl giri~imlere dayanmaktadu). Bu pozisyonlar raporda a~lk~a ortaya konulmaktadlf. 2. Turkiye 67.8 milyon nufusa ve 2004 sonu itibariyle ki~i ba~ma US$ 7,500'hk gayri safi yurt i~i hasIlaya (GSYiH) sahiptir. 5 Turkiye, 2001 ekonomik ve mali krizlerinden diizenli bir ~ekilde diize ~tkmaktadu. 2001 yllmda onemli ol~ude ku~iildiikten sonra, Tfu'k ekonomisi son u~ yllda hlZh bir oranda buyiimu~ ve enflasyon 2004 Ylhnda tek basamakh seviyelere inrni~tir.6 2001 bankaclhk krizine tepki olarak mali sektor dahil, bir~ok alanda bir~ok refonn ba~latIlml~ttr. Ancak, ekonomiyi daha uretken klIma rolunu yerine getirebilmesi i~in mali sektorde daha fazla refonn gereklidir. Arahk 2004'te AB uyelik miizakerelerinin ba~Iattimasl i~in Tfu'kiye'ye resmi davet yapml~tu. Bu rapor, Tfu'kiye'ye mevzuatml muktesebatla uy'llmIa~tlnnasl i~in yardlmcl olacak tavsiyelerde bulunmaktadu. Bu raporda IFRS, hem Uluslararasl Muhasebe Standartlan Kurulu tarafmdan yaymlanan Uluslararasl Mali Raporlama Standartlan (I FRS) hem de Uiusiararasl Muhasebe Standartlan Komitesi Kurulu tarafmdan yaymlanan Standartlan kastetmektedir, ve her biri Uluslararasl Mali Raporlama Yorum Komitesinin (IFRIC) Yorumlarl iyin geyerlidir. Bu raporda ISA, Uluslararasl Muhasebeeiler Federasyonunun (IFAC) Uluslararasl Denetim ve GUvence Standartlan Kurulu (IAASB) tarafmdan ge1i~tirilen Uluslararasl Denetim Standartlan ve ilgili uygulama bildirimlerini kastetmektedir. Bugiine kadar, AB'de iiye ii1ke!erinin ozel sektor mUhasebe ve denetim zorunluluklanmn uyumla9tmlmasl ~irketler hukuku uyumla~trrma programmm bir paryaSl olmu9tur. Bunun sonucunda, muhasebeyle ilgili bir taklm $irketler Hukuku Direktifleri benimsenmi~tir. Bunlar, ~irketlerin yillIk hesaplanyla ilgili Dordiincfi (1978), grup ~irketlerinin konsolide hesaplarlyla ilgili Yedinci (1983) ve bu ytlhk ve konsolide hesaplann denetyileri iyin ruhsatlandlrma gereklilikleriyle ilgili Sekizinci (1984) Direktiflerdir. Bunlara ek olarak, banka ve sigorta ~irket1eri iyin uzmanla~ml~ Direktiflerle halka aylk ~irketlerde UFRS uygulamaslyla ilgili 1606 saylh Yonetmelik bulunmaktadlr. Bu rap or i9inde, kamu yarart i~fetmeleri, i9lerinin mahiyeti, biiyiikliigii, yah~an saylsl ve payda9 yelpazesi nedeniyle genel halkm menfaatinin bulundugu ruze! ki 9iliklerdir. Bankalar, sigorta 9irketleri, yatmm fonlan, emeklilik fonlan, borsa :j:irketleri ve kamu i:j:letmeleri dahil bfiyiik il?letmeler bunlara omek gosterilebilir. Ki9i bal?ma satm alma giicii paritesine dayah gayri safi yurt iyi haslla, Uluslararasl Para fonu, Dfinya Ekonomik GorUnfil? Veritabam, Nisan 2005. Tilrkiye'nin yI!larrur kabul edilmi~ oldugu gibi, bir hiperenflasyon ekonomisi ozel muhasebe teknikleri gerektirir, yfinkii bir i~letmenin faaliyet sonuylanm ve mali durumunu ulusal para birimi cinsinden, ba9ka l?ekilde ifade etmeksizin, raporlamak faydah olmayacaktu. Boyle bir ekonomide para, b~ka zamanlarda meydana gelen il?lemlerden ve olaylardan gelen miktarlan, aym muhasebe donemi iyinde dahi, kar9da~tlrmaYI anlamslz kilacak oranda satin alma giiciinii kaybeder. Bu rapora biJgi saglamasl iyin incelemesi yapdan mali tablolarda enflasyon muhasebesi uygulanml~t1. Paragraf 53' de bu konu ele ahnmaktadlr. Tiirkiye Muhasebe ve Denetim ROSe Sayja I 3. Ozel sekttur. Tiirkiye - Muhasebe ve Denetim ROSe Sayfa 6 denetim prosediirlerine yol a~maktadlr. Bu da denetim mevzuatmda fi:ok parfi:ahhga sebep olmaktadlr. <;e~itli diizenleyiciler tarafmdan olu~turulan denetim ~artlan, amafi: ve kapsam baktmmdan topluluk mevzuatmdaki ~artlardan onemli olfi:iide farkhla~maktadlr. Ttizel ki~iliklerin mali durumu ve performansml degerlendirme kapsammda denetlenmi~ mali tablolara gtivenme durumuna gelince, bu farklann dikkate ahnmasl gereklidir. Ttirkiye'de denetim ~artlan iki geni~ kategoriye aynlmaktadlr; TDM'ye ve Vergi Usul Kanunu'na gore bazlrlanan mali tablolann vergi ve mubasebe denetimi ve dtizenlenen ttizel ki~iliklerin denetimleri. • Vergi denetimi yapma yetkis;, 1989 Yllmda kabul edilen Serbest Muhasebecilik, Serbest Muhasebeci Mali Mii~avirlik ve Yeminli Mali Mii~avirlik Kanunu (buradan itibaren 3568 SaYll, Kanun) 'nda belirlenmi!jtir. Vergi denetimleri: o Yeminli Mali Mti~avirler (YMM) tarafmdan ytirtittildtigtinde, Gelir idaresi Ba~kanhgl 'nm (GiB) oldukfi:a itimat ettigi fi:ah~malardlr. Bu sonucu destekleyen ~u gerfi:ek vardrr ki YMM'ler btiytik ~irketler ifi:in TDM ve Vergi Usul Kanunu (VUK)'a gore bazlrlanan mali tablolan onaylayabilecek yegane meslek erbabldlr. YMM'lere vergi denetimi yaptlran kurulu~lar vergi denetiminden muaf olmamakla birlikte, bugtine kadar bu kurulu~lann tefti~ine oncelik verilmemi~tir. o A~aglda Boltim II.B'de gosterildigi gibi, AB ~irket1er Hukuku Dordfincti ve Yedinci Direktiflerinin gerektirdigi denetimlerden onemliolfi:lide farkhdrr. Vergi denetimleri mubasebe denetiminden sonra elde edilen finansal tablolann TOM ve Vergi Usul Kanununa gore revize edilmesidir. Denetimin tanlffil SMMM ve YMM'lerin fi:ab~ma usul ve esaslanna ili~kin yonetmelikte tammlanml~trr. 17 Vergi Usul Kanunu, eger bir ~irket ~u iki e~ikten birisini a~arsa, vergi tabanh mali tablolarm bir YMM tarafmdan denetlenmesini gerektirmektedir: 3 milyon YTL (yakla~tk US$2.2 milyon) top lam bilanfi:o, ve yIlbk net ciro 6 milyon YTL (yakla~lk US$4.4 milyon). Mali tablolarda bir bata veya bile fark edildiginde YMM'nin bu bata veya bileyi dtizeltmesi gereklidir. Eger ~irket bata veya bileyi dlizeltmeyi reddederse, YMM'nin ilgili Devlet kurumlanna bildirmesi gerekmektedir. • },'vIali sekwrdeki her diizenleyici kendi yetki alamndaki tiizel ki~iliklerin mali tablolarmm nasll denetlenecegine ili!jkin farkll ~artlar ve kurallar koymaktadlr. BDDK bankalar, leasing, factoring ve tiiketici finansmam !jirketleri ifin denetim ~artlarml belirlemektedir, ote yandan SPK ise kamuya aflk !jirketlerin denetim ~artlarlm belirlemektedir. Hazine, sigorta ~irketlerinin denetim ~artlarml belirlemektedir. 18 Bu denetimler a~agldaki gibi afi:lklanabilir: o Sermaye Piyasasl Kanunu (SPKn) Madde 16, SPK tarafmdan kabul edilen bir bagllTISlz denetim firmasmm, kamuya afi:lk ~irketlerin mali tablolarlm denetlemesini gerektirmektedir. SPKn Madde 22(d) ise, SPK'mn kamuya afi:lk ~irketlerin tUm denetfi:ilerini onaylamaslDl gerektirmektedir. SPK'mn onayladlgl denetim firmalarmm tUmtintin, Serbest Mubasebeciler, Serbest Mubasebeci Mali Mti~avirler ve Yeminli Mali Mli~avirler Birligi (TURMOB) atarfmdan tescil edilmi~ olmasl gereklidir. Onay ifi:in kriterler "Sermaye Piyasalannda Denetim ilkeleri"ne ili~kin Teblig'de ortaya koyulmu~tur. Ba~ka gerekliliklerin yam sua, kabul edllmi~ denetim firmalannm ortaklan, mlidlirleri ve baglmslz denet~ileri daba once bu denetimleri yapma yetkisi elinden ahOffil~ bir denetim firmasmda ~ah~madlklanm beyan etmek durumundadrr. Ekim 2006 itibariyle, bu denetimleri yapmak i~in onay alml~ bulunan 93 firma bulunmaktadrr. Haziran 2006'da SPK, SPK'ya tabi ~irket1erin denetimini yapacak denet~ilerin SPK'nm dlizenleyecegi ek bir smava tabi 17 Teblig 20391, 3 Deak 1990.3. bOliim 18 Diger dfizenlenmi~ ruzel ki~ilikler bu raporda ozel olarak analiz edilmemi~tir. Tilrkiye Muhasebe ve Denetim ROSe Sayfa 7 tutulmasma dair yeni bir yonetme1ik ~Ikarnn~trr. Bu smav TURMOB'un SMMM ve YMM ruhsatlanmn yerini almamah, Taslak Kanun ve 3568 Saytll Kanun geregince TURMOB'un ruhsatlandlrmasma ek olmahdrr. o Bankaclhk Kanunu (2005) Madde 15,33 ve 39, hissedarlara sunulan mali tablolann BOOK tarafmdan kabul veri len baglffislz bir denetim frrmasl tarafmdan denetlenmesini gerektirmektedir. BOOK, baglffislz denet~ilerin ve denetim ortaklannm, ~irket dl~ denetimi yapma yetkilerinin, Ttirk veya yabancl otorite1er tarafmdan ellerinden ahnmadlgml ve daha once bu tgr bir izin iptaline yol a~acak bir denetim faaliyetinde bulunmadlk1anm beyan etmelerini istemektedir. BOOK, Merkez Bankasl ve TURMOB'a dam~arak, bir bankanm denetimini yapmak i~in bir firmamn kar~llamasl gereken kriterleri be1irlemekten sorumludur. 19 Halen, banka denetimini yapmaya yetkili 341 firma vardlr, ancak dort ita be~ frrmahk bir grup sektOre hakimdir. o Sigorta Oenetim Kanunu No.7397 Madde 39, sigorta ~irket1erinin denetimini yapabilmek i~in uygulaYlcdar, bireyler ve firmalann Hazine'den onay almasl gerektigini belirtmektedir. Sigorta ~irket1erinin baglffislz denetimlerini yapmak i~in onaym aynntth ~artlan, Byltil 2003 tarihli "Sigorta ve Reastirans $irketlerinin Baglmslz Oenetiminin Yapllmasma ili~kin" ve "Sigortaclhk BaglmslZ Oenetim ilkelerine ili~kin" yonetmeliklerde belirtilmektedir. Halen, sigorta ~irketlerinin denetimini yapmaya yetkili 40 firma vardlf. 20 Bu Mltintik yakla~lm, ortti~me ve kaynaklann verimsiz kullanlffima yol a~makta ve bunun uygulatmada beceri sahibi bireylerin mevcudiyeti ve teknik kapasitesi baktmmdan Have etkileri de olmaktadlr. ilaveten, halen yUrtirltikte olan ~ekliyle denetim firmasl onay sllreci, bir denetim ba~anslzhgl durumunda dtizenleyicileri onemli risk ile ytiz yUze brrakmaktadrr. Oenetim frrmasl onay stireci, teknik kapasiteden ziyade yaplsal birle~im tizerine odaklanmaktadrr. Ornegin, onay sllreci, bir denetim firmasmm ba~vuru dosyasmm incelenmesi ve dtizenleyici kururn personelinin bir gUn i~inde yapdan ktsa saba ziyaretini i~ermektedir. incelemenin kapsaml, ve inceleyicilerin uzmanhgl bu alanda ortaya ~lkan uygulamalann gerisinde kalmaktadlr. 23. BDDK ve Hazine, duzenleyiciler ve dl~ denet~iler arasmdaki ili~kiye dair uluslararaSI tanmml~ iyi uygulamalann bazdanm uygulamaya koymu~tur. Otizenleyicilerin, dl~ denet~i1erin i~ini degi~en derecelerde kontrol ettiklerine dair delil vardlr. Orne gin, denet~ilerin i~ kontrol ve risk yonetimi hakkmda rapor vermesi gereklidir, bunlar bir banka veya sigorta ~irketinin i~inin sllrekliligini etkileyecek hususlardrr. Bankalann basiretli denetlenmesinin bir par~asl olarak BOOK denetlenmi~ mali tablolardaki rakamlann bankalar tarafmdan basiretli yonetim ama~lan i~in sunulan tekbi~im raporlama paketindeki rakamlarla aym oldugunu dogrulamaktadlr. ilaveten BOOK, denetlenmi~ mali tablolardaki ~e~itli maddeleri tartl~mak iizere denetim firmalanyla dtizenli olarak toplanttlar yapmaktadlr. Ancak ROSe ekibi, UFRS'yi benimsemek i~in b~lat1lan hareketi dikkate alarak, uygun ~ekilde dtizenlenmi~ bir ~er~evede, dl~ denet~ilerin i~lerini daha etkin ~ekilde kontrol etme flrsatlan oldugunu gormektedir. Basel BankacdIk Oenetim Komitesi ve Uluslararasl Oenetim ve Giivence Standartlan Kurulu (IAASB), bankaclhk gozetmenleri ve bankalarm dl~ denet~ileri arasmdaki ili~kiyi dtizenleyen mti~terek bir ktlavuzluk saglaml~tlr, ki bu BOOK ve Hazine tarafmdan ~er~eve olarak kullamlabilir. 21 19 Denetim firrnasmm TURMOB tarafmca tescil edilmi~ olmasl gereklidir. 20 Bankalann ve sigorta ~irketlerinin denetimlerini yapmaya yetkili denetim firrnalan arasmda biiyiik bir orti.i;,;me vardlr. Sigorta ;,;irketierinin denetimini yapmak ic,:in izin b~vurusunda bulunan firrnalann BDDK ve/veya SPK tarafmdan banka ve/veya ~irket denetimi yapma onaylanmn bulunmasl gereklidir. 21 Basel BankaClhk Denetim Komitesi (BeBS), 2002, Bankacllik denetimcileri ve bankalarm harici denetr;ileri arasmdaki ili/jki. BIS. Bu aym zamanda IAASB tarafmdan da U1uslararasl Denetim Uygulama Bildirisi (IASP) 1004 'te yaYllilanml~tlr. Tiirkiye - Muhasebe ve Denetim ROSe Sayfa8 24. Dfizenlenlemelere tabi tfizel ki~ilikler istisna olmak fizere, Tfirkiye'deki payda~lann ~irket mali tablolarma eri~imi bulunmamaktadrr. $irketlerin, kamuya avlklamak amaclyla, denetlenmi~ tiizel ki~ilik ve konsolide mali tablo vermelerine ili~kin genel bir zorunluluk yoktur. Bu, topluluk miiktesebatlyla uyumlu degildir, muktesebat bir ~irketin kendimali tablolanm denetvinin raporu (geverli hallerde) ile birlikte bir "sidl makamma" (Turkiye'de Ticaret Sicili) vermesini ~art ko~maktadlf, sidl makammm da bilgileri kamuya avlklamasl gerckmektedir?2 Bu durum kullamcllann karar verme yetenegini azalttnakta vc sonuv olarak kaynak kullanmum tahrif etmektedir. Daha once bahsedildigi gibi, bu hususlar Taslak Kanun'la vozfune ul~tmlacaktlr. 25. Dfizenlenm~ tfizel ki~iliklerin mali tablolarmm yaymlanma zorunlulugu vardlr: • Bankalann ydhk mali tablolannm basIll ve elektronik versiyonlanm denet((i raporu ile birlikte, yll sonundan itibaren dort ay i((inde BDDK'ya ve Turkiye Bankalar Birligine vermesi gereklidir. 23 Bankalar aynca, solo ara donem mali tablolanm 45 gUn, konsolide ara donem mali tablolarml da 75 gun iverisinde sunmak zorundadlr. Aynca bu tablolann tUm apklaYlcl notlanyla birlikte Ticaret Sicili Gazetesi'nde ve kIsaltllml~ bir versiyonunun ResIni Gazete'de yaymlamasl gereklidir. Mali tablolar Turkiye Bankalar Birligi'nin web-sitesinde de yaymlanmaktadrr. . Bunun yam Slra, bankalarm mali tablolanm kendi web sitelerinde de yaymlamasl desteklenmektedir. Ara Donem (Denetlenmi~) BankalarlD Mali Tablolarl Yllhk (Denetlenmi~) e Solo Bilan90 Donem D6nem Gelir Tablosu Y11 sonundan itibaren 4 ay sonundan sonundan Nakit Aklm Tablosu i9 inde itibaren 75 gUn itibaren 45 gUn Ozkaynak Degi~im Tablosu i9 inde i9inde Kar Dagltlm Tablosu - $ekiI2: Bankalar i9in teslim son tarihleri • Sigorta ve reasfirans ~irketleri, bilan((olan ve gelir tablolannl, genel kurulun onaymdan itibaren bir ay i((inde iki gtinluk gazetede yaymlamasl gereklidir. • Kamuya av1k ~irketler, Uv ayhk, al11 ayhk ve ytlhk mali tablolanm SPK'ya sunmak zorundadrr. SPK halen elektonik irnza kullammmi ongoren ve mali bilgilerin teslim edilmesini kolayla~t1racak bir sistem geli~tirmektedir. Mali tablolar Borsa Biiltenlerinde de yaymlanmaktadu. Aynca, ~irketlerin kendi mali tablolanm kendi web sayfalarmda yaymlamalan te~vik cdilmektedir. SPK'mn koymu~ oldugu son tarihler a~agldaki gibidir: Mali Tablolar Yllbk I Ilk Uygulama AraDonem Tiizel ki~ilik - denetlenmi~ I YII sonundan itibaren YII sonundan itibaren D6nem sonundan itibaren incelenmi~ 10 hafta i9inde 12 hafta i9inde al11 hafta i9inde - denetlenmemi~ Uygulanmaz Uygulanmaz Donem sonundan itibaren d6rt hafta i9inde 22 Bakmtz AB Dordiincii $irketler Hukuku Direktifi Madde 47, AB Yedinci $irketler Hukuku Direktifi Madde 38 ve AB Birinci $irketler Hukuku Direktifi Madde 3. 23 Bankalar li9 aylIk ve al11 aylIk mali tablolanm da teslim etmekle yiiklimllidlir. Tiirkiye - Muhasebe ve Denetim Rose Sayfa 9 Konsolide - denetlenmi§ I YII sonundan itibaren Y11 sonundan itibaren Donem sonundan itibaren incelenmi§ 14 hafta i9inde 16 hafta i9inde 10 hafta i9inde - denetlenmemi§ Uygulanmaz Uygulanmaz Donem sonundan itibaren 8 hafta ii;inde $eki13: Halka Q(;:lk ~irketler i9in teslim son tarihleri 26. Yukanda bahsi ge~en bolunuk yakla~lDl ve tutarS1Zhklar Taslak Kanun'unuygulanmasl ve bir ~ok duzenleyici kurumun TMS ve ISA'Yl benimsemesiyle giderilecektir. Ancak, Taslak Kanun halen yiiliirluge girmemi~tir; yUriirluge girmesinin gecikmesi, mali raporlamada halen uygulamada olan bolunuk gerekliliklerin yarattlgl kan~lk durumun uzamasma sebep olacattr. Tiirkiye'deki kanun koyuculann onemli onceligi Taslak Kanun'un bir an once yiiliirluge girmesi olmahdlr. 27. Taslak Kanun'un yiiliirluge girmesi ve TMS'nin uygulanmaslDl gerektiren diger diizenleme degi~ikliklerinin devreye girmesinden sonra, yeni diizenlemelerin ba~anh bir ~ekilde uygulanmasmda ciddi zorluklar olacakttr. Bu hem muhasebe ve denetim meslegi hem de gozetirn ve uygulatmadan sorumlu duzenleyici kurumlar i~in zorlu bir siire~ olacakttr.Bu zorluklarla ba~a ~lkmak tUm payda~lann kararh ~abalanyla mumkUn olacaktrr; egitim ve ogretim ba~anh ve siirdurulebilir bir uygulama i~in anahtar olacakttr. B. Meslek 28. Tiirkiye'de belirgin ~ekilde taDlmlanml~ orgiitsel yaplsl olan ve kurulu~u 19. yuzylla dayanan son derece yerle~ik bir muhasebecilik meslegi bulunmaktadlr. Bu nedenle, muhasebecilik hizmetlerinin saglanmasl, 1942'de Tiirkiye Muhasebe Uzmanlan Demegi (TMUD) kurulmasmdan oncesine dayanmaktadlr. Bu gonullu ozel kurulu~un hi~bir resmi yasal tanlDlDl~hgl veya yasal gucu yoktur ve Uluslararasl Muhasebeciler Federasyonu (IF AC) uyesidir. UFRS ve ISA konulu bir tabm egitimlerin haricinde TMUD bu ROSC ~ah~masmm kapsadlgl diger temel alanlarda aktif degildir. 1989 Yllmda 3568 SaYlh Kanun, muhasebecilik meslegine yasal tamma getirmi~, ehliyet ~artlanm be1irlemi~, meslegin orgutsel yaplslDl diizenlemi~tir. Orgiitsel yapl iki farkb Oda tarafmdan desteklenmektedir: Serbest Muhasebeciler ve Serbest Muhasebeci Mali Mu~avir1er Odasl ve Yeminli Mali Mu~avir1er Odasl, ikisi birlikte TURMOB 'u olu~turmaktadlr. TURMOB, yerel odalann ulusal ~emsiye kurulu~udur ve mesleki denetirn ruhsatlan ve SM'lere (bkz. Bir sonraki paragraf) ruhsat vermeye ve mesleki standartlan belirlemeye yetkili yegane kurulu~tur. TURMOB, IFAC uyesidirve iyi imk:anlara sahip bir mesiek orguttid~4. 29. Tiirkiye'de muhasebecilik hizmetleri, yasal diizenlemeye tabi bir faaliyettir. 3568 SaYlh Kanun, mesiegi u~ grup halinde kademelendirmi~ ve her hir gruba ruhsat i~in farkh egitim ~artian ve izin verilen ozgun faaliyetler belirlemi~tir: • SM'ler, bunlann saYlsl halen 30.000, defter tutma hizmetleri saglar, mali tablolan ve vergi beyannamelerini hazlrlar. Denetim yapamazlar. 24 Ba~kan, Ba~kan YardlIDClSI, Genel Sekreter ve Haznedann hepsi icra Kurulu ilyeleridir. Onlan tamamlayan 90 tam zamanh personeJ, bilyilk, modem ve iyi do~enmi~ bir mekanda ~ah~maktadlr. TURMOB 'un ytlhk geliri 2004 Ylltnda yakla~i1k 15 milyon YTL idi (yakla~lk US$ll milyon muadili), ki bunu milnferit odalann yilzde gelir tabanh ilcretlerinden ve ruhsat verme, egitim kurslan ve yaymlardan elde etmektedir. Turkiye Muhasebe ve Denetim ROSe Sayfa 10 • SMMM'ler, saytlan 31.000' dir, genel denetim yapabilirler ancak vergi denetimi yapamazlar ve SM'ler tarafmdan sunulan tUm hizmetlere ek olarak dam~manhk hizmeti verebilirler. • YMM'ler, saytlan 3.500'dlir, defter tutma dl~mda SMMM'lerin sagladlgl tUm hizmetlere ilaveten, vergi denetimi yapabilirler ve vergi mali tablolanm ve vergi beyanlanm "onaylayabilirler". YMM'ler onayladlklan mali tablolardaki hata ve yanh~ beyanlardan denetlenen ~irketle birlikte mliteselsilen sorumludurlar. Aynca, Maliye Bakanhgl, TURMOB'un da katlasl ile, zorunlu asgari denetim licret seviye1erini belirlemektedir. 30. ISA'ya gore yapilao genel maksath denetim ile vergi amac;h yapilao denetim arasmda farklar buluomaktadlr. Ylirlirllige girdigi zaman taslak kanun TURMOB liyeleri tarafmdan yaptlacak olan genel maksath denetim talebini arttlracaktlr. Bu baglamda meslegin pazann yliksek kaliteli mali raporlama ihtiyacml kar~llayabilecek ~ekilde yeniden dlizenlenmesi baklmmdan bu iki yakla~lm arasmdaki farklann, bunlann gerektirdigi uzmanllk, bilgi ve faaliyetlerin iyi anla~llmasl onem ta~lmaktadlr. Meslegin, artan genel maksath baglffislz denetim ihtiyacml kar~tlayabilmesi i(j:in gli(j:lendirilmesi ve geli~tirilmesi gerekmektedir. 31. TURMOB meslegio buyuyen teknik ve karma~lk taleplerine yeti~mek durumundadlr. Dl~ denetim yapan denetim firmalanndan olu~an bir odak grubu olan Baglmslz Denet(j:iler Birligi (BDB)'nin bankaclhk ve teknik komiteleri, meslek tarafmdan UFRS ve ISA'ya ili~kin uygulama hususlannda diizenleme organlan irtibat i(j:in kullamlmaktadlr. BDB herhangi bir yasal tamnma veya yetkiye sahip degildir ancak son zamanlarda hiperenflasyon muhasebesinin Tlirkiye'de 2005 Ylh UFRS mali tablolarmda da halen gerekli olup olmadlgl konusuna ili~kin olarak meslegin gorli~lerini (j:e~itli dlizenleyici kurumlara bildirmi~tir. Diizenleyiciler ve uygulaYlctlar arasmda boyle diyalog olum1u olup, mli~teriye ozgU gorli~melerle desteklenmekle birlikte, TURMOB'un eger dl~ denetime daha fazla odaklanmak istiyorsa, duru~unu ylikseltme frrsatl mevcuttur. 32. Turkiye'de meslek, bazl bakImlardao keodi keodini duzeoleyicidir. Bankalar, sigorta ~irketleri ve haIka aC;lk ~irketlerin denetiminde c;e~itli seviyelerde dgzenleme ve gozetim bulunmaktadlr (bkz. Bolum H.E Muhasebe ve Denetim StandartlarIDl Uygulatma) . . Omegin, dlizenleyiciler yukanda paragraf 22'de a(j:lklandlgl gibi harici denet(j:ileri onaylama yetkisine sahiptir. Yakin ge(j:mi~te IFAC i(j:in TURMOB'un yaptlgl oz degerlendirmesine gore TURMOB IF AC Uyelik Ylikiimllillik Bildirisi (Statements of Membership Obligations ­ SMO)25'ne uyumludur. Ancak bu bOllinlik yakla~lm, denetim meslegini kamu menfaatini korumak amaclyla kamu gozetimine tabi tutan ve denetim mesleginin kamu yaranm korumak i(j:in kamu gozetimine tabi olmasml gerektiren yeni AB Sekizinci ~irketler Hukuku Direktifi'nin gerisinde kalmaktadlr. Baglffislz bir kamu gozetim sisteminin, TURMOB 'un yasal denet(j:ileri ve denetim frrmalanm onaylama ve tescil, etik standartlannm kabulli, denetim firmalan ve denetim uygulamalannm i(j: kalite kontrolli, slirekli egitim, kalite glivence, ve tahkikat ve disiplin faaliyetlerini takip etmesi gereklidir. Tlirkiye'de bOyle bir kamu gozetim sisteminin kurulmasi halen degerlendirilmektedir.. C. Mesleki Ogretim ve Egitim 2S IFAC SMO'lan IFAC uyelerine bunlann ~ahsi uyelerinin yuksek kalite perforrnansml temin etmesini desteklemekte kullamlan gostergelerdir. Bunlar SMO I, Kalite Giivencesi'ni de igerrnektedir. Tiirkiye - Muhasebe ve Denetim ROSe Sayfa 11 33. Turkiye'de gu~lu bir muhasebecilik ogretim ve egitim gelenegi vardIr. Ancak, UFRS, ISA'mn karma~lkhgl ve· topluluk muktesebatmm ~artlan dikkate almdlgmda, meslegin geni~letilmi~ bir ogretim ve egitimden ge~mesi gerekecektir. Ba~langl~ta, TURMOB'un ogretim progralTIl biiyiik ol~iide, her ne kadar TVRMOB'un UFRS ve ISA'YI benimseme taahhiitleri olsa da, geleneksel Tiirk vergi beyan ihtiya~lanna cevap verecek ~ekilde tasarlanlTIl~tlr. Bu, ge~mi~te, ~irketlerin TMSIUFRS kullanmalarl veya ISA'ya gore denetim yaptlrmalan kanunen zorunlu olmadlgmdan anla~tlabilir bir durumdur; Taslak Kanun'un yiiriirliige girmesinden sonra bu konuda degi~iklikler olacaktu. Bu nedenIe, mevcut ders programmm Taslak Kanun'un getirecegi yenilikleri, ve ozellikie Tiirkiye Muhasebe StandartIan, Uluslararasl Finansal Raporlama Standartlan ve Uluslararasl Denetim Standartlanm dikkate almak suretiyle gozden ge~irilmesi gerekebilir. 34. i~ diinyasl, haZlriaYIcIlar ve denet~iler, iiniversitelerdeki muhasebe ogretiminin degi~en i~ ortammm taleplerine ayak uyduramadlgml beIirtmi~tir. Tiirk Yiiksek Ogretim Kuruiu iiniversite lisans ve Iisansiistii programlanm diizenlemektedir. HazulaYlcdar ve denet~iler, iiniversite mezunlarmm UFRS, ISA veya mesiek ahlakI hakkmda smuh bilgiye sahip oldugunu soyIemi~tir. BaZl iiniversite1erin programlanna UFRS konusunu dahil etmi~ olmalanna ve denetim firmaIarmm biinyelerioe tutarlI bir ~ekilde bu iiniversitelerin mezunianm katmalanna ragmen, 90gu iiniversite ve mesiek okulunun muhasebe dersierinin igerigini mezunlara meslege giri~ i~in temel bilgiyi sagiayacak ~ekilde modernize etmesi gereklidir. 35. Yedi ki~ilik TURMOD Smav Komisyonu, Turkiye'de stajyer muhasebeciler i~in smav programml yonetmekte ve kontrol etmektedir. iki iiye Maliye Bakanbgml temsil etmektedir, ii~ iiye, Tiirk Yiiksek Ogretim Kurulu tarafmdan onerilen be~ aday arasmdan se~ilmektedir, ve Maliye Bakanbgl kalan iki iiyeyi, TURMOB'un gosterdigi dort aday arasmdan se~mektedir. TURMOB'un halen Tiirkiye genelindeki odalara bagb yakla~Ik 12.000 kaYltb stajyeri bulunmaktadu. 36. Mesleki ruhsat i~in ii~ seviyeU egitim ~artI vardlr ancak bunlar hali haZlrda, genel maksatb mali tablolann yasal denetimini yapmak i~in meslek erbabmm geli~tirilmesine ili~kin olarak AD yeni Sekizinci ~irketler Hukuku Direktifinde ana hatlan verilen tum ama~larl ger~ekle~tiremeyebilmektedir. TURMOB verdigi ii9 rur mesieki muhasebe ehliyetine ili~kin olarak a~agldaki ~artlan belirlemi~tir : • SM ruhsatt almak i9in, adaylann bir mesiek mensubunun dogrudan gozetimi altmda uygulamah staj donemini ba~anyla tamamiamasl gerekmektedir. Gerekli staj siiresi meslek lisesi mezunlan i~in alb yd, iki yIlbk meslek yiiksek okulu mezunlan i~in dort ytl ve Ekonomi, Hukuk ve Yonetim lisans diplomasl (BA) sahipleri i9in iki ytldu. Uygularnab egitim, 3568 SaYlb Kanun'in gereklerinin uygulanmasl, TDM ve Vergi Usul Kanunu altmda ilgili muhasebe yonetmelikleri, sosyal giivenlik kanunu vs.yi kapsamahdu. • SMMM ruhsatt almak i9in, adaylarm (i) Hukuk, Ekonomi, i~ idaresi, Muhasebe, Bankaclllk, Kamu Yonetimi veya Siyasal Bilimierde en az lisans veya lisans iistii diplomasma sahip olmasl, (ii) SMMM programma giri~ smavml ge~mesi; (iii) bir SMMM veya YMM'nin dogrudan gozetimi altmda iki ytlhk staj yapmasl; stajm UFRS,ISA, 3568 SaYlh Kanun'un gerektirdikleri, Tek Diizen ve VUK'un getirdigi muhasebe diizenlemeleri , sosyal giivenlik kanunu, vs... gibi konularl kapsarnasl gerekmektedir; (iv) SMMM smavlanm ge9mesi; ve (v) nihayet TVRMOB tarafmdan SMMM olarak onaylanmasl gerekmektedir. Tiirkiye - Muhasebe ve Denetim Rose Sayfa 12 • YMM ruhsat ~aI1lan ~unlardrr: (i) bir SMMM olarak 10 Yllhk i~ deneyimi, (ii) TORMOB tarafmdan yapllan ilave smavlann ba~anyla tamamlamasl, ve (iii) TlTRMOB tarafmdan YMM olarak onaylanmak. SMMM ruhsatl vermek i((in Sekizinci Direktif'te yer alan zorunluluklara benzer ~artlar ongortilmu~tiir,ancak Sekizinci Direktif ile klsmi bir uyum soz konusudur - omegin AB' deki staj zorunlulugu U(( ylldrr. TORMOB, tUm konulann yer almasml teminen, smav i((erigini Sekizinci Direktif'te yer alan konu listeleriyle kar~Ila~hrml~tlr. TORMOB, ruhsat gerekliliklerinin standarlara uygun oldumasml saglamak i((in Sekizinci Direktif ve IFAC'm UES gereklilikleriyle kar~lla~tlrmaya devam etmelidir. Halen, Maliye Bakanhgl memurlan ve akademisyenler i((in istisnai politikalar mevcuttur ve bunlar Sekizinci Direktif ile uyumlu degildir. TlTRMOB'un bir vergi mufetti~i olarak veya bir akademisyen olarak asgari sekiz yll hizmeti olanlan denet((i olarak ruhsatlandrrmak i((in yaptlgl mesleki smavlardan muaftutmaya i1i~kin uygulamasmm gozden ge((irilmesi gereklidir. TlTRMOB hem stajyerlerine hem de mevcut uyelerine UFRS ve ISA egitimleri saglamaktadlr. Ancak, ROSC ekibi i~ diinyasmm mensuplan, hazlrlaYlcllar ve denet((iler arasmda, TORMOB'un ogretim ve egitim ~artlannm tamamlanmasmm, yeni muhasebecilere UFRS ve ISA'ya uygun olarak mali tablo hazrrlatna veya denetleme becerisini kazandlrmadlgl alglsmm oldugunu tespit etmi~tir. KIsa vadede, harici denetim yapan buyiik ve yerle~ik firmalann denet((i stajyerlerine UFRS ve ISA egitimi ~irket i((inde verilmektedir. 37. MuhasebeCI ve denet.yilerin, AB yeni Sekizinci Sirketler Hukuku Direktifine uygun olarak yeterli teorik bilgi, mesleki beceri ve degerleri teminen, resmi bir surekli mesleki geli~ime ihtiyaci oldugu a.ylktIr. Bu omiir boyu ogrenmeye adanma ~artl IFAC'm IES 7, Surekli Mesleki Geli~im (SMG)'de belirtilmektedir. TlTRMOB'un uyleri zorunlu bir SMG'ye tabidir, Birligin temel ogretim ve egitimden sorumlu bOlumii olan TESMER, yll boyunca uyeler i((in bir dizi kurslar orgiitlemekte ve sunmaktadlr. UFRS ve ISA'mn i((erdigi karma~Ikhklar ve gerektirdigi derinlemesine bilgiler, tutarh ve etkin bir SMG ~artlm bir zorunluk haline getirmektedir.TlTRMOB bu ihtiyacl kabul etmekte ve uyeleri i((in UFRS ve ISA konusunda kapsatnh bir SMG egitim flrsatlan sunacagml belirtmi~tir. D. Muhasebe ve Denetim Standartlanm Belirleme 38. Vergi Usul Kanunu halen, borsa ~irketleri ve bankalar dahil mali kurumlar i.yin bazl muafiyetlerle birlikte, Tiirkiye'de tum ruzel ki~ilikler i.yin muhasebe diizenlemelerinin yetki temelidir. Gelir idaresi Ba~kanhgl, vergi toplayan olarak devletin ihtiya((lanm kar~llamak uzere yasal olarak zorunlu muhasebe gerekliliklerini tasarlamaktadlr. Bu gereklilikler , karar verme amaclyla genel atna((h mali tablolan kullanan yerel ve uluslararasl diizeyde diger bazl kullamcl gruplannm ihtiya((lanm kar~tlamatnaktadlr. 39. Sermaye Piyasasl Kanunu, SPK'ya, bankalar ve sigorta ~irketleri hari.y olmak iizere, IMKB'ye kote ~irketler, 250'den fazla hissedarl olan ~irketler, ortak fonlar, yatIrIm fonlan ve finansal araclbk kurulu~larl i.yin muhasebe ve denetim standartlanm belirleme yetkisi vermektedir. SPK, ge((mi~te, muhasebe ~artlanm piyasada algllanan ihtiya(( temelinde yiiriirluge koymu~tur taslak duzenlemeler tUm ilgili taraflann gorti~u ahnarak ve yiirtirluge konulmadan once yorumlarm almmasl i((in intemette yaymlamak suretiyle hazlrlanmaktadlr. Diizenlemeler Teblig ~eklinde yaymlanmaktadlr. Muhasebe standartlarma ili~kin yaymlanan en son Teblig Seri no.X1I25 1 Ocak 2005'ten itibaren ge((erli olup, piyasa katlhmcllannm muhasebe standartlanm UFRS'ye "muadil" duzeye yiikseltmesini ama((lamaktadlr. (Bakmlz ~agldaki 54. Tiirkiye - Muhasebe ve Denetim Rose Sayfa 13 Paragraf). SPK aym zamanda, 31 Arahk 2003'ten itibaren sona eren mali dOnemler iyin "tam UFRS"nin erkenden benimsenmesine de izin vermi~tir. SPK halen yaplID~ oldugu muhasebe diizenlemelerinin UFRS'ye uyumunu inceleyen bir yah~ma yapmaktadrr. 40. BankacIhk Kanunu (2005) BDDK'ya kendi denetimi altmdaki tiim bankalar i'tin ge'terU mubasebe ve denetim standartlanm beUrleme yetkisi vermi~tir. BDDK, KaSlm 2006'da bankalaraTMSK tarafmdan yaymlanan TMS'yi uygulama zorunlulugu getiren diizenlemeleri yfuiirluge koymu~tur. Bankalar, diizenleyici amaylarla, mali i~tiraklerin konsolidayonunu yapmakla ytikumludtir. Aynca BDDK, kurumsal yOnetim ilkeleri kapsammda, kendisinin diizenleyici amaylarla talep ettigi mali tablolara ek olarak, bankalann TMS ile tam uyumlu mali tablo hazlrlamalanm zorunlu hale getinni~tir. 41. Hazine Miiste~arhgl SigortacIhk Genel MiidiirUigii, smIrh kendi kendini diizenleme sorumluluguna sabip bir endiistri dernegi olan Tiirkiye Sigorta ve Reasiirans ~irketleri Birligi ile i~birUgi balinde, sigorta ~irketleri i'tin mubasebe standartlanm belirlemektedir. Yukandaki 1 ve 40. paragraflerda vanlan sonuylar SGM iyin de geyerlidir. 42. Tiirkiye Mubasebe Standartlan Kurulu (TMSK) ulusal mubasebe standartlanm geU~tirmek iizere mali ve idari ozerklige sabip bir kamu kurulu~u olarak faaliyetlerine 2002'de ba~laml~br. Bu standartlar, BDDK, SPK ve Hazine (SGM) tarafmdan geli~tirilmi~ olan standartlann yerini aiacaktlr.TMSK'da da temsil edilen SPK ve Hazine de diizenlemelere tabi i~Ietmelerde tutarb ve kar~lla~tlfllabilir bir mali raporlama saglanmasl baktmmdan,bu standartlan benimseyecektir. BDDK TMS'yi KaSlm 2006'da benimsemi~tir. Yaymlanan yeni diizenlemeler iyin Iutfen 55. paragrafa bakmlz. 43. TMSK yOnetim kurulu ~u kurumlan temsil eden dokuz uyeden olu~maktadrr: (1) Maliye Bakanhgl, (2) Sanayi ve Ticaret Bakanhgl, (3) Ytiksek Ogretim Kurulu, (4) Hazine Mtiste~arhgl, (5) SPK, (6) BDDK, (7) TOBB, (8) bir serbest mubasebeci ve (9) TURMOB'dan bir yeminli mali mu~avir. KuruI'un uyeleri Ttirkiye'de mali raporlamamn kalitesinin ytikseltilmesinde ortak menfaatiolan bir dizi kurum ve makamdan seyilmektedir. Yukandaki listedeki son iki uye, uygulama deneyimlerinin mali raporlama yapanlar tarafmdan kabul edilecek, benimsenecek ve anla~llacak standartlann geli~tirilmesi ve uygulamaya konulmasmda kritik onem ta~lmasl baktlIDndan, mali tablolann kullamcIlan ve hazlrlaYlCIlanm temsil etmelidir. Kurul komitelerinde mubasebe standartlannm benimsenmesiden once standartlan gOzden geyinnek uzere bazl mali tablo hazlflaYlcl ve kullamctlan da yer almaktadlr. 44. TMSK, klSrni olarak Maliye Bakanhgl'nm kendisine aYlfdlgl butye payl, klsmi olarak da TURMOB'un gelirinin yUzde ikisi He finanse edilmektedir. Halen gorevini ve sorumluluklanm, fonksiyonlanm ve amaylanm ortaya koyan saglam bir yasama destegi yoktur ve halen, Sennaye Piyasasl Kanunundaki tek bir ek madde ile desteklenmektedir. Taslak Kanun'un uygulanmaya ba~Ianmasllldan sonra, TMSK Ttirkiye'de mubasebe standartlanm belirlemeye yetkili tek organ olacaktrr. Yakm geyrni~te, Ttirkiye Muhasebe Standartlan Kurulu, mevcut tUm VFRS ve VMS'lere ka~lhk gelen tam set bir Tiirkiye Muhasebe Standartlan (TMS)'yl yaYllllamt~tIr. Ba~Ianglyta taslak olarak yaYllllanan ve VMS 32 ile VMS 39'a ka~lltk gelen TAS'lar da yaklll zaman Once benimsenmi~tir. 45. Tiirkiye'de mubasebe standartlarmm ortaya konulmasmdaki biitiinciil yakla~lm, denetim standartlannm konulmasmda tekrarlanmamaktadlr; diizenleyici kurumlarm kendilerine bagh kurulu~lar bakImmdan bu standartlarl belirleme yetki bulunmaktadlr.. Denetim standartlann konusundaki bu bOliintik yakla~lm hem verimsiz hem de beyan ve ~effafllgl mm piyasa katlhmctlannlll kullanabilecegi kamu malt olarak goren ortak bir platfonnun Turkiye - Muhasebe ve Denetim Rose Sayfa 14 yaratIlmasma katkIsl yoktur. Tiirkiye'de ozel sektor denetimindeki diizenieme yakla~mm, uzmanla~ml~ kurumlarm her birinin farkh yiikiimliiliikler geli~tirdigi bir yakla~lmdrr. Kurumlar araSl gorevlendirme mekanizmalanmn da yoklugu ile bu diizen, kurumlann personellerinin uzmanbgmm geli~mesi yoniindeki ~abalanm da engellemekte ve verimsiz bir ~ekilde gorevlerin miikerrer yapllmasma neden olmaktadrr. • SPK, halka arlk §irketler ve diger sermaye piyasasl kurumlarl irin, Sermaye Piyasasl Kanunu Madde 22 ye gore baglmslz denetim §artlarma ili§kin ilkeleri belirlemeye yetkilidir. SPK, ISA'yla tamamen uyumlu baglmslz denetim standartlannm uygulanmasml zorunlu tutmaktadrr. • Bankaclilk Kanunu (2005),in 15., 33. ve 39. Maddelerine gore BDDK bankalar irin denetim kO!jullarml belirlemektedir. BDDK, denetimlerde 'ISA'ya paralel' standartlann uygulanmasml ongoren bir diizenleme hazrrIaml~tlr. • Sigorta §irketlerinin denetimine ili§kin §artlar Hazine tarafindan yaymlanan tebligler vasltaslyla konulmaktadlr. Aynca, BDDK, SPK, ve Hazine'nin denetim konulanyla ilgilenen daireleri, ISA konusunda az bir uygulama deneyimine sahiptir. Kurum personeli iiniversiteden sonra i~e abnmakta ve diizenleyici kurumlarm yiiksek kaliteli i~ egitiminden ge~mektedir. Ancak, i~eride geli~tirilen uzmanbgl sektorden ve/veya muhasebe endiistrisinden personel ile destekleyememek, personelin sonraki geli~imine mani OImaktadlr.Bu konu, uluslararasl uygulamaya da uygun olarak, personele diizenleyici kesimde ve muhasebe endiistrisinde hem yurt i~i hem de yurt dl~~nda burs saglayarak ve ge~ici gorevlere gondererek ve dUzenleyici kesim ve muhasebe endustrisinden personeli ge~ici gorevle kurumda ~ah~t1rarak ~ozUlebilir. 46. Tiirkiye Denetim Standartlan Kurulu (TUDESK)'in ulusal denetim standartlanm olu~turma goreviyle kurulmasl, denetim standartlarmm belirlenmesinin tek bir elden yapdma ~abalanm gostermektedir. TUDESK, IFAC lisanslama anl~masma uygun olarak ISA terciimelerini tamamlaml~ ve halen IFAC Etik Kurallan'nm terciime ~ah~malanm yiiriitmektedir. ISA'mn 2002 tercUmeleri 2004 yIlma gore giincellenmi~tir; TUDESK tercUme1eri 2006'ya gore gUncelleme a~amasmdadrr. 15 ki~ilik TUDESK Kurulu iiretilecek ulusal denetim standartlann ISA'ya uyumlu oimasl i~in ~e~itli komiteler olu~turrnu~tur. E. Muhasebe ve Denetim Standartlarml Uygulatma 47. Muhasebe standartlarml diizenleme sorumlulugunun par~ah hanni yansltmak suretiyle, muhasebe standartlanm belirleme yetkisine sahip kurumlarm her biri aym zamanda standartlara uyumu izlemekte ve uygulamaYI gozetim altmda tutmaktadlr. Kendi yetki alanlannda ge~erli muhasebe standartlanmn uygulatIlmasmdan sorumlu diizenleyiciler Vergi UsuI Kanunu i~in Maliye Bakanhgi Gelir idaresi Ba~kanhgl (GiB), banka ve diger ftnans k"Urumlan diizenlemeleri i~in BDDK, halka a~lk ~irket1er i~in SPK, ve sigorta ~irket1eri i~in Hazine'dir. TURMOB, mesleki ahlak standartlan ~er~evesinde, iiyelerine denetledikleri ~irketlerde ilgili muhasebe standartlannmm uygulandlgml kontrol etme yiikUmlUliigu getirmi~tir. 48. Muhasebe ve denetim standartlarmm diizenlenmesi ve uygulanmasl Vergi Usul Kanunu'yla ili~kili olmalan baklmmdan, Maliye Bakanhgl'na bagh Gelir idaresi Ba~kanhgl (GiB) i~indeki iki departmandan biri tarafmdan yerine getirilmektedir. 3568 SayI11 Kanun kapsammda denetim ~artlanmn ve TDM ve Vergi Usul Kanununda belirtilen muhasebe ~artlannm uygulamaya konulmasl, GiB tarafmdan yaptlmaktadlr. Bu departman 25 ki~iyi istihdam etmektedir; bu ki~iler Vergi Miifetti~lerinden farkbdrr ve devlet biit~esinden finanse edilmektedir.Diizenlemedeki prosediirlere ve ilkelere uymak zorunludur. HazlrlaYlCllar ve Tiirkiye Muhasebe ve Denetim Rose Sayfa 15 denetyiler tarafmdan buna uyulmazsa, Vergi Usul Kanunu ve 3568 SayIlI Kanun Maliye Bakanhgl ve TURMOB'a ceza venne yetkisi tamrru~ttr. 49. Bu rapor, Avrupa Menkul KIymetler DUzenleyicileri Komitesi (CESR) tarafmdan yaymlanan Standart No.1 Mali Bilgilere ili~kin Standartlarm Uygulamasl'm, halka a~lk ~irketlerde muhasebe standartlarI uygulatmasml degerlendirmek i~in mukayese esaSI olarak kullanmaktad.r'. Kabul edilen bir temelde uygulatma rejiminin kalitesini olymek amaclyla (SPK'mn halka aylk mali tablo hazrrhYlctlan He ilgili olarak ana uygulattcl olarak yaptlgl gibi), Standart NO.l'in ilkeleri, uygulatma rejiminin temel yonlerini degerlendinnek i9in istikrarh ve tamnrru~ bir kIlavuz olarak benimsenmi~tir. Ancak SPK heniiz Standart No.1 'in ongordUgu AS raporlama yeryevesini uygulatmamaktadrr?7 • ilke 3-Uye Devletler taraftndan kurulan yetkin, baglmslz, idari makamlar ilke 9'dtl8 belirtilen yaymlaYlcllar taraftndan saglanan mali bilgilerin raporlama ferrevesine uymasml saglamada nihai sorumluluga sahip olmalldzr. Standart, "yetkin, bagnnslz, idari makam"l tammlamamakta birlikte, slmrh olarak temel ozelliklerinden bahsetmektedir. Buna gore makam, yaymlaYlctlar, denetyileri, aractlar, hiikiimet veya diger payda~lann etkisi altmda kalmamhdlf. A~agldakileri yapmak iyin asgari yetkisi olmahdlr: o Mali bilgileri izlemek o YaymlaYlctlar ve denetyilerinden ilave bilgileri istemek ve o Mali bilgi raporlama yewevesinin uygulatma ama9lanna uygun onlemler almak (ilkeler 6 ve 7). SPK, sennaye piyasalannm gUvenilir, ~effaf ve istikrarh i~leyi~ini temin etmekten sorumlu, diizenleyici bir kamu kurumudur; mali ve idari ozerklige sahiptir. SPK'nm raporlama ~artlannm uygulattlmasmdan esasen Ortakbklar Finansmam Dairesi sorumludur ve dUzenli bir.piyasa temin etmek iyin "her turiU tedbiri" almaya yetkilidir.Mali tablo hazrrlaYlctlan SPK ile, onun izleme veya uygulatma faaliyetlerini veya bunlann nasll yUrUtUldUgUnU etkileyebilecek herhangi bir resmi ili~kiye sahip degildir. Vasal uygulatma siirecinde ele almakta, SPK'nm icra Kurulu, kendisine Denetlme Dairesi tarafmdan getirilen vakalan ele almakta, degerlendirmekte ve almmasl gereken uygulama tedbiri konusunda karar vennektedir. • ilke 4 - Diger kurumlar, ilgii yetkin idari makam taraftndan denetlendikleri ve bu kurumlara kar~l sorumlu olduklart siirece, yetkin idar; makamlar adma uygulamaYI yiiriitebilirler. SPK, Sennaye Piyasasl Kanunu altmda fonksiyonlanmn veya yetkilerinin hi9birini devretmemi~tif. Buna tek istisna, iMKB 'nin mali tablolanm zamamnda yaymlamayan ~irketlerin hisselerinin ahm satlmml asklya alabilmesidir.BDDK ve Hazine de diger ruzel ki~ilik1er baklrrundan i~lem yapma yetkisine sahiptirler - diger herhangi bir dUzenleyici adma uygulatma faaliyeti yUrUtmemektedirler. 26 Raporda banka ve sigorta ~irketlerinin genel maksath mali tablolarmda muhasebe standartlanntn uygulatmasml degerlendirirken de bu ilkeleri dikkate alml~tlr. 27 Bu raporda yanhzca Tilrkiye'de halihazlrda mevcut olan uygulamalan iyile~tirmek balammdan onemli olabilecek ilkelere odaklarulml~ttr. 28 ilke 9 - Burada belirlenen uygulatma ilkeleri ~u yaymlaYlcllar tarafmdan saglanan mali bilgilere uygulanmahdlr: (a) menkul klymetleri diizenlenmi~ bir piyasada i~lem iyin kabul edilmi~ olanlar, (b) diizenlenmi~ bir piyasada kendi menkul klymetierinin i~lem gyrmesi iyin ba~vuranlar. Tiirkiye Muhasebe ve Denetim ROSe Sayfa 16 • ilke 5 - UygulatmaYI kimin yiiriittiigiine bakmakslzm CESR tarafindan konulan uygulatma ile ilgili tiim standartlara uyulmaizdlr. Bankalann ve sigorta ~irketlerinin muhasebe ~artlannm kanuni dtizenleyicileri olarak BOOK ve Hazine, sermaye piyasalannm duzenleyici kurumu olmasl bakurundan SPK ile de i~birligi yapmahdlf. Banka ve diger finans kurulu~lannm menkul klymetlerinin gozetimi konusunda SPK'nm roliiniin ne oldugunun netle~tirilmesi gereklidir. Bankaclhk sektorune ili~kin olarak: o Sonul; itibariyle, bankalar Sermaye Piyasasl Kanununun raporlama ~artlannm I;ogundan muaf oldugundan ve BOOK muhasebe I;erl;evesini belirleme yetkisine sahip oldugundan, BOOK, Standart NO.1'de ongorulen muhasebe I;erl;evesini uygulatmaktadlr. CESR Standardma uyum, BOOK'nm kanuni denetleme faaliyetlerinin degil, mali bilgi uygulattclsl olarak faaliyetlerinin l~lgmda degerlendirilmelidir. BOOK'mn faaliyetine, gerl;ek.;:i olarak bakIldlgmda yani ilgili mali raporlama ~artlanna uymak i.;:in gerekli tutulan mali bilgilerin seviyesi ve kurumun bu .;:er.;:evede yapdmasml talep ettigi duzeltmeleri (basiret menfaatleri konusunda herhangi bir sonu.;:tan dogan etkiye bakmakslzm) goz oniinde bulundurmalan gereklidir. o Bankalar, yonetimleri ve denet.;:ileri kanunen BOOK'ya, mali raporlama ~artlanna uyma konusunda BOOK'nm sorgulanna yamt verecek ~ekilde al;lklamalar sunmak ve belgelere eri~im saglamak zonmdadlr. Bankacdlk Kanunu BOOK'nm gerek gordugu herhangi bir beIge veya a';:lklamaYl isteyebilecegine hUkmetmektedir. Buna uymamak, para cezaSl ve/veya hapse yol a.;:abilmektedir. o BOOK, bu .;:er.;:evedeki ihlalleri dtizeltmek i.;:in mali cezalann haricinde de yaptmm yetkisine sahiptir. BankacIllk Kanunu (Madde 37) BOOK'ya, yaYlmlanan finansal tablolann ger.;:ege aykm oldugunun tespiti Mlinde gerekli tedbirleri alma yetkisi vermi~tir. Son zamanlarda dUzeltme yaptlmaml~ veya para cezaSl verilmemi~ olmasl ya kUl;uk meselelerin gayri resmi olarak halledildigini (yani eksik bilgilerin gelecekteki mali tablolara dahil edilmesi) veya bunlann bankalara geri bildirilmedigini gostermektedir. Sigortaclhk sektorune ili~kin olarak, o Sigorta ~irketlerini duzenleme ve denetleme fonksiyonlan Hazine'nin iki unitesi arasmda boliinmu~tiir. Yukandaki paragraf 41' de a';:lklandlgl gibi, SOM yasama ve yonetmeliklerin hazlrlanmasl, uzaktan denetleme, primler ve kapsama dtizeylerinin onaylanmasmdan sorumludur. ~irket1erin yerinde denetlenmesi ise, Hazine'deki Sigorta Oenetleme Kurulu (SOK) tarafmdan yapllmaktadlr. Halka a';:lk bankalarda muhasebe standardl uyguiamalanyia ilgili tespit edilen ilerleme aianlan (bkz. Yukan) benzer ~ekilde halka al;lk sigorta ~irketleri il;in de gel;erlidir. • ilke 6 - Yetkin idari makamlar, gerekli yetkilere ve yeterli kaynaklara sahip olarak, hiikiimetten ve piyasa katlizmcllarmdan yeterli bagzmslzllga sahip olacaktzr. SPK, idari ve mali ozerkligi olan bir kamu tuzel ki~iligidir. Yedi ki~ilik Kurul, Bakanlar Kurulu tarafmdan atamr ve ilgili Bakanhktan (2), Maliye Bakanhgl, Sanayi ve Ticaret Bakanhgl, BOOK, TOBB :ve Sermaye Piyasasl Aracl Kurumlan Birliginden temsilcilerden olu~ur. Oyeler alll ytl hizmet eder. Bakanlar Kurulu, Kurul uyelerinin ucretlerini belirler. SPK ozunde Hukumetten mali olarak baglmslzdlr. Ahmp satIlan menkul ktymetlerin ilira.;: bedelinin 3/1000'i tutannda senet ihra.;: edenlerden alman ucretler ile finanse edilir. Finansmandaki a';:lklann Maliye Bakanhgl tarafmndan kapatIlmasl zorunludur. Bu gereklilik en son 1994 Ylhnda gUndeme gelmi~tir. Tiirkiye Muhasebe ve Denetim Rose Sayja 17 SPK'run SPK raporlama, muhasebe ve denetim ~artlanna uymaYl izlemekle ugra~an yakl~lk 100 sermaye piyasasl uzmam vardlr. Her biri sosyal bilimlerde lisans diplomasllla sahiptir. SPK personeli, 50 ki~inin fi:Ok geni~ kapsaffil olan kurumsal finans faaliyetine adanIDI~ oldugunu belirtmi~tir. i~e allllan personele ilk alb ayda yogun bir egitim verilmektedir, ancak daha ehil bir uzman ile miiteakip 2,5 Ylh fi:ah~mak suretiyle saglanan uygulamah i~ba~l egitimi dl~lllda miiteakip resmi egitim prograffil sllllrhdu. Aynca, yurtdl~lllda yiiksek lisans ve sertifika programlan da mevcuttur.sPK'nlll yeni iiniversite mezunu fi:ab~anlanmn uzmanla~ffil~ oimamasllla ek olarak kurumun resmi bir UFRS egitim prograffilnm bulunmamasl, personelin UFRS'ye gore hazlrlanffil~ mali tablolan izlemede yeterli donantma sahip olmamasl gibi bir risk dogurmaktadlf. SPK UFRS konusunda fi:e~itli egitim programlan dfizenlemi~tir ancak eger SPK personelinin uyrnayan mali bilgileri tespit edebilmesi ve uygulatabilmesi isteniyorsa, daha ileri diizey UFRS egitimi SPK personeli ifi:in bir oncelik olmahdtr. • ilke 7 -Yetkin, bagllnslZ idari makam adma hareket edenlere de devredilebilecek olan gerekli yetkiler, en azmdan mali bilgileri izleme, yaymlayanlar ve denett;ilerden ilave bilgileri isteme, uygulatmanm amat;larma uygun onlemler alma yetkilerini it;ermelidir. Diizeltilmi~ mali bilgilerin yaYllllanmasml talep etme ozel yetkisi de dahil olmak iizere, Sermaye Piyasasl Kanunu Madde 22 SPK'ya gerekli yetkileri vermektedir. • ilke 8 - Yetkin idari makamlar, burada ifade edilen ilkelerin uygulanmast ile tutarll bir yasal uygulatma silreci kurmaktan ve 0 siirecin uygulamaya konulmasmdan sorumlu olmalldtr. SPK'nlll mali bilgileri uygulatmasl baktffilndan afi:lk ve yaymlanIDI~ bir siirefi: mevcuttur (yani, karar siirecinin, bir akl~ ~emaSl, buna gore mevcut onlemler ve yaptmmlar SPK Yllhk Raporunda yer almaktadlr). Uygulama omekleri ihbarlar, ifi: yonlendirmeler, basllan yorumlar ve planlanml~ uygulama faaliyetleri dahil olmak iizere bir dizi proaktif ve reaktif bilgi istemlerine dayahdlr. SPK'nm siiregelen izleme fonksiyonu once ilgili raporlann son teslim tarihlerinde teslim edilip edilmedigini belirlemeye odaklanml~ttr. 2003 yIllllda bu tiirden 506 adet inceleme yaplldlgl belirtilmi~tif. ilk incelemeler standart bir form iizerinden yapllmakta olmakla birlikte, miiteakip incelemeler her zaman sistematik bir prosedGr takip ederek yfiriitGlmemektedir. SPK, muhtemel ilgi konulanm ortaya fi:lkarmak ifi:in ilk olarak denetfi:inin raporuna dayanmaktadlr ~artb denetim gorii~leri veya diger olagandl~l yorumlar aynntth incelemeye temel olmaktadlr. Personel aym zamanda olagandl~l veya beklenmedik kalemler veya i~lemlere afi:lkhk getirmek ifi:in ana tablolara da baktnaktadlr, ki bu ~irketin sorgulanmasml gerektirebilir. ilave incelemenin kapsaml pek belirgin degildir - ozellikle yukanda benimsenen "hlZh tarama" yakla~;}mlllm, bir ~irkette tUm muhtemel ihlallerin ortaya ytkarilmasllll saglayacak ~ekilde mali tablolann tam uyma incelemesine yol aylp afi:mayacagl belirli degildir. Mali tablolarm ilk incelemesine standart yakla~um olmamasl a~agldaki riskleri dogurmaktadlr: o Tutarslzhk incelemenin kalitesi miinferit SPK uzmanlarllllll becerilerine baghdlr. o inceleme, 2005 yllmda UFRS 'ye veya "UFRS-tabanb" ~artlara geyi~ ile birlikte ortaya ylkmasl oldukfi:a muhtemel olan, potansiye1 olarak uymayan muhasebe politikalan veya beyan sorunlanm ortaya koymayan birincil beyanlann okunmaslyla slmrhdlr. Tiirkiye Muhasebe ve Denetim Rose Sayfa 18 o Muhtemel ve onemli uymazhk alanlanm te~his edememe. SPK, UFRS veya "UFRS-temelli" gerekliliklerine ge~i~ doneminde, standartlara uyum konusunda problemler y~anmasl riskinin arttlgmm farkmdadlr. Persone1, aynntlh bir kontrollistesi ile desteklenen temel risk alanlannm bir kontrollistesinin, kendi incelemelerinin tutarhhgma ve endiistri gruplan arasmda degi~ebilen bilinen zorluk alanlanna odaklanma yeteneklerine yardimci olacagml kabul etmi~tir. Mali bilgileri incelemeye ili~kin kanunda ~ok az ozel hiikiim varken, personel, uygulatma siirecini desteklemek i~in operasyonel bir ~er~eve i~in duyulan ihtiyaci oldugunun farkmdadir. uymazhgl bilinen risk alanlarma odaklanacak ~ekilde yapIlandmhrsa, ilk inceleme, tutarh bir kontrollistesine uygun olarak tam inceleme i~in mali tablolann risk tabanh se~imine katklda bulunacak bir "hIzh tarama" araCl olarak i~lev gorebilir. • ilke 10 - Burada belirtilen uygulatma ilkeleri, miinferit ve konsolide esasla haztrlanm" y,ll,k ve ara mali tablolar yam stra prospektiisler ve muadili belgeler dahil tiim uyumlula,tmlm" belgeler taraJindan saglanan mali bilgilere uygulanmal,dtr. SPK, yIlhk mali tablolar, periyodik mali tablolar ve yaymlaYlcllardan istenen prospektiisleri izlemekten sorumludur. • ilke 11 - Prospektiisler dl,mda kalan mali bilgiler i~in, onceden onay da miimkiin olmakla birlikte, ger§ekle,me sonras, uygulatma normal prosediirdiir. SPK, prospektiisleri once den, diger uyumlula~tmlmt~ mali bilgileri sonradan incelemektedir. SPK aym zamanda yaymlaYlcllara ozel muhasebe yakla~tmlanmn uygulanabilirligi hakkmda sozlii veya yazdI goru~ler de saglamaktadlr ancak bu SPK'mn yIlhk veya periyodik raporlara dahll edilecek muhasebe yakla~Imlanm onceden onayiamasl olarak kabul edilmemektedir. YaymlaYlctlann personel tarafmdan verilen cevaplara gUvenme hakkma sahip olduguna dahil bir i~aret yoktur. Ozellikle UFRS veya "UFRS-temeUi" gerekliliklere ge~i~ doneminde, ~irketler tarafmdan bu tiir sorulann sayl ve karma~Ikhk balammdan artmasl muhtemeldir. Verilen tavsiyelerin - gayri resmi olsa da kendi i~inde tutarh ve UFRS 'ye uyan oimaSI fakat IFRIC'in kendi alanma tecavUz etmemesine ozen gosterilmelidir. • ilke 13 - Tiim mali bilgilerin uygulatllmas, normal olarak incelenecek yaymlay,c,lar ve belgelerin se~imine dayaltdtr. Ancak, yalmzca riske dayal' bir yakla,tm da kabul edilebilir bir se~im yontemi olabilir.CESRfin (SCE) halen mali bilgilerin inceleme i~in nasll se~ilecegine i1i~kin lalavuz geli~tirmektedir. Esas olarak, hata ihtimali ile bu hatanm piyasa ve yatmmci gUvenine etkisinin degerlendinnesini birle~tiren, risk tabanh bir yakla~lm ongorulmektedir. Risk tabanh yakla~ml, rotasyon veya omekleme teknikleri ile desteklenebilir. SPK'nm halihazlr izleme yakla~lml, kabul edilebilir bir birinci adlm te~kil etmektedir - yani muhtemel uymama alanlanm ortaya ~lkaracak "hlZh tarama" yakla~lml. Ancak yukanda belirtildigi gibi, hlZh taramanm etkinligini ve incelenen mali tablolar He tutarhhgml artlrmak i~in "hlZh tarama" yontemi daha resmi bir diizeye getirilebilir. Diger endiistri ve ~irkete ozgii faktOrlerin dahl I edilmesi - a~aglya baklmz - onemlilik kavraml balammdan, uyum gostermeme riskinin yiiksek oldugu bilgileri tespit etme ~ansml arttlrabilir. • ilke 14 - Uygulat,c,larm ilke 13'iin hiikmettigi se~im yontemlerini tedricen benimsemesine imkan tanlmak i~in, rasgele se~im ve rotasyonun bir birle§imine dayal' olan kaTl§,k se~im teknigi, ge~i§ donemi i~in i§e yarar bir adlm olarak kabul edilmektedir. Ancak bOyle bir metodoloji, yeterli derecede risk tespit imkam saglayacak ,ekilde tasarlanmaltdtr. SPK, kendi izleme fonksiyonunda proaktiftir, ger~i mali bilgiler hakkmda ozel ihbarlara ve basmda kendi dikkatine getirilen ------------------------------------------------------------------------- rarkiye - Muhasebe ve Denetim Rose Sayfa 19 hususlara da cevap vennektir. 2003 'ten once, SPK incelemeleri slkhkla ihbarlann degerlendinnesi suretiyle yaplhyordu. Bunun sonucu olarak da sfuekli izleme fonksiyonunu ifa etmek ityin daha az kaynak kahyordu. Getyen zaman ityinde,ihbar saylSlnda biiyiik oltyiide azalma olmu~tur, bunun muhtemel sebebi de yatmmctlann "UFRS temelli" gereklilikler konusunda yeterli bilgiye sahip olmamalandrr. SPK, getymi~te oldugu gibi, ilk bakI~ta raporlama gerekliliklerine uyulmuyor gibi goriinen durumlardan ziyade, potansiyel dolandmclhk faaliyetlerine ozel bir ilgi gostennektedir. Mali tablolann ilave inceleme ityin setyimi sistematik degildir, bunun yerine birincil beyanlarda ana kalemlerin tyabuk incelemesine dayahdlr. Yukarlda belirtildigi gibi, fonniile edilir ve muhtemel maddi uymazhk risk alanlanm ityerecek ~ekilde uygun olarak geni~leti1irse, bu incelemeler, tam uyma incelemesi ityin daha yiiksek uymazhk riski olan mali tablolan belirlemek ityin bir "ruzh tarama " aracl olarak kullamlabilir. "HIZh tarama " incelemeleri, piyasa katIhmcIlarmm saYISlDlD setyirn ityin aynntlh risk yakla~lmIm besleyecek bilgileri tyekmek ityin smlrh oldugu dururnlarda tiim mali bilgiler iizerinde yaptlabilir. Likidite oranlan, ve muhasebe politikalarmdaki diger degi~iklikler, yiiksek diizeyde iktisaplar, kar veya ciro trendlerinde onemli degi~ikliklerin hepsi bu tUr yakla~lmlarda mevcut ozelliklerdir. Kururnsal yonetirnin kalitesi de, ozellikle SPK'nm yI1hk mali tablolarda kurumsal yonetim ilkelerine "uy ya da atylkla" yakla~llmm benimsemesinin l~lgmda, sfuetyte bir rol oynayabilir. 29 Alternatif olarak, genel piyasarnn ~ekline ve ozelliklerine bagh olarak, yiiksek piyasa kapitalizasyonu olan yaymlaYlcllar iizerine ozel olarak odaklamlabilir, tyiinkii onlarm mali tablolannda bir hata varsa, piyasalar ve yatmmcl gUveni iizerinde tyok daha onemli etkisi olacaktIr, ki SPK'nm ifade edilen gorevi de yatmmcl giivenini muhafaza etmektir. • ilke 15 - Ser.;ilen bilgiler hakkmda uygulatma yontemleri, salt resmi kontrollerden derinlemesine mahiyet kontroliine uzanan geni§ bir yelpazedeki kontrol prosediirlerini kapsamaktadlr. Risk seviyesi, normal olarak, uygulatlcllar tarafindan ifa edilecek incelemenin yogunlugunu belirlemelidir. incelenecek beige tipi ve yaymlay,cl hakkmda mevcut bilgi seviyesi de diklutte almmal,d,r. Yukanda belirtildigi gibi, "hlZh tarama" incelemesi tamamlandlgmda mali bilgileri inceleme derecesi biitiiniiyle belirli degildir. Resmi olarak belgelenmi~ prosediir bulunrnamaktadlr. Ortaya tylkanlan sorunun maddiligi ve muhtemel ciddiyetine bagh olarak ~irkete e-posta, telefon veya resmi mektup ile sorular sorulmaktadrr. Have bilgi ityin denettyilerle de temas kurulabilmekte ve onlann tyah~ma kagltlan incelenebilmektedir. • ilke 16 ila 19 - Mali bilgilerde maddi bir yan"~ beyan tespit edildiginde, uygulatlc,lar uygun beyam saglamak ve gerekli hallerde yanl'~ beyamn halka ar.;lk olarak diizeltilmesini saglamak ir.;in uygun onlemleri almalt (raporlama r.;err.;evesi ~artlartna uygun olarak). Raporlama r.;err.;evesinden maddi olmayan sapmalar genellikle, normal olarak bir i#em gerektirseler dahi, normal olarak halka ar.;lk diizeltmeyi gerektirmeyecektir.. Uygulat,cllar taraftndan alman onlemler, ulusal yasama tarafindan konulan yaptmmlardan ay" tutulmal,dlr. Tedbirler etkin, zamamnda uygulanm~ ve tespit edilen ihlalin etkisi ile orant", olmalwlr. Tedbirlere ili~kin tutarh bir politika geli~tirilmelidir ki benzer ihlallerin tespit edildigi durumlarda benzeri tedbirler almabilir. 29 SPK Haziran 2003'te kurumsal yonetim i1kelerini yaymlaml~t1r (~ubat 2005'te gfincellendi). ilkelerin yaymlaYJcdar tarafmdan kabul edilmesi tercihe baghdlr. Tiirk~ve - Muhasebe ve Denetim ROSe Sayfa20 Uygulatma vakalan baklmmdan maddi kararlar, elinin altmda mali tablolarda at1anrm~ bilgileri yaymlanmaslm istemek, mali tablolann diizeltilmesi, para eezalan ve i~lem yasagl dahil bir dizi onlem ve yaptmma sahip olan iera Kurulu tarafmdan degerlendirilmektedir. Uygun tedbirlerin tesbit edilmesinde, Kurul benzer ihlallerde alman onlemlerle tutarhhgl saglamak i~in oneeki bulgulan da dikkate almaktadu. • ilke 21 - Uygulatlcllar, muhasebe ve beyan konularmda benimsedikleri uygulatma politikalan ve miinferit vakalarda ald,klan kararlar hakkmda periyodik olarak kamuya bilgi vermelidir. icra Kurulunun uygulatma kararlan baklrmndan kararlan, SPK'nm haftahk bulteni vasltaslyla kamuya ilan edilmektedir. Buna ek olarak, SPK'nm belirli bir ~irketin mali bilgilerine ili~kin olmayan "genel" sorunlari tespit etmesi halinde, bir muhasebe ~artmm uygulanmasl hakklnda tavsiyede bulunmak iizere Bultenler yaymlayabilmektedir. 50. Denet~ilerin mesiek orgUtii olan TlTRMOB tarafmdan 1.239 iiye firmamn ~ah~malarlDm incelenmesinde IFAC SMO No.1, Kalite Giivencesi veya AB yeni Sekizinci ~irketier Hukuku Direktifine uygun bir denetim kalite inceleme programl halen mevcut degildir. (Yeni Sekizinci ~irketler Hukuku Direktifi'ne gore kanuni denetim yapan kaYlth denetim firmalanmn en az alb YIlda bir, kamu yaran i~letmelerin denetimini yapan firmalann da 3 ydda bir dl~ kalite kontroliinden ge~mesi gerekmektedir.) Diizenleme organlarmm kalite ineeleme faaliyetleri yanl Slra denetim firmaslmn kendi i~ kalite inceleme prosediirlerine guvenilmektedir. Bu kapsamda uye fumalara spesifik bir yIlhk geri bildirim yapllmak zorunda degildir. Ancak ~u anda TlTRMOB odalan, uyelerine kar~l halktan veya duzenleyicilerden ozel ~ikayet geldiginde harekete ge~mektedir aneak bu proaktif degil reaktifbir yontemdir. Eger bir tahkikat sonunda bir vaka tespit edilirse, dosya odamri Disiplin Kuruluna sevk edilmektedir. Uyeler oda kararlanm bir ay i~inde rORMOB Disiplin Kuruluna temyiz edebilmektedir. Nihai kararlar Maliye Bakanhgl'na iletilmekte, 0 da aynntIlan Resmi Gazete'de yaymlamaktadtr. Omegin, istanbul Serbest Muhasebeci Mali Mu~avirler Odasl 2003/4 'te 150 uyesini atrm~ ve Ankara odasl 2003 Ylhnda 62 ruhsatt iptal etmi~tir. rORMOB bu tip bir kalite kontrol programml uygulamaYI du~undugunu ifade etmi~tir.30 51. SPK, SPK'ya tabi ~irket1erin denetimini yapmasma onay verdikleri fumalanmn kalite ineelemesini yapmaktadlr. Bu ineeleme slrasmda, SPK personeli ~ah~ma kagltIarml sahada gozden ge~irmektedir.Ge~tigimiz Yll SPK kendi listesine kayIth 90 firmadan 6 adedini incelemi~tir. Kurum, AB Sekizinci Direktifi'nin kamu yaran i~letmelerinin incelemesinin 3 yllda bir yapllmasl gerektiginin bilmekte ve zaman i~inde bu gerekliligi kar~Ilayabilmek i~in inceleme kapasitesini arttIrmayl hedeflemektedir. 52. BDDK, denetimi yapmaya izinli firmalan sahada dfizenli olarak incelememekte ancak bu yetkisi bulunmaktadu31 • Daha ziyade denetim finnalarmm kendi i~ kalite kontroliine giivenmekte ve denetim gori.i~lerini incelemektedirler. BDDK'mn listesindeki denetim firmalanyla SPK'nm listesindekilerin biiyiik ol~iide aym oldugu dikkate ahndlgmda, BDDK'mn bu konuda SPK ile birlikte ~ah~masl uygun olabilir. 30 TORMOB, yonetim kurulunun aldlgl karar dogrultusunda, zorunlu kalite giiveneesi sisteminin uygulanmasma 1 Oeak 2007'den itibaren ba~layaeakhr. 31 Bankalarda baglmslz denetim gefl,:ekle~tirecek kurulu~larm yetkilendirilmesi ve faaliyetleri hakkmda yonetmelik Tiirkiye - Muhasebe ve Denetim ROSe Sayfa 21 III. TASARLANAN VE UYGULANAN MUHASEBE STANDARTLARI 53. Bir i~letmenin TDM ve Vergi Usul Kanununa giire hazrrlanan mali durumu ve performansl ile UFRS'ye giire haZlrlanan arasmda iinemli farklar ortaya -:lkmaktadrr. Vergi Usul Kanunu'nun tilm diger muhasebe duzenlemelerinin uzerinde bir gelYerliligi ve onceligi oldugu ilYin, ~ogu Turk ~irketi, yalmz TDM ve Vergi Usul Kanununa uygun mali tablolar hazlrlamaktadtr. Bu hazlrlama esasmm sInlrb kapsanu nedeniyle, orta ve buyiik ol~ekli i~letmeler tarafmdan TDM ve Vergi Usul Kanununa uygun olarak hazlrlanan mali tablolar kullamcIlarm ihtiyalYlarml kar~llamamaktadlr. Soz konusu mevzuatta ~art ko~ulan beyanlar smlrhdlr ve genel olarak mali tablolann ~effafhglm daha da azaltmaktadlr. TDM He UFRS arasmdaki farklar olduk~a geni~ bir yelpazededir ve bunu omekleyen farklar ve bunlann etkileri ~aglda a~lklanmaktadrr: • UMS I - Mali Tablolarm Sunumu ve Ozkaynak Degi~im Tablosu ve Nakit Akt~ Tablolanmn bulunmasl ~artl benimsenmerni~, ve bazl muhasebe politikalan ve a~lklaYlcl notlan ihmal edilrni~tir. Vergi mevzuatmda bey an ~artlan olmasma ragmen bunlar "tam UFRS"ye oranla daha az kapsamhdlr. Kapsamh muhasebe politikalan, apklaYlcl notlar ve diger beyan ~artlannm yoklugu, mali tablo kullanlcIlannm ve uygIIlatIciiann mali tablolan hazlrlama tam esasml, yapdan varsaYlmlar ve varsa standartlardan sapmalar dahil, belirlemesini onlemektedir. Mali tablo kullamcIian, kiilYiik i~letmelerde mevcut TDM'ye gore hazlflanrru~ mali tablolara dayah olarak ekonomik kararlar verebilmekle birlikte, a~Iklama yoklugunun daha buyiik ve daha karma~lk i~letmelerde karar vermede zorluk yaratmasl muhtemeldir, ki burada bu tilr kararlar i~letmenin nakit yaratma yetenegi, zaman lama ve yaratmanm kesinligini degerlendirebilmesini gerektirmektedir. 32 • UMS 16 - Maddi Duran Varllklar (MDV), bir varhgm amorti edilebilir rniktarmm onun faydah omrii iizerinde amorti edilmesini gerektirmektedir. 33 TDM, vergi kanunlannda belirtilen amortisman oranlannm uygulanmasml gerektirmektedir, ki bu oranlar da varhgm faydab omriinu yansltmayabilir. Aynca Tiirk hukukuna gore, miiteakip maliyetlerin aktifle~tirilmesi (omegin giinliik servis) her zaman miimkiindiir, ote yandan UFRS, aktifle~tirmeye ancak VMS 16'run taruma kriterleri ka~dandlgmda (omegin bir u~agm biiyiik muayenesi) izin vermektedir. • VMS 17 - Kiralamalar, fmans ve i~letme kiralamalan arasmda aymm yapmaktadrr. TDM'ye gore, Temmuz 2003 'ten sonra finans kiralama sozle~melerine tabi varhklar UMS 17 ~artlarma gore muhasebele~tirilecektir. Ancak, Temmuz 2003 'ten once finans kiralama sozle~melerine tabi varhklar, kiracmm bilanlYosuna yansltllmamaktadlr. Bu da, bu iki donem arasmdaki muhasebe yakla~lmlanmn kar~lla~tlT1labilir olmadtkiarl anlamma gelmektedir.Aynca, kiracmm ekonomik kaynaklarl ve yiikiimliiliikler diizeyi oldugundan az ifade edilebilmekte, bunun sonucunda da mali oranlar tahrif olmaktadrr. • UMS 19 - 9all§anlara saglanan faydalar, i~letmenin, bir lYah~anm gelecekte kendisine odenmesi gerekecek menfaatler kar~lhg1nda hizmet sunmu~ olmasl durumunda, yiikiimliilugiinii hesaplaYIp, mali tablolarma yansItmaslm gerektirmektedir.{omegin her hizmet Ylb i~in nihai maa~m %2'sinden olu~an bir emekli odenegi saglayan emeklilik plam). TDM'ye gore, bir i~letmenin bu tilr istihdam sonraSl yan haklar ilYin borcunun tammnasma izin verilmemektedir. 32 TOM aynca, hem lAS 1 hem de AB Oordiincii ve Yedinci $irketler Hukuku Direktifleri altillda gerekli olan "geryek goriiniim hiikmtl" ~artl iyermemektedir. 33 lAS 16 altlllda, bir ruzel ki~ilik kendi muhasebe politikasilla gore ya maliyet modelini (maliyet eksi birikmi~ amortisman) veya yeniden degerleme modelini (adil deger eksi daha sonra birikmi~ amortisman) benimsemeli ve bu politikaYI bir PPE slmfillm tamamma uygulamahdlr. Tiirkiye - Muhasebe ve Denetim Rose Sayfa 22 DolaYlslyla, TDM altmda muhasebe, bir ~irketin kar~l kar~lya olacagl yiiktimliiliiklerin aerlk~a anl~llmasml saglamamaktadrr, ki bu gelecekte ~irketin kar~l kar~lya oldugu ekonomik ger~egi degerlendirmede mali tabla kullamcllarma yardlmcl olacak onemli ve oze ili~kin bilgidir. Makroekonomik seviyede, onemli miktarda "gizli bor~lar" olabilir eriinkii Tiirkiye'de mevcut sosyal mevzuat i~verenlerin en az bir hizmet Ylhm tamamlayan i~gorenlere toptan ktdem tazminatl odemesi yapmasml gerektirmektedir. • UMS 24 - ili:jkili Tara! Ar;zklamalarl, benimsenmemi~tir ve Tiirkiye ortammda olduk~a biiyiik olabilecek ili~kili kurulu~larla olan faaliyetler TDM altmda yeterli ~ekilde aerIklanmamaktadlr. Bu, ~irket kaynaklarmm ozel menfaat ierin saptmlmasml kolayla~tlrabilir. Borsa ~irketleri, bankalar vs. daha slkl ~art1ara tabi olmakla birlikte (bakmlZ a~agldaki 54 ila 56. paragraflar), TDM, bu konuyla ilgili olarak, AB Dordiincii ve Yedinci Sirketler Hukuku Direktifini degi~tirmek iizere Avrupa Komisyonunun son teklifinde tanmdlgl ~ekilde AB Uye Devletlerindeki iyi uygulamalarm gerisinde kalmaktadu. • UMS 27 - Konsolide Mali Tablolar ve Ayn Mali Tablolar'm TDM'de muadili yoktur. DolaYls1yla, konsolide mali tablolar sunulmamaktadlr. Tiirkiye' de ~irket1erin karma~Ik i1i~kileri dikkate ahndlgmda bu, bir ii~iincii ~ahsm ~irketler arasmda mevcut olan ekonomik ili~kileri ve bunun grup i~in dogan sonuerlanm tam olarak anlayabilmesinin oniinde biiyiik bir engel olu~turmaktadlr. • UMS 29 - Hiperenflasyon Ekonomilerinde Mali Raporlama, TDM'de sadece klsmen dikkate ahmm~tlr. Yukanda a~Iklandlgl gibi, mali raporlamanm amaCl kullanlcllann karar vermesine yardlmcI olmaktlr. Hiperenflasyon donemlerinde UMS 29, kar~I1a~tmlabilirligi saglamak ierin fiyat degi~ikliklerinin etkilerini ortadan kaldIrmaYl ama~lar. Ornegin, Arahk 1994'te alman 100 TL'lik bir makinenin degeri 2003 yIlI sonunda 3.309 TL'dir. 34 2003 Ylhna kadar TDM enflasyon muhasebesi uygularnaslyla ilgili herhangi bir gereklilik ongormemi~tir. 2004 'te Maliye Bakanhgl 31 Arahk 2004 'te biten donemden itibaren hazlrlanacak mali tablolarda i~in enflasyon muhasebesi uygulamasmmda kullamlacak ilkeleri belirleyen yeni bir diizenleme seti getirmi~tir. • THP "ger~ek degeri" aktif ve pasifler i~in gerekli veya uygun bir degerleme temeli olarak kucaklamamaktadlr. IASB "ger~ek degeri" aktif/pasif oleriimiinde temel degerleme yontemi olarak ortaya koymaktadlr. 35 Sonuer olarak mali tablolanm UFRS'ye gore hazlrlanu~ bir ~irketin aktif ve pasifleri bilan~oya biiyiik oleriide "gererek degeriyle" yanslmaktadlr. Bunlara, emeklilik fayda planlarl, tiirev enstiimanlar, ahm satlm amaclyla elde tutu Ian diger finansal varhk ve borc;lar, ticari birle~meler sonucu edinilen , deger kaybeden veya kazanan, maddi ve maddi olmayan sabit klymeder, elden C;Ikanlmak iizere tutulan varlIklar, pay bazh bor~ odemeleri, yatmm mallarI, kar~lhklar ve biyolojik varhklar, dahildir. THP ak-varhk ve borerlarm degerlemesinde erogunlukla "tarihi maliyeti" esas almaktadlr. 54. UFRS'ye ama~ baklmmdan en yakm Turk ~artlarl, SPK tarafmdan yaymlanan muhasebe standartlandlr, ger~i bunlar da SPK'nm duzenlemelerine tabi olan 600 civannda 34 Omek, Mali Muhasebe ilkeleri'nden ahnml~t:Jr, Prof. Can Simga-Mugan, Nazli Hosal-Akman, sf. 638, 2nci basi, Ankara, 2005. 35 IASB,geryek degeri esasen piyasa degeri olarak tallimianan ~ekliyle kabul etmi~tir ve bunu yogu standardmda "istekli ve bilgili taraflar arasmda piyasa ko~ullannda yapllan i~lemlerde bir varhgm alIml veya bir borcun kapatlimasmda kabul edilen tutar" ~eklinde ifade etmektedir. Turkiye - Muhasebe ve Denetim ROSe Sayfa23 ~irket i~in ge~erlidir. 1 Ocak 2003 tarihine kadar, SPK muhasebe ~art1an He UFRS arasmdaki temel fark hiperenflasyon muhasebesinin yoklugu idi. Tiirkiye'niQ son otuz yIldrr hiperenflasyon ya~amasma ragmen (bakmlz yukandaki 2. paragraf), tek ~art MOV'nin ytlhk yeniden degerlemesi idi. iIaveten, uzun vadeli yatmmlar maliyet iizerinden yazlhyordu. Oiger farklar, konsolide mali tablo, i~tiraklere yatmmlar vs.ye ili~kindi. 15 Kaslm 2003'te SPK 1 Ocak 2005'ten gecyerli olmak iizere Teblig noX1I25'i yaymiailll~tlr, ki bu Teblig tUm var olagelmi~ IAS, UFRS ve IFRIC yorumlanlll kapsamaYI ve SPK ~artlan ile UFRS arasmdaki mevcut farklan kapatmaYI amacyhyordu. Teblig X1I25, SPK diizenlemelerine tabi tUm borsaya kote ~irketler, araCI kurumlar, ve bunlann i~tirak ve bagh ortakhklan iyin zorunludur. Oiger halka aytk ~irketler TebUg XII25'e tabi degildir. SPK, borsa ~irket1erinin mali tablolannm UFRS'ye uygun olarak sunulduklan haliyle e~it onem ve gUvenirlik sagladlgl konusunda eminse de, ROSC ekibi, "tam UFRS" ile farkhhklarm mevcut olduguuu not etmi~tir. Bunlar iki biiyiik konudan kaynaklanmaktadrr: • Terciime edilmi§ ve "resmen yaymlanml~" UFRS tabanll ~artlaTl giincel tutmada gecikmeler. Tiirkiye'nin, muhasebe ve denetim ~artlanm belirlemek iyin (standartlardan ziyade) kanunlar ve yonetmeliklere dayanma gelenegi vardlr. Siirekli bir standart koyma siireci iyin yetkiyi vennekten ziyade, yeni bir uluslararasl standart konuldugunda veya degi~tirildiginde yeni yasal onlemler gerekmektedir (Slrl 2003 ila 2004 arasmda be~ adet UFRS standard I IASB tarafmdan benimsenmi~, 15 VMS standardl degi~tirilmi~ ve bir VMS standard I kaldm1illl~tlr). 15 KaSlm 2003'ten bu yana IASB tarafmdan yapllan yogu degi~iklikler ve yeni standartlar SPK muhasebe ~artlanna yansltllmaml~ttr. Sonuy olarak borsa ~irketi mali tablolanmn yabancl kullanlcllar, uluslararasl kar~lla~tlfllabilirlik olmadlgl iyin mali tablolan analiz etmede zorluklarla kar~Ila~abilirler. • Standartlarm uygulanmasma diizenleyici miidahalesi: Yukarldaki 53. paragrafta aylklandlgl gibi, Maliye Bakanhgl (diger diizenleyici kurumlar ile koordine halinde) biperenflasyon muhasebesinin 31 Arahk 2005'te biten Yll iyin mali tablolarda artlk uygulanmayacagml belirtrni~tir. Sonuyta bu, eger Tiirkiye lAS 29'da aCYlklanan ozelliklere dayah olarak hala bir hiperenflasyon ekonomisi saytlrrsa SPK muhasebe ~artlan ile UFRS arasmda biiyiik bir fark getirecektir. Sonuy olarak bazl ~irketler goniillii olarak UFRS 'ye tam uyumun saglanabilecegi ilave mali tablolar hazlrlayabilirler (omegin, kendi yabancl yatlflmcllan, kredi derecelendinne kurulu~lan icyin). Bunun olumsuz maliyet sonucylan vardlr ve aym zamanda kullamcllar arasmda hangisinin "geryek" rakamlar olduguna dair belirsizlik yaratlr. ilaveten, goniillU olarak hazlrlanan ve denetlenen mali tablolar, yurt iyi diizenleme rejimlerinin kapsaml dl~mda kalacakttr, bu nedenle slkhkla kullamctlann bunlara duydugu gUveni azaltacaktlr. 55. UFRS ile BDDK muhasebe ~artlarI arasmda belirli farklar vardlr. Yukandaki 20. paragrafta aylklandlgl gibi bankalann BOOK'm muhasebe ~artlanna uyan mali tablolarml hazlrlamalarl gerekmektedir. BOOK, bankalara, TMSK'nm yaymladlgl TMS'nin uygulanmasl ~artml getiren yeni yonetmelikleri yiiriirlUge koymu~tur. Oiizenlemeler geregi, bankalar mali i~tiraklerinin mali tablolanm konsolide etmek zorundadlr.Buna ek olarak BOOK, kurumsal yonetim ilkeleri kapsammda, kendisinin diizenleyici amacylarla talep ettigi mali tablolara ilaveten, banka ve finans kurulu~lanmn TMS ile tam uyumlu mali tablo hazlrlamalanm zorunlu hale getinni~tir.TMS/UFRS ve halen yiiriirliikteki BOOK muhasebe ~artlan arasmdaki temel farklar ~unlardlr; • Konsolidasyon kapsaml. Buna ek olarak, yukandaki 20. paragrafta ayllclandlgi gibi, BOOK bankalann konsolide mali tablolar hazrrlamaSllll istemekte, fakat bunlar yallllzca mali i~tirakleri kapsamaktadrr.Ancak bankalarm lAS 27 He uyumlu Turkiye Muhasebe ve Denetim Rose Sayfa 24 olan TMS'ye gore de tam konsolidasyona tabi tutulmu~ mali tablo hazlrlama yilkiimluliigu vardlr. . • Kred; zararlarrmn iJl~iilmesi. BOOK bankalann kredi risklerini incelemesini ve bunlan risk kategorilerine (yani, standart, yaklll takip, smull tahsil imkam, ~upheli ve kaYlp) slmflandmnaslm gerektinnektedir. Bu tasnif buyUk ols:ude bors:lann geri odemelerinin zamanlllda yapllmasma ve bors:lunun ekonomik ve mali durumuna baghdu. BOOK bankalann ilk iki kategori is:in genel bir kar~lltk tesis etmesini, ve son us: kategori is:in ozel kar~lhklar tesis etmesini istemektedir..Ozel kar~lltklar, her bir kategori is:in sabit asgari kar~lllk aymna oranlarl arahgl belirleyen bir kar~IIIk matrisi esaslyla belirlenmektedir (ornegin, "smrrh tahsil imkam" kategorisi is:in %20). Bu metodoloji lAS 39'a uymayabilir, ki bu standart, deger kaybetme veya kredi zararlanmn varhgm mevcut miktan ile gelecekteki tahmini nakit akl~llllll (henuz gers:ekle~meyen gelecekteki kredi zararlan haris:) bugunkii degeri arasmdaki farkm, mali varhglll orijinal efektif faiz oramnda iskonto edilmesi olarak hesaplanmaslm gerektinnektedir. Bu yontemle hesaplanan bankamn verdigi kredileri kar~lhklan lAS 39'dan sapma olsa dao BOOK soz konusu diizenlemeyi Basel Sennaye Uzla~lsl'mn gerekliliklerini goz online alarak hazuladlgml belirtmi~tir. Tiirkiye'deki mali sektOr buyUk ols:ude grup merkezinde ticari bankalann, etrafmda da mali ve mali olmayan i~tiraklerin bulundugu fmansal-endustriyel konglomeralardan olu~maktadu. Oiger halka apk ~irketlerde oldugu gibi, ana ~irket halka as:lk oldugu takdirde, SPK diizenlemelerine gore konsolide mali tablo hazlrlamak durumundadrr.BOOK Kaslm 2006'da Finansal Holding $irketleri hakkmda bir yonetmelik S:lkarmI~tIr. Bu yonetmelige gore, ana ~irketin bir flllansal holding oldugu hallerde konsolide mali tablo hazlrlamasl gerekmektedir. 56. SGM, sigorta sektorUnde tam UFRS'e a~amah olarak ge~i1mesi konusunda kararb oldugunu belirtmi~tir. lfalen , yukandaki 21. paragrafta as:lklandlgl gibi, sigorta ~irketleri, Hazine Muste~arhgl Hazine Muste~arhgl Sigortaclhk Genel Mudiirlugu tarafmdan yaymlanan muhasebe ~artlanna uyan mali tablolar hazulamak zorundadrr. Hazine tarafmdan benimsenen standartlar BOOK ve SPK tarafmdan benimsenenlere benzer oldugu is:in, ROSe ekibi Tiirk muhasebe ~artlan He UFRS arasmdaki farka ili~kin problemlerin yukarldaki 54 ve 55. paragraflarda as:lklananlara benzer olmaslm beklemektedir. 57. ROSe ekibi, UFRS'ye uygun olarak hazlrlandlgl biidirilen 12 mali tablo seti He TUrk muhasebe ~artlarma uygun olarak hazlrlandlgl ileri sUriilen 12 mali tablo setini ornekleyerek uyum degerlendirmeleri yapml~br. Ornek inceleme is:in, ROSe ekibi 17 i~letme sektOrii ~irketi (borsada olan ve olmayan), us: banka ve bir sigorta ~irketi ses:mi~tir {mali tablolar 31 Arahk 2003 tarihi itibariyle haZlflamru~ mali tablolardrr)36 Ekip, UFRS mali tablolannlll kalitesinin tutarslZ oldugunu ve denetim gorii~lerinin smUSlZ oldugu hallerde dahi, birs:ok ~irket cephesinde belirli standartlara uymazhk oldugunu tespit etmi~tir. Bu uymazhk, mali tablo notlarmda yapllmasl zorunlu as:lklamalarda "kli~e lisan" kullanrrmnm da gosterdigi gibi, UFRS'nin nasIl uygulanacagml anlamamaktan kaynaklamyor olabilir. UFRS ile buyUk ols:ude uyumlu oldugu bildirilen, Turk muhasebe ~artlanna gore hazlrlanan mali tablolarm kalitesi, 36 Bu 24 mali tablo seti arasmda, ikisi yerel denetim firmalan ve ITsi uluslararasl denetim fmnasl aglannm yerel uye firmalan tarafmdan denetlendi. Maliye Bakanhgl ile gizlilik anla~masl nedeniyle, TDM'ye gore hazlrlanan mali tablolann denet~ilerinin mahiyetini degerlendirme imkammlz olmadl. 12 UFRS mali tablosunun lO'u SlmrSlZ gorii~ (u~ rapor vurgu konusu paragraft i~eriyordu), ikisi smlrh gorii~ idi (her ikisi de vurgu konusu paragrafl i~eriyordu). Turk duzenlemelerine gore hazlrlanan mali tablolann dordu SlmrSlZ gorii~e. u~u de slmrh g5rii~e sahipti, be!? tanesi ise denetlenmemi~ti. Turkiye - Muhasebe ve Denetim ROSe Sayja 25 degi~ken nitelikteydi ve onemli sorunlar ivermekteydi. 37 Nispeten ktsa bir donem ivinde muhasebe ~artlannm voklugu, bazen erken benimseme opsiyonu ile birlikte, kan~lkhga yol avml~ ve hazlrlaYletlann yeni ~artlan uygun ~ekilde uygulamaya koyma yetenegini etkilerni~ olabilir. UFRS mali tablolan baklmmdan, ROSe ekibi a~agldaki uyum sorunlanm tespit etrni~tir: • Birtalum kamu yaran i~letmeleride varhklar ve karlar oldugundan yiiksek ifade edilmi~ olabilir. Bazl ~irket1er borv alma maliyetlerini, VMS 29'un hiperenflasyon ekonornisinde bunun yapmanm uygun olmayaeagml belirtmesine ragmen, VMS 23' e gore aktifle~tirmi~tir. Borv alma maliyetlerinin bu ~artlar altmda aktifle~tirilmesi miikerrerlige neden olmaktadrr vunkii gervek faiz oranlan, endeksleme yoluyla duzeltilen enflasyon oramm yansltmaktadlr. Bu konuyla ilgili olarak hivbir raporda ~arth bir denetim gorii~u bulunmamaktaydl. • Mali varbklann gervek degeri ile degil de maliyet iizerinden yanh~ olarak degerlemesi, ki bu bir raporlama donerninde varhklarm oldugundan fazla gosterilmesi ve sonuvta zararlann oldugundan az gosterilmesine yol avabilir. Bir ~irketin 2003 konsolide mali tablolan hakkmda olumlu denetim go~u ~oyle bir konu vurgusu paragrafl ivermektedir: Soz konusu vurgu paragrafmda ~irketin 2002 Ylb mali tablolan ivin ~arth bir denetim gorii~u verildigi ve bunun sebebinin VMS 39'a aykm olarak ~irketin satl~ amavh tutulan, yatmmlannm gervek degeri ile degil, maliyetiyle deger1enmi~ oldugu yazIlmaktaydl. $irket, 2003 Yilt ivinde, satl~ amavh yatrrlfDlanm 3Srnilyon TL (yakla~lk 26 rnilyon ABD Dolan) zararla bir i~tirakine satml~ ve soz konusu i~tirak bu yatlflffil gervek degeriyle gostermektedir.Net gelirin %lS'ini bulan bu zarar, eger VMS 39 dogru bir bivimde uygulaDlDl~ olsaydl, 2002 ydmda ya da daha oneeki mali tablolarda yer alaeaktl. Bu durumda 2003 mali tablolan onemli olvude bir yanb~hk banndlrmaktadlr. Bu i~lem aym zamanda UMS 27.28'e ayklfldlr, ki bu standart "konsolide mali tablolar benzer i~lemler ve benzer ~artlardaki diger olaylar ivin tekbivim muhasebe politikalan kullarularak hazlflanaeaktrr" demektedir. Aynea, "grup ivi borv1ar, i~lemler, gelir ve giderler tamamlyla ortadan kaldmlaeaktlr diyen VMS 27.24'e de ayktndlr • <;ah~anlara saglanan fayda ka~dlklan oldugundan az gosterilmi~ olabilir. istihdam sonraSI yan haklar (emeklilik ve ktdem tazminatlan) baktffilndan onemli ihmaller vardrr, bunlara aktiiaryel degerleme yonterninin a<;lklanmamasl, ~imdiki hizmet maliyeti ve faizi arasmda donem ivin ka~lbgm ayn~tmlmamasl, tammlanan yan hak yiikiimliilugiinun bugunkii degeri, diizen varhklanmn adil degeri ve diger varsaYlmlar dahildir. • Kli~e a~lklamalarm kullanIlmaSI. Her vakada, UMS 29, Hiperenflasyon Ekonomisinde Mali Raporlama'run uygulanmasmda nedenleri ve prosediirleri avlklamak ivin kullamlan ifadeler gervekte birbirinin aymdlr. Takip edit en prosedurler dogrudur (tek istisna ile), ger<;i oneeki donemlerde varhklarm endekslenmesinde diizeltmelere bazl atlflar vardlr, bu da bazl uygulama sorunlarmm oldugunu gostermektedir. • y anb~ nakit akI~ tablosu tasnifleri nedeniyle ~irketlerin i~letme performanslannm kar~da~tIrllabilir olmamasl. Orneklemedeki bankalann ikisi mu~terilere verilen kredileri yatmm faaliyeti olarak, ve mu~terilerden alman mevduatl da finansman faaliyeti olarak gostermi~tir. UMS 7.lS'e gore bunlar nakit 37 Rose ekibi, bu raporda analiz edilen ~irketleri setrmek itrin katmanh rasgele ornekleme kul1anml~t1r. Ancak, orneklemin kiitriikliigii nedeniyle, tUm borsa ~irket1erini temsil ediyor kabul edilemez. DolaYlslyla, bulgular mali raporlamada muhtemel problemleri gosterme baklmmdan faydah olmakla birlikte, belirli ~irketlerin mali tablolannda bulunan eksikliklere i1i~kindir. Bulgular, tUm ~irketler itrin get;erli olan sistemik sorunlan yansltlyor demek degildir. Tiirkiye Muhasebe ve Denetim ROSe Sayfa 26 a1a~ tablosunda i~letme faaliyeti olarak tasnif edilmelidir, bu standart "... mali kurumlar tarafllldan veri len nakit avanslar ve bOfl';lar genellikle i~letme faaliyetleri olarak tasnif edilir, ~finkii bunlar 0 tiizel ki~i1igin esas gelir getirici faaliyetine i1i~kindir" demektedir.Bu uyum ihlali aylll zamanda BOOK'nm diizenlemelerine de ("Finansal Ara~larm Muhasebele~tirilmesi Standardl"yla ilgili 1 no.lu Teblig ile Nakit Ala~ Tablosu sunumuna i1i~kine 17 no.lu Teblig) aykmdtr. BOOK muhasebe ~artlanna uygun olarak haztrlanan mali tablolar baklllllndan, ROSe ekibi a~agldaki uymazhk sorunlanlll tespit etmi~tir: • Kar~Ihklara ili~kin uymazhklarm bulunmasl, kazan~larm manipiilasyonuna yol a~abillr. SmtrSIZ gorii~ ta~lyan birbanka, kar~lhgm mahiyet veya i~erigine ili~kin aynntlh a~lklama yapmakslzm "Oiger Kar~Illklar" vermi~tir. Ka~I1Iklar konusunda ~effafllglll bulunmadlgl bir zeminde degerlendirildiginde, BOOK diizenlemelerine uymazlIk kazan~lan diizcltme ~abalanlll gizleyebilir. • Konsolide mali tablolarda tutarslZ olarak uygulanan kredi zaran kar~lhk tesisi, fi~fincfi ~ahlslarm bankanm mali tablolannda kredi kalitesini degerlendirme yetenegini sllllriayabillr. Ba~ka iilkedeki i~tiraklerin kredi zaran kar~llIk aylrma politikasmm BOOK diizenlemelerine uymadlgl, bunun yerine diger iilkenin kurallanna uydugu iki vaka yard!. SPK muhasebe ~artlanna uygun olarak hazlrlanan mali tablolar bakIrnlndan, ROSe ekibi uymazlIk sorunlannl tespit etmi~tir: a~agldaki • Yetersiz a~lklama sonucunda yandhcI olmasl muhtemel mali tablolar. ineelenen mali tablolarda birtaklm beyanlar meveut degildi. Meveut olmayan beyanlar hem bi1an~o hem de gelir tablosunda olan kalemleri i~eriyordu ve ger~ek degerler, yatmmlann tasnifi ve mali varhklar ve digerlerinin iskontosuna i1i~kin degerleme yontemlerine ili~kindi. A~lklamalar, mali tablonun altlllda yatan ol~me esaSl ve varsaytrnlar baklllllndan kullalllellan bilgilendirmede onemlidir. • Muhtemelen agresif muhasebe politikasl. Teblig Seri no.xl125'e uygun olarak mali tablolanlll hazlrlayan bir ~irket 2003 Yllmda nispeten dii~iik kara ve 2004 Ylhnda biiyUk bir zarara sahipti. Biiyiik zararlar (neredeyse 2003 kanllln 20 misli) nedeniyle oneeki yI1lardan geleeege ta~man kurumlar vergisi boreu dogmadl. Teblig Seri no.x1125 'in ertelenmi~ vergi aktiflerinin tanmmaSllla yallllzea ertelenmi~ vergi aktiflllin ger~ekle~tirilmesi muhtemcl ise izin vermesine ragmen, onemlilik diizeyi yiiksek bir ertelenmi~ vergi aktifi hesaplanml~ ve mali tablolara yanslhlml~t!.. ~imdiki kar seviyeleri dikkate ahndlgmda, ~irketin tiim ertelenmi~ vergi aktifmi ger~ekle~tirmesi ihtimal dl~ldtr ve bu nedenle ~irketin i~lemi agresif muhasebe politikasl olarak gOriilebilir. IV. TASARLANAN VE UYGULANAN DENETiM STANDARTLARI 58. Genel olarak ~irketlerin mali tablolarmm denetimini dfizenleyen tek bir standart seti bulunmamaktadlr. TORMOB, i~ diizenlemcleri vasltaslyla, denetimlerin nasll yiiriitiileeeegine dair kIlavuzlar hazlflaml~tlr38. Aynea yukandaki 22. paragraftaa~lklandlg1 gibi, kanun, her diizenleyieiye kendi yetki alanmdaki bir tiizel ki~iligin, denetim firrnasl tarafllldan denetiminin nasIl yapaeagma i1i~kin diizenlemeleri ikinei mevzuatta (ornegin Tebligler) belirleme yetkisi vermektedir, bu da bankalar, sigorta ~irketleri ve kamuya apk ~irketler ve "vergi denetimlcri" i~in farkh denetim prosediirlerine yol a~maktadtr. 38 Bkz. TORMOB dfizenlemesi "Serbest Muhasebeci Mali Mfi:?avirler ve Yeminli Mali Mfi~avirler i~in <;':ah:?ma ilke ve Esaslan" ve TUDESK'in yaymladlgJ denetim standartlan. Turkiye ~ Muhasebe ve Denetim ROSe SaJfa 27 59. Turkiye'de yapdan denetimlerin ~ogu, yasal defterlerin TDM ve Vergi Usul Kanunu'na uygunlugunu ifade etmeye dayabdlr. Bliyiik ~irketlerin (ozellikle yurtdl~l mlinasebetleri olanlann) ISA'ya gore denetimleri yapllmakla birlikte, yasal defterlerin denetimleri genellikle ISA'ya uygun olarak degil de, Maliye Bakanhgl ve TORMOB tarafmdan konulan ozel maksath denetirn yonetmeliklerine gore yapllmaktadlr. Bu nedenle, ~ogu denetirn, Dordlincii, Yedinci, Sigorta Hesaplan ve BankacIllk Hesaplan Direktiflerinin gerektirdigi genel denetim anlaYl~mdan farkhdlr. 60. Duzenlemelere tabi ~irketlerde uygulanan Turk Denetim Standartlan ger~ekte ISA'nm ktsaltIhm~ ve eksik versiyonudur. UygulaYlcl denet~iler genellikle yazlb Tiirk Denetim Standartlarma Slkt slktya uymaktadlr; ancak bazI alanlarda ISA ile uyumlu ~artlarm bulunmamasl denetim kalitesini negatif yonde etkileyebilir. Diizenleyicilerin benirnsedigi ~artlar ISA'ya nazaran ~ok ktsa oldugundan, ROSe ekibi standart eksikliginin aynntlh listesinin ~ok aglr olacagml ve kesin olmayacagma karar venni~tir. 61. ISA'ya uygun olarak yaptldlgl ileri siiriilen denetimlerin kalitesi hakktnda ~eli~kili deliller vardtr. Denetlenen mali tablo omeklerinin incelenmesinden (Yukandaki 57. paragrafa baklmz) ve tek uygulaYlctlar, kii~iik ve biiyiik denetim firmalan, TORMOB ve diizenleyiciler ile yapllan gorii~melerden, denetim uygulamalannm ortalama kalitesini olumsuz etkileyebilecek ozel sorunlar ortaya pkmt~ttr: • Aktl karl~tIran I yamlncl denetim gorii~leri inceleme, denetim gorii~iinde ve mali tablolarda veri len diger bilgiler dikkate almdlgmda denet~i tarafmdan veri len gorii~iin farkh olmasmm gerektigi bir~ok durumu gostermi~tir. Omegin, birka~ raporda UFRS 'nin benimsenmesi ve varhklann endeks lenme sine yapllan dlizeltmelere ili~kin olarak vurgu konusu yapIlan gereksiz paragraflar vard.. Vurgu konusu paragrafm a~m kullamlmasl, paragrafm uyumdan ka~mmak l~m kullandmasma yol a~abilir ve bunun sonucunda denet~inin gorii~iiniin kesin mahiyetine ili~kin olarak daha az kesin hale gelebilir ve bu da mali tablolann kullamcdanm yanlltma riskini artmr. • Sarth gijrii~iin daha uygun olabilecegi yerlerde vurgu konusu kullamlmasl - Bir borsa ~irketinin denetim raporu, 2002 mali tablolan hakkmdaki smlrll gorli~e i1i~kin bir vurgu konusu paragraf i~eriyordu, ~iinkii sattlabilir yatmmlar ger~ek deger yerine maliyet iizerinden tasnif edilmi~ti (Yukandaki 57. paragrafa bakmlz). ilaveten, UMS 28, i§tiraklerdeki Yatmmlar'a uymazhk vakasmda bir vurgu konusu paragraf kullamlmu~tl, ki burada mali tablolarda saglanan bilgilere dayah olarak ~arth gorii~ daha uygun olurdu. Sarth gorii~iin aksine vurgu konusu paragraflann kullamlmasl, yatmmctlar i~in muhtemelen yanIlttcldlr ve denet~inin baglmslzhgl ve objektifligine ili~kin ku~kular yaratabilir. • ISA 600, Diger BaglmslZ Denetim Kurulwjunun l;all$malarmdan Faydalanma standardmm yanh~ uygulanmasl - Bir borsa ~irketinin denet~ileri, top lam varhklann %18'ini ve net karm %23'iinii denetlemi~ olan diger denet~ilerin raporlanna tamamen dayanml~lardlr. ISA 600.18, bOyle bir yakla~lma yalmz "bazl lilkelerin yerel diizenlemelerinin esas denet~iye, bir blitiin olarak mali tablolar hakkmda denetim gorii~iinli bir veya daha fazla bile~ene ili~kin diger bir denetimin raporuna miinhaslran dayandlrmaya izin verdigi hallerde" izin vermektedir. Tlirkiye'deki denetim diizenlemelerinde, bunun izin verildigine dair kamt bulunmaml~tlr, ve ISA 600.18' e uymak amaclyla denet~ilerin "belirli bir gorev kapsammda esas denet~inin ama~lan i~in diger denet~inin i~inin yeterli olduguna dair Tiirkiye Muhasebe ve Denetim Rose Sayfa 28 yeterli uygun denetim kamtlan elde etmek iyin prosedfirleri uygulamasl" beklenmektedir. • YamhtIcl olma ihtimali olan denetim g6rfi~leri denetlenmi~ mali tablolara olan gfiveni sarsabilir- Bir borsa ~irketinin 2003 YIlt denetlenrni~ mali tablosu, ba~ka bir denetyi tarafmdan denetlenen 2002 mali tablolarmda 2001 Ylhnda edinilen ~erefiyenin gider yazIldlgml yfinkfi birle~tirilen i~lemin tamamen entegre edildigini be1irtmi~tir. 2003 YIlt denetlenrni~ mali tablolanmn denetyileri bu ele ah~ yontemi mutablk olup olmadtklarml belirtmemi~tir ve bu baktmdan go~lerine koymarm~tlr. Eger denetyiler bu yontem ile mutablk ise, aytklaYlcl paragraf gereksizdir. Ancak 2002'de ~erefiye bilanyoda bir varltk olarak yer alml~ ve UMS 22 j§ Birle§imleri'ne uygun olarak faydah omrfi fizerinden amorti edilmi~tir. UMS 22'den bu sapma ~arth bir gorfi~e yol aymahydl. Denetyinin gorfi~fine ~art koymamasl, bu ~irketin performansml aym sektordeki diger ~irketlerle kar~lla~ttrmada yatmmctlan yamltabilir. 62. Denet~ilerin bazen mali tablolarI haZlrlamaSI veya en azmdan denetimi yapmadan 6nce bir takIm dfizeltmeler yapmaslDlD beklenmektedir. 39 Gittikye artan teknik ve karma~lk yapldaki muhasebe ~artlanna uygun olarak mali tablo hazlrlama yetenegine sahip teknik 8.Yldan yetkin profesyonellerin arZI bu alandaki talebin gerisinde kalml~trr. Bu, biryok ~irketteki personelin UFRS 'ye gore mali tabloyu tamamen hazlrlayamadlgl bir durum yaratmt~tIr. $irketlerden birinde, son 10 ytldlr UFRS tablolanm hazIrlamakla ugra~an muhasebe personeli standartlarlll uygulanmasmm zor oldugunu ve konsolide mali tablolan40 hazulamalan ve denetlemeleri iyin denetyi1ere gfivenildigini be1irtmi~tir. Bunun, denetyi baglmslzhgl ve piyasanm bu ~ekilde denetlenrni~ mali tablolara gfivenme yetenegi bakImllldan sonuylan vardrr. Yaklll gelecekte ~imdiki seviyelerde kalmasl beklenen beceri eksiligi dikkate ahndlglllda, fist dfizeyde ogrenim gormii~ muhasebe profesyonellerinin egitilmesi bir onceliktir. V. MALi RAPORLAMANIN KALiTESi HAKKINDA ALGILAR 63. Tfirkiye'nin onde gelen ~irketlerinin genel ~effafllk ve beyan seviyesi "yetersiz" olarak degerlendirilmektedir. Tfirkiye'de onde gelen 52 ~irketin mali beyamm degerlendiren Nisan 2005 basm bildirisinde, Standard & Poor's, goniillii beyanm smuh seviyesine ve gruplann ~effafltk problemine i~aret etmif?tir.41 Dahili mali ve yonetim bilgilerine ilave erif?im intkam olmayan, ~irketlerin mali tablolannm "muhasebe bilen" kullamcllan aylSlndan mevcut yasal ve duzenleme ~artlanna uygun olarak hazrrlanml~ yaymlanan mali tablolar, a~agldaki temel eksiklikleri iyermektedir: • Hiperenflasyonun etkileri l~lD yeterli ve tutarh dfizeltme yapmama. "Dolarlaf?tIrma" suretiyle bunu telafi etmek iyin yaba gosterilebilir ancak bu, yeterince gUvenilir bir bilgi elde etmek iyin yok tahmini bir yontem olarak degerlendirilmektedir. • Bankalar dahil, bir bfitfin olarak grup ~irketleri i~in tam konsolide mali tablolarm yoklugu. Grup ~irketleri arasmdaki i~lemler (transfer fiyatlandlrmasl 39 Bu sorun "IFRS'ye Yakl~ma: Tiirkiye vakaSl"nda ele ahnml~tlr; Can Simga-Mugan, Nazli Hosal-Akman, taslak makale, Ankara, 2005, sf. I I. 40 Miiteaddit defalar, hazlriaYlcilar ve denet<;iler, uluslararasl denetim finnasl aglanmn yerel iiye finnalan dahil denetim finnalannm konsolidasyonu yapl mali tablolan hazlrladlklanm belirtmi~tir. iIaveten, ROSe ekibi, IFRS mali tablolannm (bu raporun li<;iincii Klsmmda inceleme ama<;lan i<;in se<;ilen) elektronik dosyalannm denetim finnalanmn bilgisayarlannda hazlrlanml~ oldugunu not etmi~tir. 41 Kurumsal Yonetim: Turk Seffaf11gl ve A<;lklama Ar~tlnnasl, Standard & Poor's Governance Services, London, 22 Nisan 2005. Tiirk~ve Muhasebe ve Denetim ROSe Sayfa29 esasl, grup il(in varhk transferleri, ve grup il(in i~lemlerin kaldmlmasl dahil) hakkmda bilgi yoklugu konusunda endi~e1er ifade edilmektedir. Azmhk hissedarlann korunmasmdaki belirli zaylfllklarla birle~ince bu yatmmcmm gUvenini zaYlflatmaktadrr. • ili~kili kurulu~ beyanlannm yokIugu. Bu, tam konsolidasyon yoklugu ile aym olan birl(ok sorunu beraberinde getirmektedir. 64. BaZI kullamcl gruplarmm diger gruplarm eri~iminin olmadlgl bilgilere ula~abildigi izlenimi edinilmi~tir. Bu kullamcl basktlanna cevap olarak bazl gruplar / ~irketler goniillii olarak UFRS mali tablolan hazlrlamaktadlr ancak bu yakl~lmla ilgili memnuniyetsizlik soz konusudur. ilk olarak, kaulan ~irket I grup saYlSl I(ok kii¥iiktiir. ikincisi, bu goniillii mali tablolar, piyasayla payla~llmamaktadIr ve mm hissedarlann bu bilgilere eri~im baktmmdan e~it muamele gormedigi izlenimi hakimdir. Yurt il(indeki azmhk hissedarlar ozellikle, yabancl kururnsal yatmmcllara daha fazla bilginin saglamyor olabileceginden endi~e1idirler. Dl(iincii olarak, bu mali tablolar herhangi bir diizenleme veya uygulatma I(er¥evesi dl~mda hazrrlanmaktadrr (ornegin SPK tarafmdan incelenmernektedir) ve sonul(ta bunlann giivenilirliginin daha az olabilecegine dair endi~eler vardlr. Bu tiir bir karnu alglSl Tiirkiye il(in I(ok zararbdlr, Tiirk Telekom'un ozel1e~tirilmesi hakktndaki bir Financial Times makalesinde vurgulandIgl gibi, "Kamuya yapIlan mali a¥lklarna yetersizdir. Diizenleme ve izin veriIebiIir artlkhk seviyeleri ~effaf degildir. Bu, sektOriin en ba~anh ozelle~tirmelerine, ozellikle Brezilya'nm Telebras'ma kar~lt olarak durmaktadrr. Eger Tiirkiye kendi ozelle~tirmelerine kaliteli yatmmcIlar I(ekmek istiyorsa, oyununu yiikseltmek zorundadlr.'.42 VI. POLiTiKA TA VSiYELERi 65. Ulusal Yiiriitme Komitesi bu rapordaki tavsiyeleri dikkate alarak ayrmttb bir eylem plam geli~tirilmelidir. Bu rap or, reform il(in aynntlh bir taktik tasarlm yaratmaya l(ah~makslZln, kurumsal mali raporlamamn kalitesini yiikseltmek il(in politika tavsiyeleri ortaya koymaktadlr. Bu degerlendirmenin b~mda Tiirkiye, degerlendirmeye katIlmak ve tavsiyelerin uygulamaya konulmasma ili~kin olarak politika belirleyiciler, diizenleyiciler ve diger payda~lara tavsiyelerde bulunmak iizere muhasebe ve denetim reformu il(in bir I(ok disiplinli Ulusal Yiiriitme Komitesi (UYK) kurmu~tur. Diger iilkelerin ba~anb deneyimlerine day anarak Rapor, NSC'nin Tiirkiye'de mali raporlamanm kalitesini ve varhglDl yiikseltmek i¥in bir DIke Stratejisi ve ayrmtIh bir Dike Eylem Plam (CAP) geli~tirmesini tavsiye eder. 66. Onerilen tavsiyelerin uygulanmasl mali raporlamanm giivenilirligini ve eri~ilebilirliginiarttIracaktIr. Bilgi ekonomisi iizerine yapI1an I(ah~malann da gosterdigi gibi, a~agldaki katkIlarl saglayacaktlr: • Kamu yaran i~letmeleriin mali durumu ve performansl hakkmda ~effafllgl artlrarak,Tiirkiye'nin mali mimarisini giil(lendirme ve mali piyasa krizleri ve bunlarla ili~kili olumsuz ekonomik etki riskini azaltma; • Dogrudan yabancl ve portf6y yatmmlanna katkl; • Yurt i¥i tasarrufun seferber edilmesine yardlm; • Kiil(iik ve orta oll(ekli i~IetmeIer dahil, kiil(iik oll(iide kururnsal kredi alanlann, teminata dayab kredi verme kararlanndan mUstakbel kredi alanm mali performansma dayab kredi kararlanna tedrici gel(i~ suretiyle resmi mali sektorden kredi imkanlanna eri~imini kolayla~ttrma; 42 "TUrk Telekom" Financial Times Europe'ta, Cumartesi 14 MaYls ve Pazar 15 MaYls 2005, sf.22. Tiirkiye - Muhasebe ve Denetim ROSe Sayfa30 • Daha dli~Uk sennaye maliyeti ve kaynaklann daha iyi tahsisini saglayacak olan, yatmmcllann ~irketlerin gelecegini degerlendinnesini ve bilinyli yatmm ve oy venne kararlan vennesini saglama; • Hissedarlar ve kamunun yonetim perfonnanslm degerlendinnesini saglama ve bOylelikle yonetimin davram~larml etkileme (mali raporlama ~irket1erin piyasa tabanh izlenmesinin bir teme1 ta~ldrr); ve • Kamu makamlarmm, topluluk mUktesebatmm ilgili bOllimlerini benimsemesi, izlemesi ve uymaYl uygulatmasma yardlm etme. Bu raporda ortaya konulan politika tavsiyeleri, Tlirkiye'nin uzun vadeli hedefmin, muhasebe ve denetim iyin yliksek kalitede yasal ve kurumsal yeryeve anlamma gelen topluluk miiktesebatlyla tam uyumlu olmak oldugu esaSl lizerine kurulmu~tur. Raporda da belirtildigi gibi bu hedefe ula~mak iyin, Tlirkiye'nin yasal ve kurumsal yeryevesinde ve muhasebecilik mesleginin orglitlenmesinde kapsamli refonnlar yapmasml ve aym zamanda muhasebe, denetim ve i~ ge1eneklerinde degi~iklik yapllmaslm gerektinnektedir. 67. Muhasebe reformu sUrecinde, UYK'nin kapsammm akademisyenler, mali tabla hazlrlaYlCI ve kullaDiCilarIDi da i~erecek ~ekilde geni~letilmesi gerekmektedir. Yasama, dlizenleme makamlanmn ye~itliligi ve mali raporlama yeryevesinin bollinliklligu dikkate alindlglllda, Ulusal Ylirlitme Komitesi (UYK) refonn slireci iyin vazgeyilmezdir. Muhasebe refonnu slirecinde miimklin olan en yok saYlda payda~l yansltmak amaclyla UYK liyeliginin akademisyenler, mali tablo kullamctIan ve hazrrlaYlcIlanm da iyerecek ~ekilde geni~letilmesi onem ta~lmaktadrr. Uyelerin muhasebe, denetim ve mali raporlama (UFRS bilgisi, basiretli dlizenleme, ISA, ve IFAC'lll UluslararaSl Egitim Standartlan ve Etik Kodu dahil) konusunda kamtlanml~ teknik yetkinlik ve bilgi, yliksek dlizeyde analitik beceriler, dlirlistllik, objektiflik, ve disiplin, muhasebe ve denetim refonnuna ve kamu menfaatine adanml~hga sahip olmasl kritik onemdedir. 68. TUrkiye'de yaygm olan "gayri resmilik" problemini ~ozmek i~in tedbir abnmaslDa ihtiya~ vardrr. Gayri resmilik (enfonnalite) bir taklm makroekonomik, mali ve sosyal sorunlarla baglantlhdu ve bu alanlarlarda bir ilerleme olmasl gereklidir; ancak, mali raporlama konusunda da atllacak bazl adlmlar bu ilerlemeye yardlmici olacaktrr. Tlirkiye iyin zorlu gorey, geymi~te uyumun daha yliksek vergilere ve daha bliylik bir dlizenleme ylikline yol aytlgl gorlilen ortamda, uyma ve beyan klilrurlinlin nasI I te~vik edilecegidir. Taslak Kanunun zamanlllda ylirlirllige ginnesi ve mali tablo hazlrlanmasmda ve denetiminde TMS ile ISA'nlll kullanlmlm zorunlu ktlacak koordineli dlizenlemelerin yaptlmasl yetkililere bu konuda destek olacaktIr, ancak bunlar etkin bir ~ekilde uygulandlgl ve tamamlaYIcl makroekonomik, mali ve sosyal sliriiclilerle birlikte i~e yarayacaktu. UygulamaYl destekleyecek tedbirler ~oyledir: • Mali tablo hazlrlaYlCtlan, kullanlctlarl ve denetyilerinin mali raporlar ve vergi raporlan arasllldaki belirgin farkl anlamalanna yardlmcl olmak:, ideal olarak vergi raporlan mali raporlara gerekli dlizeltmeleri yapmak suretiyle hazulanmaktadu. • Dlizenleyici kurumlann denetlenmi~ mali tablo kullanurum gliylendirecek faaliyetleri benimsemesi ve uygulamasl, omegin bankaclhk alamnda BDDK, bankalann kredi mli~terilerinden denetlenmi~ mali tablo istemesini zorunlu hale getinnelidir. Bankalar mali tablolan kredi dosyalannda bulundunnah, daha da onemlisi kredi venne kararlanm ister slibjektif, ister objektif ya da model yonelimli bir esasla,bu tablolar temelinde vennelidirler. Bu rur bir faaliyet mevcut bankaclhk dlizenlemelerinde ongoriilmli~ olmakla birlikte, bankalarca yayglll olarak uygulanmamaktadu. Tiirkiye - Muhasebe ve Denetim Rose Sayfa 31 • Egitim ve ogre tim yoluyla ve staj doneminde ISA'ya gore bir denetim metodolojisinin gosteriimesi ve uygulanmasl suretiyle denet~ilerin ISA denetimi yapma kapasitesinin geli~tirilmesi. 69. <;ok saYlda tek ba~ma ozel maksatb mubasebe ve denetim sistemlerine dayab olan boliiniik yakla~lmlarm yerini, beyan ve ~effatb~l rum piyasa katIiImcIlanmn kullanabilece~i bir kamu mall olarak goren tek, e~giidiimlii, sa~lam bir genel maksatb sistemin almabdu. Tiirkiye'de halen Uzerinde ~ah~llmakta olan Ticaret Kanunu (l957)'nin revizyonu buna bir ~ozi1m getirecektir ancak revizyonun ivedilikle tamamlanmasl, sebepsiz yere geciktirilmemesi veya politik sure~ler sonucunda etkinliginin ve kapsamllllll azaltlimamasl onemlidir. Bu rapor, Taslak Kanun'un kurumsal mali raporlama alanmda getirdigi reformlan desteklemekte ancak Taslak Kanun'la ilgili ~u onerilerde bulunmaktadrr: • Gayri faal veya belki de ~ok du~uk ciroyla ~ah~an ~irketlerin denetim zorunluluklanyla ilgili ~ok smlrh bir istisnaya olanak tamnmaSI. • Taslak Kanun'da ~irketlerin a~lklaYlcl notlanyla birlikte tam set mali tablolanm, kamuya a~lk halde bulundurulacaklan bir sicil makamllla sunmalanm gerekliligini net bir ~ekilde ifade etmesi. 70. Rapor buna ek olarak ~u onerilerde bulunmaktadlr: • Mali raporlama ~artlarmda kalan ~atI~ma ve mu~laklIklar diizeltilmelidir. Yasal ve duzenleyici ~er~eve, duzenleme ~artlanmn genel maksath mali tablolarda TMS 'ye uyumu engellememesi yonfinde revize edilmelidir. Eger duzenleyiciler, basiretli gozetim veya istatistik ama~lan i~in Have (yaYllllanmamt~) bilgilere gerek duyarsa, bu UFRS'ye ilave olarak, ondan sapmakslzlll, yaptlmahdrr. Bu, genel maksath mali tablolar i~in ~artlann uygulattlmasllla yard 1m etmek i~in dUzenleyicileri harekete ge~irme ~eklinde ilave fayda saglayacaktlr, ~unkii TMSIUFRS'ye gore hazlrlanml~ temel mali tablolann dogru oldugunun temini dUzenleyicilerin de hassas oldugu bir konudur (~unkii onlann raporlan 0 temel uzerine kurulu olacakttr). • Kurumsal yonetim diizenleri, OECD iilkelerinde ortaya ~lkan uygulamalara paralel olarak modernize edilmelidir. OECD'nin yaklll zamanda yaYllllanan Turkiye kurumsal yonetim raporundaki oneriler uygulamaya ge~irilmelidir.Ma1i tablolara gUven, onlarl hazlrlama ve kamuya a~lklama sorumlulugu olanlara baglanmaktadlf. AB Dye Devletleri 'nde halen hakim uygulamaya uygun olarak, sorumluluk hem hukuken hem de fiilen tUm kurul uyelerine topluca ait olmahdlr. • Denetim mesle~inin Taslak Kanun'un ongordii~ii denetim zorunluluklarmm getirece~i yenilik ve zorluklan kar~Ilamasl i~in, TlTRMOB'un lisansli denet~i1erle (yani 3568 SayIlI Kanun'da ve Taslak Kanun'da ISA'ya gore denetim yapma yetkisine baiz TURMOBiiyesi SMMM ve YMM'ler) ilgili diizenlemelerin etkinli~ini geli~tirmeye devam etmesi gereklidir. Bu duzenleme ~unlan yerine getirmelidir: (i) ISA ve Profesyonel muhasebeciler i~in IFAC Etik Kodunun Tfirk~e'ye zamanh tercfime edilmesini saglamak (A~agldaki 71. paragrafa bakllllz); (ii) ISA'nlll uygulanmasl hakklllda uygulama kllavuzu yaYllllamak; (iii) uyelerinin denetim ~ah~malanm gozetim altlllda tutmak suretiyle kalite guvencesi uygulamak; (iv) iiyeleri uzerinde disiplin yetkisi kullanmak, (v) IFAC IES ve topluluk muktesebatllla uygun olarak ogrenim, deneyim ve smav ~artlan esaslyla bireylere ve denetim firmalanna denetim ruhsatl vermek; kalite guvence sistemi veya disiplin sistemi siire~leri sonucunda aykmhklan oldugu saptanan uyelerin ruhsatt da asklya ahnmah ya da iptal edilmelidir ve (vi) BDDK, SPK ve Hazine'nin denetimine tabi olan tUzel ki~iliklerin kanuni denet~ileri i~in ge~erli olan ozel onay, denetim, Turkiye Muhasebe ve Denetim Rose Sayfa 32 kalite gUvencesi veya raporlama ~artlanllln geli~tirilmesinde bu kurumlarla yakm i~birligi yapmak. Bu dUzenlemeler, yeni AB Sekizinci Sirketler Direktifmin ~artlanna uygun olarak tesis edilmelidir. • Denetim meslegi i~in yukanda bahsi ge~en denetim duzenlemesinden dogan faaliyetleri denetleyecek bir kamu gozetim sistemi tesis edilmelidir. Gozetim sisteminin amaCl, kalite giivencesinin ger~ekte ve goriinUrde yeterli kamusal giivenilirlige sahip bir uygulama olmasml saglamaktrr; aylll zamanda meslege kamu gUvenini saglamah ve dUzenleyicilere ve kamuya kendi kendini dUzenleme sorumluluklannm yeterince yerine getirildigini gostermelidir. Kamu gozetim sisterni, (i) yasal denet~i ve denetim firmalannm onaylanmasl ve tescili, (ii) etik, denetim firmalan ve denetirnin i~ kalite kontrolU ve (iii) sUrekli egitim, kalite gUvencesi ve tahkik ve disiplin sistemlerinin gozetimi i~in nihai sorumluluga sahip olmahdrr. ilaveten, kamu gozetim sisterni, gerekli hallerde yasal denet~iler ve denetim firmalan hakkmda kendisi tahkikat yapma ve uygun onlemleri alma hakkma sahip olmahdlr. Kamu gozetim sisterninin "uygulaYlcl olmayanlar" tarafmdan yiiriitiilmesi ~ok onemlidir. 43 Tiirkiye'de kamu gozetim sisteminin yiiriitiilmesinde az saYlda uygulaYlcmm da yer almasl mUmkiin olmakla birlikte, gozetim sisterni meslekten a~lk bir ~ekilde baglffislz olmahdu. Uluslararasl hisse ve bor~ piyasalannda (omegin Eurobond ihracl yoluyla) bUyiik TUrk ~irketlerinin bUyiiyen varhgl dikkate ahndlgmda, bu onlemler TUrk sermaye piyasasmm i~lemesine gtiveni destekleyecek ve diger tilkelerle kar~lhkh i~birligi yoluyla gereksiz uluslararasl diizenleme ortii~mesini onlemeye yardlm edecektir. 71. Mevcut ~er~eve, yuksek kalitede mali tablolarm bazlrlanmaslm kolayla~tIracak bir mubasebe ve denetim ortamlm te~vik edecek gerekli baZl kurumsal altyapIlan barmdlrmaktadlr. Yeni unsurlan dahil ederken ~imdiki altyapmm unsurlanm da dikkate alan spesifik tavsiyeler a~agldaki gibidir: • Muhasebe ve denetim standardl koyma faaIiyetleri, uzman kaynaklarm verimIi kullamlmaSlm saglayan ortak bir platformu saglamahdlr: o TMSK, kendi gorevi, iiyelik ve kaynaklarmm tekrar degerlendirilmesiyle, muhasebe standard, koyma faaliyetlerindeki tek yetkili olmaltdlT. TMSK'llln TUrkiye'deki tek muhasebe standardl koyucusu olarak talllnmaSI i~in, a~lk bir kabul edilen ve anl~Ilan ama~lar ve hedefler ve gorev seti ile yasal ~er~evenin geli~tirilmesi gereklidir. Taslak Kanun bu yetkiyi TMSK'ya vermektedir; diger diizenlemelerin bunu tasdik edecek ~ekilde degi~tirilmesi gereklidir. o TORMOB'un biinyesindeki denetim stanadrdl koyucusu tODESK'e de benzer bir yetki verilmeli ve ISA'ya uyacak denetim standartlannm belirlenmesi sorumlulugu kazandmlmahdlr. TMSK ve TODESK, IASCF ve IFAC Terctime Politikasmda ortaya konulan resmi terctime stirecine uygun olarak UFRS ve ISA'daki giincellemeleri zamanmda terciime etmeyi stirdtirmek i~in yeterli kaynaklara sahip olmahdlr. • Raporlama ~artlanna uyuldugunu temin etmek amaclyla, kurumsaUa~ml~ mubasebe standardl uygulatma mekanizmalan gozden ge~irilmelidir. Bu rapordaki tavsiyeler iki uygulatma ayagllll gii~lendirmeyi ama~lamaktadlf: (a) 43 AB yeni Sekizinci $irketler Hukuku Direktifinde "uyguJaylcl olmayanlar", "kamu gozetim sisteminde yiiri.itme gorevi almadan en az ti~ yil onceye kadar kanuni denetim yapmaml~, bir denetim firmasmda oy hakkl bulunmayan, bir denetim firmasmda idari ve yonetsel gorevler iistlenmemi~, bir denetim firmasmda ~ah~mayan veya herhangi bir sebeple bir denetim firmalyla ili~kisi bulunmayan ger~ek ki1ji" olarak tammlanml!;ltJr. Tilrkiye - Muhasebe ve Denetim ROSe Sayfa 33 hazlrlaYlcIlar, kurul uyelerinin toplu sorumlulugu altmda TMS'nin uygulanmasmm zorunlu tutulmasl, sektordeki muhasebecilerin yeniden egitilmesi ve akademik ogretimin gU~lendirilmesi; (b) denetciler, ISA'nm, kalite gUvence sistemi ve kamu gozetim sisteminin benimsenmesi . Ancak burada, u~uncu uygulatma ayagl olan duzenleyicileri de ele almak zorunludur. Farkh modeller bulunmasma ragmen, bu rapor, diizenleyicilerin hi~ degilse kamu yaran i~letmelerinin genel maksath mali tablolannda muhasebe standartlarmm uygulattlmasmda aktif rol oynamasml tavsiye etmektedir. Bu ya yeni bir orgamm kurulmasl yoluyla (omegin ingiltere'deki Mali Raporlama inceleme Paneli'nin benzer bir rolii vardlr) ya da mevcut diizenleyicilerin (BOOK, SPK ve Hazine) uygulatmadaki roliinii ve kapasitesini geni~letme yoluyia yapllabilir. Tek bir merkezi duzenleyiciye yetki veren bir diizenleme sisteminin a~tk avantajlan olmakla birlikte, sorumlulugun uygulattcllar arasmda payla~lldtgl boliiniik bir yakla~lm da kabul editen bir altematiftir. Boyle bir modelin unsur ortii~mesi riski vardlr, daha da onemlisi ilgililerin yetkileri veya gorevleri arasmda a~lkhklann olabilecegi alanlann bulunma riski vardtr. Ozellikle, uygulattcllar UFRS'yi uygulatmaya ~ah~tIk~a, benzer (aym olmasa da) ~artlann tutarh uygulanmasl i~in daha buyiik ihtiya~ vardrr. <;e~itli uygulattcdar arasmdaki i1i~ki Mutabakat Muhttralan yoluyla gU~lendirilebilir, bu belgeler uygulatmaya tekbi~im yakla~lm gostennek ve i~birligi yapmak isteyebilecekleri ~ah~ma ~eklini a!;lk!;a ortaya koyar. Oaha da otesi, bu, rum mali tablo hazrrlaYlcdan i~in ge!;erli olacak muhasebe gereklilikleri baklmmdan yaymlandtklan takdirde, genel bUlten veya tavsiyelerin yaymlanmasmdan once muhtelif idarelerin hepsi iizerinde etkisi olacak tartl~malan i!;erebilir. 72. Mubasebe ve denetim mesleginin kapasitesini geli~tirmeye ciddi anlamda ibtiya~ vardlr. Bu yeni· muhasebe ve denetim ~artlarmm ger~ekten anla~llmasl ve benimsenmesi, hazrrlaYlctlar, denet~i1er ve diizenleyiciler i!;in ilgili ogrenim ve egitimi gerektinnektedir. Bu baglamda, genel maksath mali raporlama ihtiya!;lanna yonelik daha buyiik bir odaklanma gerekecektir. A~agldaki tavsiyeler hem mevcut muhasebecilerin hem de gelecekte bu meslegi se~ecek olanlann kapasitesinin ge1i~tirilmesini destekleyecektir: • Mesleki ve akademik ogretim. Meslek okullan ve iiniversiteler, UFRS, ISA ve IFAC'm Mesleki Etik Kodu'na uyurnlu ve bunlan kapsayan egitim materyalinin geli~tirilmesinde ilave destege ihtiya!; duymaktadtr. Bu alanlarda hazlrlaYlctlar ve egitmenlerin egitimi, uygulamab i~ egitimi dahil, olduk!;a faydah olacakttr. Universiteler ve TURMOB arasmda bir irtibat grubu kurulmahdlr. Bu, bilginin yaygmla~tmlmasma yardtm eder ve iiniversitelerin meslegin egitim ihtiya~lanndan haberdar olmasml saglar. • Meslek SlDaVl programlDlD denetim ve muhasebecilik mesleklerinin ibtiya~larlDaAB yeni Sekizinci ~irketler Hukuku Direktifi ve IFAC Uluslararasl Egitim Standartlan (IES) ~artiarI ile uyumlu olmak suretiyle cevap verdiginin sistematik olarak gozden ge~irilmeye devam edilmelidir. • Denet~i ve mubasebeciler i~in Sfirekli Mesleki Geli~im zorunlulugunun denet~i ve mubasebecilerin ibtiyaclDl kar~lladlglDlD ve AB yeni Sekizinci ~irketler Hukuku Direktifi ve IFAC IES 7 ile uyumlu olmaya devam etmesi gerekmektedir. TURMOB aktif olarak, uyelerin gerekli SMG saatlerini tamamladlgml kontrol etmeli ve ozellikle UMS ve TASIUFRS konularmda gerekli kurslann verilmesini saglamahdrr. Tiirkiye - Muhasebe ve Denetim Rose SaJfa 34 • Sektordeki muhasebeciler: Yukanda Bolum ILC'de acrlklandlgl gibi, bazl payda~lar endustride giincel muhasebe bilgisinin yokluguna dair endi~elerini ifade etmi~lerdir. ilgili sorunlann daha derin anlll§llmasmi saglamak icrin, sektordeki muhasebecilerin onemli yeniden tecrhiz ihtiyacr1anm ozellikle hedefleyen bir program geli~tirilmelidir. Birkacr yakl~lm mevcuttur ve ll§aglda acrlklandlgl gibi dogrudan diizenleme veya te~vik tabanh politikalar olarak geni~ ~ekilde slmflandlnlabilir. Dogru politika muhtemelen, pozitif te~vikler, uymaYl izleme ve cezai yaptmmlann bir kan~lffilm icrerecek ~ekilde her iki tiirden de faydalanacaktrr: o Dogrudan diizenleme, bir diizenleme orgam tarafmdan izlenen ve uygulatIlan yasal ~artlan icrermektedir ve uymazhk, yaptmmlarla cezalandmlmaktadrr. Ancak, AB Dye Devletlerinde, denetim dl~mda muhasebe hizmetlerinin dogrudan diizenlenmesinden uzakl~an net bir yakla~lm oldugunu vurgulamak onemlidir. Muhasebe meslegine ili~kin olarak, dogrudan diizenleme genellikle ~u ~ekillerden birini almaktadlr: zorunlu ruhsatlandlrma, muhasebe unvammn korunmasl veya harici muhasiplerin kaliflkasyonu. o Dogrudan diizenleme, kurallar, uygulatma ve yaptmmlar yoluyla belirli bir davram~ tiiriinu zorunlu ktlarken, te~vik tabanh onlemler genellikle piyasa tabanh olan Muller yoluyla belirli davram~lan te~vik etmektedir. Te~viklerin kullamml yoluyla muhasebe mesleginin kalitesinin iyi1e~tirilmesini desteklemede Hukiimet aktif rol oynayabilir. Bunlar, kamu i~letmelerinde muhasebe ve denetimde uluslararasl iyi uygulamalarl uygulamak suretiyle omek te~kil etme ve bOylelikle kurumsal sektoriin tamarru icrin bir model olu~turma, ve i~letme1erde muhasipleri yeniden tecrhiz etme programlan icrin ba~langlcr sermayesi veya vergi kolayllklan saglama gibi bir dizi secrenekleri icrermektedir. Tiirkiye - Muhasebe ve Denetim Rose Sayfa 35