PUBLIC OVERSIGHT INVESTIGATIONS AND SANCTIONS: TURKEY–US COMPARISON

Section 105 of the Sarbanes-Oxley Act grants the PublicCompany Accounting Oversight Board (PCAOB) investigative and disciplinary authority over registered public accounting firms and persons associated with such firms.Whether the audit firm being investigated is a US or non-US firm, and whether the auditing was performed within borders of US or not; the Board makes quality control investigations.Investigations performed with quality control purposes are made public stage by stage on the web site of the Board.Along with PCOAB, in some instances the Securities and Exchange Commission (SEC) also has the power of sanctioning performers and blocking them from auditing listed companies. The results of a research about audit firms performing in Turkey are assessed within the frame of US public oversight and/or investigation activities. At the last stage, this paper evaluates the quality control investigations and activities performed by Public Oversight - Accounting and Auditing Standards Authority (POA) in Turkey. At the end of this paper, quality control-oriented activities realized by US and Turkish authorities are associated to the results of the study, and suggestions are brought regarding Turkey