Internal Audit Function In I S E Companies – An Assessment

There are about eight hundred thousand companies in Turkey; however there are only a very limited number of companies who have internal audit departments established in their organizations Whether the activities performed under the internal audit name in these organizations are consistent with the vast body of knowledge and best practices in the field of internal audit or not is the subject matter of this study With the exception of banks and public offices in Turkey organization structure scope and content of internal audit activities in Turkish organizations seem different than in western organizations The objective of this paper is to explore in depth the internal audit function in Istanbul Stock Exchange Top 100 Index Companies from all relevant perspectives There are only a few studies about internal audit in Turkey and most of these are focused on banks and public sector and the rest are related to the internal audit topic in general By analyzing and outlining the As is situation this study aims to contribute to increase the awareness level; thus motivate decision makers of Turkish organizations to interrogate and challenge what they should be expecting from internal audit function Keywords: Internal audit operational audit financial audit risk based audit independence process audit audit in Turkey internal audit in Turkish companies