FINANCIAL AND LEGAL CONSEQUENCES OF NON-IMPLEMENTATION OF INDEPENDENT AUDIT

Globally occured fraud and lawlessness issues result in increased independent auditing request. While the complexity of accounting information and number of corporations / institutions are increasing, independent auditing is becoming more important and necessary day by day. Accounting fraud and faults by employees affect negatively not only companies and institutions but also investors, information users and public opinion. The company or institutions that are not audited from independent auditor will be crucial and risky to the corporations make accounting operations with them. The aim of this study is to reveal the financial and legal consequences that may occur if independent audit is not performed. As a result of the analysis on financial and legal datas; companies or institutions that provides regulations but not audited from an independent auditor, may face to face with fiscal and legal sanctions. In this context, before an independent audit, companies should implement an internal control systems