3 rd International Symposium on Accounting and Finance ISAF2014-Tokyo, Japan Co-hosted by Tokyo Keizai University and MUFAD

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2 3 rd International Symposium on Accounting and Finance ISAF24-Tokyo, Japan Co-hosted by Tokyo Keizai University and MUFAD 3rd International Symposium on Accounting and Finance Full Papers Book September -2, 24 Tokyo, Japan

3 OPENING SPEECH Welcome to Tokyo Keizai University! Dear Colleagues, It gives us pleasure to tell you that we are very pleased to have you as attendants to the 3rd International Symposium on Accounting and Finance. Tokyo Keizai University Accounting Research Centre (ARC) was organized in 984 by accounting staff at Tokyo Keizai University, and has served as a forum for promoting accounting research and for interuniversity and international exchanges between accounting scholars with different cultural and methodological background. A characteristic of the researches at ARC is that the members have benefitted from the standpoints of Japan: Japanese views and methodologies of accounting on one hand, and the Japanese practice of accounting especially that of management accounting in Japanese large companies on the other hand. The members of ARC hope that the 3rd International Symposium on Accounting and Finance will be the starting point for further development of accounting research especially for further fruitful intellectual exchange between non-japanese and Japanese researchers. With warmest regards, Tokyo Keizai University Accounting Research Centre Makoto TAKEWAKI, Professor, Management accounting Takemi ONO; Professor, International accounting YukinariINOUE, Professor, Auditing Fumiyoshi WATANABE, Professor, Management accounting Hyonok KIM, Assobate Professor, Financial accounting Takeo ITABASHI, Lecturer, Tax accounting Hideharu OKUDA, Researcher, History of corporate accounting AkiyoshiTANAKA, Professor Emeritus Tomoko TAKAYAMA, Professor Emeritus Shigekazu KUKITA, Professor Emeritus th September, 24 Tokyo Keizai University Accounting Research Centre Yoshiaki JINNAI, Professor & Head of ARC, Methodology of accounting Tokyo Keizai University -7-34, Minami-cho, Kokubunji-shi, Tokyo Japan Tel Fax

4 Ladies and Gentlemen, Dear Colleagues, 3 rd International Symposium on Accounting and Finance OPENING SPEECH Welcome to the 3rd International Symposium on Accounting and Finance Cohosted by Tokyo University of Keizai and the Association of Accounting and Finance Academicians. I am very happy to be with you in this symposium. The purpose of education and training is to create the conditions necessary for an advanced society. Globalization has changed the objectives of higher education. Therefore revisions are carried out in the training programs of Academic studies that serving the commercial life are discussed and sharing information on current issues is carried out in symposiums and congresses. I wish this Symposium will bring solutions of the problems encountered in the field of education and integration. In the process of education the duty of AAFA has published "Journal of Accounting and Finance" every three months since 999 to perform its duty in order to add value to education process. By AAFA as well as its various national panels, international congresses, conferences and symposia were organized. In recent years, the international activities can be listed as follows. - The Balkan Countries st Internatıonal Conference On Accountıng AND Audıtıng was held 27 in İstanbul Cohosted by Trakya University And AAFA. - 2th World Congress Of Accounting Historians was held 28 in İstanbul Cohosted by AfyonKocatepe University and Marmara University. - 2nd Balkans and Middle East Countries Conference on Accounting and Auditing History was held 2 in İstanbul - The st International Symposium on Accounting and Finance was held 22 in Gaziantep Cohosted by Gaziantep University And AAFA. - The 2nd International Symposium on Accounting and Finance was held May 24 in Bursa Cohosted by Uludag University And AAFA. In the same year that allows us to be here today, I present my sincere thanks to "3rd International Symposium on Accounting and Finance" co-chairman, Mr. Yoshiaki Jinnai and Tokyo Keizai University. Dear Colleagues, Accounting practices must be made with the principle of public disclosure and social responsibility. Primary responsibility of business and accounting managers is to prepare and report true and fair information. At this point Auditing is a question of accuracy and appropriateness. But also the quality and reliability of audit activity should be questioned. Global economic crisis drew the attention to accounting and audit standards. In the new and rapidly-globalized economic order in which competitive conditions have become heavier, accounting, financial reporting and auditing have important functions in the

5 development of both enterprises and economies. Today it became more evident that a sound and reliable recording and auditing system is one of the basic elements of a strong economy. I believe that today a good and powerful management approach can easily overcome the crises. What I mean by a good management is the institutional management in which transparent financial information is produced and audit mechanism functions well. Capital market investments which have increased due to globalization and technological development further emphasized the importance of accounting and financial information. Transparent, understandable, reliable, comparable and timely organization of financial information is very important for enlightening the public. I believe that this conference will make important contributions to the development of the recording and auditing culture, and to the scientific research. I would like to extend my thanks to all of those who have contributed to this conference which I believe will be beneficial and appropriate in terms of both its content and timing. This congress gives us opportunity to derive benefit from the papers presented by different countries academics. I hope that there will be such events in the future as well. I hope this Symposium achieves its objectives. I would like to present my personal respects and on behalf of AAFA to Mr. Yoshiaki JINNAI for allowing the organization of the Symposium, the organizing committee chairman Mr. Mehmet OZBIRECIKLI and to all the participants. th September, 24 Prof. Ümit GÜCENME GENÇOĞLU Chair of Association of Accounting and Finance Academicians Uludag University, Faculty of Economics and Administrative Sciences

6 CONFERENCE SCIENTIFIC COMMITTEE CONFERENCE ORGANIZING COMMITTEE DETAILED CONFERENCE TECHNICAL PROGRAM PANEL DISCUSSIONS 3 rd International Symposium on Accounting and Finance CONTENTS Shinji SOMEHA ENGAGE IN THE PUBLIC INTEREST JICPA S RECENT ACTIVITIES IN SAFEGUARDING THE PUBLIC INTEREST Ömer SAYILGANOĞLU AUDİT STRUCTURE IN TURKEY Muharrem KARATAS GENERAL İNFORMATİON ON TURMOB, ACCOUNTİNG AND AUDİTİNG PROFESSİON TODAY 29 PAPERS Akira NIN PERMEATION OF MODERN PHILOSOPHICAL THOUGHTS INTO BASIC AUDITING CONCEPTS..4 Nail SANLI &Zafer SAYAR &Muharrem KARATAS AUDITORS PUBLIC OVERSIGHT: GLOBAL PERSPECTIVES AND TURKEY EXPERIENCE...6 Nalan AKDOGAN THE IMPORTANCE AND ROLE OF SUPREME AUDIT INSTITUTIONS IN PROMOTING ACCOUNTABILITY AND TRANSPARENCY OF PUBLIC ADMINISTRATION AND ACCOUNTING THE IMPLEMENTATION OF TURKISH SUPREME AUDIT INSTITUTION(TURKISH COURT OF ACCOUNTS)...8 Ahmet Selçuk DİZKIRICI & Ahmet GÖKGÖZ EVALUATING THE FINANCIAL PERFORMANCES OF THE BANKS LISTED ON ISTANBUL STOCK EXCHANGE BANKS INDEX BY DATA ENVELOPMENT ANALYSIS AND MALMQUIST INDEX...5 Selcuk KENDIRLI &Hulya CAGIRAN KENDIRLI IMPORTANCE OF INTELLECTUAL CAPITAL IN ENTERPRISES FOR FINANCIAL PERFORMANCE AND A RESEARCH FOR CORUM ENTERPRISES 3

7 Bayram TOPAL& Hakan TUNAHAN& Sinan ESEN THE RELATION BETWEEN EXPORT AND PROFITABILITY: AN ANALYSIS ON TOP EXPORTERS IN TURKEY...55 Yasushi YOSHİDA THE CONTAGION EFFECTS IN THE JAPANESE STOCK MARKET OF THE GREAT EAST JAPAN EARTHQUAKE...67 Mehmet Fatih BAYRAMOĞLU RELATIONS BETWEEN BORSA ISTANBUL AND TOKYO STOCK EXCHANGE.77 Deniz SUKRUOGLU THE MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT IN EMERGING MARKETS ASIA.9 Seval Kardeş SELİMOĞLU CORPORATE GOVERNANCE IN TURKEY: LEGAL ENVIRONMENT...25 Yıldız ÖZERHAN &Burcu NAZLIOĞLU THE AMENDMENTS PLANNED TO BE MADE IN THE CONCEPTUAL FRAMEWORK...22 Phi Thi DİEM HONG HOW TO INNOVATE THE CURRENT ACCOUNTING SYSTEM IN VIETNAM? Recep KARABULUT & Ahmet UĞUR NONLINEARITY BEHAVIOUR OF EXCHANGE RATES IN TURKEY: EFFECTS OF ECONOMIC AND POLITICAL EVENTS Cengiz TORAMAN & Mehmet KÖRPİ FIRM VALUATION USING MARKET MULTIPLIERS: EVIDENCE FROM APPAREL AND LEATHER INDUSTRY IN ISTANBUL STOCK EXCHANGE 267 Ümit GÜCENME GENÇOĞLU & Alp AYTAÇ THE PROCESS OF FORMATION OF ACCOUNTING STANDARDS AND THE PRESENT SITUATION IN TURKEY Ümmühan ASLAN & Meral Erol FİDAN & Şerife SUBAŞI OPINIONS OF STUDENTS ON TECHNOLOGY USE IN ACCOUNTING COURSES IN THE DIGITAL AGE..299 Selahattin KARABINAR &Varol KIŞLALIOGLU AN EMPRICAL ANALYSIS ON ACCOUNTING CULTURE IN TURKEY...39

8 Takeo ITABASHI THE JAPANESE CONSUMPTION TAX REFORM AND THE ISSUE OF TAX CREDITS Cemal ELİTAŞ & Bilge Leyli ELİTAŞ & Mesut DOĞAN AN ALTERNATIVE VIEW FOR AUDITING: GERMAN POINT PROGRAM Süleyman YÜKÇÜ & Emre KAPLANOĞLU THE COMPARATIVE PERFORMANCE ANALYSIS OF BORSA İSTANBUL AND TOKYO STOCK EXCHANGE WITH EVA AND MVA Fujio Yamaguchi BUSINESS VALUATION AND INTERNALLY GENERATED GOODWILL Zeynep HATUNOĞLU & Sevda DEMİR HE EFFECT OF COST MANAGEMENT IN BUSINESS DECISION-MAKING PROCESS: A RESEARCH IN THE TEXTILE SECTOR IN KAHRAMANMARAS...397

9 SYMPOSIUM SCIENTIFIC COMMITTEES Prof. Adriana Tiron Tudor-Babeş-Bolyai University-Romania Prof. Alexandru Trifu, Petre Andrei University-Romania Prof. Beyhan Marşap- Gazi University-Turkey Prof. Can Şımga Mugan- İzmir Ticaret University-Turkey Prof. Cengiz Toraman- Gaziantep University-Turkey Prof. Fatih Coşkun Ertaş - Gaziosmanpaşa University-Turkey Prof. Fatih Coşkun Ertaş- Gaziosmanpaşa University-Turkey Prof. Ganite Kurt - Gazi University-Turkey Prof. Giuseppe Galassı - Parma University-Italy Prof. Hema Rao, Suny Oswego University-USA Prof. İhsan Ersan-İstanbul University-Turkey Prof. Juan Lanero-Leon University-Spain Prof. Lale Karabıyık- Uludag University-Turkey Prof. Mehmet Bolak - Galatasaray University-Turkey Prof. Mehmet Özbirecikli- Mustafa Kemal University-Turkey Prof. Metin Kamil Ercan- Gazi University-Turkey Prof. Mevlüt Karakaya - Gazi University-Turkey Prof. Nalan Akdoğan- Başkent University-Turkey Prof. Nuran Cömert - Marmara University-Turkey Prof. Ömer Lalik- İstanbul Ticaret University-Turkey Prof. Özer Ertuna - Okan University-Turkey Prof. Recep Pekdemir-Istanbul University-Turkey Prof. Seval K. Selimoğlu- Anadolu University-Turkey Prof. Shawki Farag, The American University of Cairo, Egypt Prof. Shayem Sander, Yale University-USA Prof. Sudi Apak- Beykent University-Turkey Prof. SüleymanYükçü-Dokuz Eylül University-Turkey

10 Prof. Takemi Ono - Tokyo Keizai University- Japan Prof. Turhan Korkmaz- Mersin University-Turkey Prof. Ümit Gücenme Gençoğlu- Uludag University-Turkey Prof. Yoshiaki Jinnai - Tokyo Keizai University-Japan Prof. Yukinari Inoue - Keizai University- Japan Assoc. Prof. Aylin Poroy Arsoy Uludag University-Turkey Assoc. Prof. Batuhan Güvemli- Trakya University- Turkey Assoc. Prof. Dina Lvova-St. Petersburg University-Russia Assoc. Prof. Recep Karabulut- İnönü University-Turkey Assoc. Prof. Rezarta Shkurti Perri-Tirana University-Albenia

11 SYMPOSIUM ORGANIZATION COMMITTEES Prof. Cengiz Toraman-Gaziantep University- Turkey Prof. Fatih Coşkun Ertaş-Gaziosmanpaşa University- Turkey Prof. Kunio Ito-Hitotsubashi University- Japan Prof. Mehmet Özbirecikli-Mustafa Kemal University-Turkey Prof. Seval Kardeş Selimoğlu-Anadolu University- Turkey Prof. Takashi Oguri-Komazawa University-Japan Prof. Takemi Ono-Tokyo Keizai University- Japan Prof. Ümit Gücenme Gençoğlu-Uludag University- Turkey Prof. Yoshiaki Jinnai-Tokyo Keizai University- Japan Prof. Yoshihiro Tokuga-Kyoto University- Japan Prof. Yukihiro Yasuda-Tokyo Keizai University-Japan Prof. Yukinari Inoue-Tokyo Keizai University-Japan Assoc. Prof. Aylin Poroy Arsoy-Uludag University- Turkey Assoc. Prof. Batuhan Güvemli Trakya University- Turkey Assoc. Prof. RecepKarabulut-İnönü University- Turkey Assis. Prof. Yasemin Ertan-Uludag University-Turkey Lec.Dr. Takeo Itabashi-Tokyo Keizai University- Japan Res. Asst. Alp Aytaç-Uludag University- Turkey

12 September, 24 Wednesday REGISTRATION 9.3. OPENING SPEECHES..3 COFFEE BREAK.3 3. PANEL SYMPOSİUM PROGRAMME Moderator: Prof. Mehmet OZBIRECIKLI (Mustafa Kemal University-Turkey) Shinji SOMEHA Executive Board Member International of JICPA (The Japanese Institute of Certified Public Accountants) Ömer SAYILGANOĞLU Public Oversight Accounting and Auditing Standards Authority Muharrem KARATAS Technical Expert-TURMOB (The Union of the Chambers of CPAs and Sworn-in CPAs of Turkey) September, 24 Thursday 9.3. PARALLEL SESSIONS MUFAD HALL: AUDITING Chair: Prof. Yoshiaki JINNAI. PERMEATION OF PHILOSOPHICAL THOUGHTS INTO BASIC AUDITING CONCEPTS Akira NIN The University of Kitakyushu 2. A COMPARATIVE PERSPECTIVE ON INDEPENDENT AUDIT OF NON LISTED COMPANIES: THE CASES OF TURKEY, JAPAN AND ALBENIA Mehmet OZBIRECIKLI Mustafa Kemal University Yoshiaki JINNAI Tokyo Keizai University Nertila CIKA Tirana University 3. AUDITOR S OVERSIGHT: GLOBAL PERPECTIVES AND TURKEY EXPERIENCE Nail SANLI &Zafer SAYAR &Muharrem KARATAS TURMOB

13 KEIZAI HALL: PERFORMANCE REPORTING 3 rd International Symposium on Accounting and Finance Chair: Prof. Süleyman YÜKÇÜ. THE IMPORTANCE AND ROLE OF SUPREME AUDIT INSTITUTIONS IN PROMOTING ACCOUNTABILITY AND TRANSPERENCY OF PUBLIC ADMINISTRATION AND ACCOUNTING THE IMPLEMENTATION OF TURKISH SUPREME AUDIT INSTITUTION Nalan AKDOGAN Başkent University 2. EVALUATING THE FINANCIAL PERFORMANCES OF THE BANKS LISTES ON ISTANBUL STOCK EXCHANGE BANKS INDEX BY DATA DEVELOPMENT ANALYSIS Ahmet Selçuk DİZDARCI Sakarya University Ahmet GOKGOZ Yalova University TOKYO HALL: APPLICATIONS ON FINANCE Chair: Prof. Dr. Nuran CÖMERT. IMPORTANCE OF INTELLECTUAL CAPITAL OF ENTERPRISES FOR FINANCIAL PERFORMANCE: A RESEARCH STUDY ON THE ENTERPRISES IN CORUM Selçuk KENDİRLİ &HülyaC. KENDİRLİ Hitit University 2. THE RELATION BETWEEN EXPORT AND PROFITABILITY: AN ANALYSIS ON TOP EXPORTERS IN TURKEY Bayram TOPAL &Hakan TUNAHAN & Sinan ESEN Sakarya University..3 COFFEE BREAK.3 3. PARALLEL SESSIONS MUFAD HALL: STOCK MARKETS Chair: Prof. Dr. Nalan AKDOĞAN. THE CONTAGION EFFECTS IN THE JAPANESE STOCK MARKET OF THE GREAT EAST JAPAN EARTHQUAKE Yasushi Yoshida Tokyo Keizai University 2. RELATIONS BETWEEN ISTANBUL AND TOKYO STOCK EXCHANGES Fatih BAYRAMOGLU Bülent Ecevit University 3. THE MARCOECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT IN EMERGING MARKETS OF ASIA Deniz SUKRUOGLU Bülent Ecevit University KEIZAI HALL: CORPORATE GOVERNANCE AND FINANCE Chair: Prof. Dr. Ganite KURT. CORPORATE GOVERNANCE IN TURKEY: LEGAL ENVIRONMENT Seval KARDES SELİMOĞLU Anadolu University 2. THE ALTERATIONS PLANNED TO BE MADE IN THE CONCEPTUAL FRAMEWORK Yıldız ÖZERHAN &Burcu NAZLIOĞLU Gazi University

14 TOKYO HALL: FINANCE Chair: Dr. Takeo ITABASHI. HOW TO INNOVATE THE CURRENT ACCOUNTING SYSTEM IN VIETNAM? Phi Thi DİEM HONG Hanoi University of Agriculture 2. NONLINEARITY BEHAVIOUR OF EXCHANGE RATES IN TURKEY Recep KARABULUT & Ahmet UĞUR İnönü University 3. FIRM VALUATION USING MARKET MULTIPLIERS: EVIDENCE FROM APPAREL AND LEATHER INDUSTRY IN ISTANBUL STOCK EXCHANGE Cengiz TORAMAN & Mehmet KÖRPİ Gaziantep University September 2, 24 Friday 9.3. PARALLEL SESSIONS KEIZAI HALL:NEW INTERACTIONS IN GLOBALIZATION AND FINANCIAL REPORTING Chair: Prof. Dr. Fujio YAMAGUCHI. THE PROCESS OF FORMATION OF ACCOUNTING STANDARDS AND THE PRESENT SITUATION IN TURKEY Ümit GÜCENME GENÇOĞLU & Alp AYTAÇ Uludağ University 2. THE OPINION OF UNDERGRADUATE STUDENTS ON TECHNOLOGY USED IN ACCOUNTING CLASSES IN DIGITAL ERA Ümmühan ASLAN & Meral Erol FİDAN & Şerife SUBAŞI Bilecik Şeyh Edebali University 3. AN EMPIRICAL ANALYSIS ON ACCOUNTING CULTURE IN TURKEY Selahattin KARABINAR &Varol KIŞLALIOGLU Sakarya University TOKYO HALL: TAX, ACCOUNTING AND AUDIT Chair:Prof. Dr. Mehmet ÖZBİRECİKLİ. THE JAPANESE CONSUMPTION TAX REFORM AND THE ISSUE OF TAX CREDITS Takeo ITABASHI Tokyo Keizai University 2. A JAPANESE PERSPECTIVE ON THE RELATIONSHIP BETWEEN CAPITAL OWNERSHIP RELATIONS AND THE FUNCTION OF CORPORATE ACCOUNTING Yoshiaki JINNAI & Hideharu OKUDA Tokyo Keizai University 3. AN ALTERNATIVE VIEW FOR AUDITING: GERMAN POINT PROGRAM Cemal ELİTAŞ & Bilge Leyli ELİTAŞ Yalova University Mesut DOĞAN Afyon Kocatepe University..3 COFFEE BREAK.3 3. PARALLEL SESSIONS

15 MUFAD HALL: VALUATION / PRICING Chair: Prof. Dr. Yasushi YOSHIDA. THE COMPARATIVE PERFORMANCE ANALYSIS OF ISTANBUL STOCK EXCHANGE AND TOKYO STOCK EXCHANGE WITH EVA AND MVA Süleyman YÜKÇÜ Dokuz Eylül University Emre KAPLANOĞLU Ege University 2. BUSINESS VALUATION AND INTERNALLY GENERATED GOODWILL Fujio YAMAGUCHI Meiji University 3. THE EFFECT OF COST MANAGEMENT IN BUSINESS DECISION MAKING PROCESS: A RESEARCH IN THE TEXTILE SECTOR IN KAHRAMANMARAS Zeynep HATUNOĞLU Kahramanmaraş Sütçü İmam University Sevda DEMİR OKÜ Bahçe Vocational High School

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17 Overview 3 rd International Symposium on Accounting and Finance Established in 949, became special body cooperate under CPA Act in 966 JICPA s mission is defined in the Act and JICPA constitution To serve the public interest by strengthening the accountancy profession through maintaining the quality of services provided by members and upholding the professional ethics, values, and standards pursuant to the mission and professional responsibilities prescribed in Certified Public Accountants Act (CPA Act Article 43-2, JICPA Constitution Article 2) 3 Key Responsibilities Registration of CPAs Developing the code of ethics for accountancy profession and promoting compliance with the code Providing guidance on auditing, accounting and other related fields of professional accounting services Initiating research on the practices and the systems of accounting, auditing and other related fields of professional accounting services in Japan and overseas; Delivering training for pre-qualification courses and continuing professional development; Performing quality control reviews; and Conducting Investigation and disciplinary proceedings 4 2

18 Current Membership CPAs Member firms Associate Member Total 26, ,522 34, As of July 3, 24 female 3% CPAs by Gender CPAs by Age 6 5 male 87% ~3 ~35 ~4 ~45 ~5 ~55 ~6 ~65 ~7 ~75 ~8 8~ Age 5 CPAs by Region Hokkaido (32) Chugoku (39) N. Kyushu (65) Hyogo (628) Hokuriku (252) Tokai (,8) Kinki (3,93) Tohoku (342) Tokyo (6,482) Kanagawa (,234) Keiji (56) S. Kyushu (9) Okinawa (59) Shikoku (93) 6 3

19 New Leadership (23 July 26 July) MORI Kimitaka, Chairman and President IKEGAMI Gen, Deputy President SEKINE Aiko, Deputy President KAJIKAWA Toru, Deputy President SUZUKI Masaji, Deputy President YAMADA Haruhiko, Deputy President YANAGISAWA Giichi, Deputy President TAKAHAMA Shigeru, Deputy President UMINO Tadashi, Chief Executive 7 Reaching the Younger Generation 8 4

20 2. CPA Profession in Japan 9 Legal and Regulatory Framework The CPA Act FSA CPAAOB - Scope of services to be provided by CPAs - Requirements for CPA qualification - Roles and functions of JICPA - Roles of the FSA as the regulatory authority to oversee CPAs - FSA is given oversight responsibilities over the audit profession in Japan - CPAAOB monitors and oversees CPAs and the JICPA quality control reviews - CPAAOB conducts CPA examinations - JICPA is the statutory organization permitted under CPA Act - All CPAs must register with JICPA 5

21 Scope of CPA Services Auditing and other assurance services CPA Act Article 2- A certified public accountant shall make it his/her practice to audit or attest financial documents for fees at the request of others Exclusive Other Services CPA Act Article To compile financial documents, to examine or plan financial matters, to be consulted on financial matters for fees at the request of others, using the title of CPA Tax - Certified Public Tax Accountant (CPTA) Becoming a CPA FSA (CPAAOB) JFAEL JICPA Multiple Choice Test Essay Test Professional Accountancy Education (3 yrs) Final Assessment CPA Practical Experience (2 yrs) 2 6

22 Multiple Choice Essays. Financial accounting and reporting 2. Management accounting 3. Audit 4. Business law. Financial accounting and management accounting 2. Audit 3. Business law 4. Tax law 5. One of (a) business administration, (b) economics, (c) the Civil Code or (d) statistics. # of Applicants # of Successful applicants % 2 22,773, ,69, ,6, CPAAOB: 3 CPE Requirements - CPA Act Article 28 requires all CPAs to undergo CPE - CPAs are required to earn 2 credits in every three-year rolling period (minimum of 2 credits every year) and submit their CPE status every year to JICPA - Professional Ethics and Tax are mandatory for all CPAs and Audit Quality and Fraud Risk will be required for statutory auditors - A member who fails to satisfy CPE requirements is subject to disciplinary action by JICPA Respectable Personality Professional Knowledge Professional Ethics Professional Skills - Exemptions are permitted for certain members 4 7

23 3. Achieving High Quality Audits 5 Quality Control Review Procedure JICPA Quality Control (QC) FSA/ CPAAOB Monitoring Audit Firms (CPAs and firms) Audit Large companies etc. under CPA Act QC Review QC Committee JICPA Take Disciplinary measures QC higher-level Working Group QC Working Group Review Team Listed Company Audit Firm Registration FSA Report Recommend Order Disciplinary measures QC Oversight Board Inspection Recommend Disciplinary measures Inspection Report CPAAOB Inspection 6 8

24 Overview of Public Company Audit Firm Registration System JICPA Website Publish QC high-level Working Group QC Working Group Review Team Listed Company Audit Firm Registration Apply QC Committee Audit Firms (CPAs and firms) Report of Results Chairman and President Report of notification Notification of Results Evaluate and Recommend Appeal Appeal Examination Board For PCAFRS QC Oversight Board JICPA Evaluate and Recommend Audit Contract Listed Companies etc. 7 Restructuring of Quality Control Review System Redrafting of rules on QC review Nature of QC Review Restructuring quality control review system Guidance Guidance and Supervisory Scope of QC Review Large companies etc. under CPA Act Credit banks etc. All Audit Engagements under Article 2 () of CPA Act Large companies etc. under CPA Act Credit banks etc. Other measures New special QC reviews to be conducted on case-by-case basis Continuous evaluation and improvement of QC review system etc. 8 9

25 The Japanese Institute of Certified Public Accountants Tel: / Fax:

26 AGENDA Review Audit Structure of Turkey Before the Turkish Commercial Code no. 62 Current Audit Framework Oversight of Audits POA s Role in Audit Framework Information About POA s Activities 2

27 REVIEW AUDIT STRUCTURE OF TURKEY 3 Structure Before New TCC-I What was the scope for Independent Audit? Those companies subject to regulations of supreme authorities as Capital Markets Board Banking Regulation and Supervision Agency Undersecretariat of Treasury Energy Market Regulatory Authority Others? Auditors designated by Plenary Committee but maybe among company partners No authorization by any authority& No specification No need to be independent 4 2

28 Structure Before New TCC-II Fragmented Regulations from Multiple Authorities Capital Markets Board Banking Regulation and Supervision Agency Undersecretariat of Treasury Energy Market Regulatory Authority There was a fragmented approach regarding auditing in Turkey, over which a number of regulatory institutions have authority in respect of particular types of entities. Lack of Efficient Oversight in the Audit Sector 5 Changes with TCC no. 62 With TCC s regulations regarding audit come into force as of..23, the whole audit process has been transformed. Radical changes have been made regarding Audit Scope Framework of audit Auditors Qualifications 6 3

29 What is the scope? Current Audit Scope According to the Turkish Commercial Code, entities that will be subject to statutory audit are determined by Council of Ministers. For the time being; Public interest entities, Entities that have at least two exceeding values for determined limits in the Cabinet Decree for criterias as balance sheet total, net annual turnover and the number of employees, 7 In 23: Current Audit Scope II Entities providing at least two of the following criteria at the two consecutive financial reporting periods are accordance with the Cabinet Decree in 23: subject to audit in balance sheet total 5 million TL ( 7 m $), annual net turnover 2 million TL ( 9 m $), and employee headcount 5. In 24: For 24 limits for criteria have been decreased and number of the entities that are subject to audit have been increased. Entities providing at least two of the following criteria at the two consecutive financial reporting periods are accordance with the Cabinet Decree in 24: subject to audit in balance sheet total 75million TL ( 35 m $), annual net turnover 5 million TL ( 7 m $), and employee headcount

30 Current Audit Scope III Also, regardless of those criteria, companies operating in the specified sectors such as; Companies that broadcast nationwide and provide media service, Intermediary companies of precious metals which are allowed to operate as a member of the Istanbul Gold Exchange and, Agricultural products warehouse companies that are established as joint-stock companies are subject to audit in accordance with the Cabinet Decree. 9 Statutory Audit Framework of Turkey I The Objective Auditors are supposed to state their opinion on financial statements of the entity audited with regard to their compliance with financial reporting standards and accuracy of them. The Criteria Turkish Accounting Standards Methods Application of techniques specified in Turkish Standards on Auditing (TSA) 5

31 Statutory Audit Framework of Turkey II The framework to define the working conditions of auditors is By-law on Statutory Audit Published on 26 December 22, Has been prepared on the basis of Directive 26/43/ EC, The purpose of this By-law is to regulate procedures and principles of statutory audit. With this By-law issues about; qualifications of statutory auditors, licensing of statutory auditors and audit firms, establishment requirements of audit firms, education and examination of statutory auditors, and general principles of ethical rules, continuing education and registration of statutory auditors and audit firms, have been regulated. Qualifications of Auditors Qualifications of Auditors Auditors must be approved and registered by POA. To be an auditor one must maintain: Undergraduate degree (at least 4 years undergraduate education), Must be a CPA or Sworn-in CPA, At least 3 years practical professional training, Auditor Licensing Examination (Candidates who will conduct audit in the fields of capital market, banking, insurance, and individual retirement are also subject to an exam which consists of the subjects about regulations of capital markets, banking, insurance and private pension.) 2 6

32 Designation of Auditor Auditor of an entity could only be designated by plenary committee among those approved by POA. The designation power of plenary committee is unassignable; auditor designated by any other body is not accepted as statutory auditor before the law. Audit of public interest entities could only be carried out by audit firms. 3 OVERSIGHT OF AUDIT 4 7

33 Establishment of POA Established by the Statutory Decree No. 66, published in Official Gazette on November 2, 2, in order to: Eliminate the fragmented approach in the field of accounting and audit, Ensure more effective accounting, audit and public oversight system, and Fulfill the commitment given to EU to establish an organization as the sole supreme authority in determining auditing standards and ethics, authorizing independent auditors and audit companies under a public oversight system and monitoring their activities within the frame of quality assurance. 5 Structure of POA I POA is the ultimate authority in: setting accounting and auditing standards, setting ethical and continuing education rules, approving statutory auditors and audit firms under a public oversight system, registering statutory auditors and audit firms, conducting disciplinary and investigative procedures, monitoring the auditors and audit firms activities within the frame of quality assurance. 6 8

34 Structure of POA II Government body with administrative autonomy. POA is composed of a Board and Chairmanship. Board members are appointed by Council of Ministers among the candidates proposed by: Ministry of Finance (two members), Ministry of Customs and Trade (two members), Undersecretariat of Treasury, Capital Markets Board, Banking Regulation and Supervision Agency, The Union of Chambers and Commodity Exchanges of Turkey, The Union of Certified Public Accountants and Sworn-in Certified Public Accountants of Turkey. 7 Organisation Chart CHAIRMAN BOARD Legal Consultancy Press and Public Relations Advisor Executive Vice Chairmen (3) Department of Standards I Department of Standards II Department of Training and Registration Department of Oversight and Supervision I Department of Oversight and Supervision II Department of Oversight and Supervision III Department of Strategy Development Department of Human Resource and Support Services Department of Information Systems Management 8 9

35 Budget of POA Financial resources of POA are composed of: treasury grants, copyrights of the accounting and auditing standards, fees for services provided by POA such as registration fees and licences fees, and other incomes. 9 Pros for Functioning A modern framework for audit activities in line with the international standards and EU regulations Independent of regulated statutory auditors and audit firms Independent funding and free from any possible undue influence by statutory auditors or audit firms Have adequate resources (eg. technical and human recources) 57 Professional Staff working directly on oversight, inspections and standard setting 2 2

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