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- Title
The Role of Independent Audit in Solving Administrative, Financial, and Accounting Problems in Small and Medium-Sized Enterprises.
- Authors
Güngörmüş, Ali Haydar
- Abstract
Aim of the Study: The main objective of our research, for the solutions of management, finance and accounting issues and auditing problems of SMEs is to reveal the benefits of independent audit. Methodology of the Study: Administrative, financial, and accounting problems of SMEs will be explained and the role of independent audit in solving these problems will be presented. Findings of the Study: We assume that the findings of this study will contribute towards the enhancement of good corporate governance that alleviates agency problems in business organizations. Importance of the Study: The enterprises have been becoming international along with the rapid transformation in the world trade in recent years. It is now mandatory to develop a common language in the field of accounting and auditing for the reason that enterprises are operating in different countries. At the end of this process, it has been implemented a worldwide uniformity with "International Accounting Standards" and "International auditing standards". The relevant changes were made in independent auditing for SMEs under certain criteria in order to adapt uniformity with new Turkish commercial code in our country. Independent audit as a result of economic change will become unavoidably compulsory for SMEs, which are over a certain scale, beyond that, the independent audit for the SMEs will be made on a voluntary basis in the interests their own in the future. We assume that the findings of this study will contribute towards the enhancement of good corporate governance that alleviates agency problems in business organizations. The findings have several implications regarding board members, managers, and organizations. Establishing corporate governance mechanisms and resolving agency issues are among the boards' primary responsibilities.
- Subjects
SMALL business; INTERNAL auditing; ACCOUNTING; AUDITING standards; BUSINESS enterprises
- Publication
Journal of Accounting, Finance & Auditing Studies, 2020, Vol 6, Issue 2, p87
- ISSN
2149-0996
- Publication type
Article
- DOI
10.32602/jafas.2020.012