Public interest oversight on professional accountancy: How do accountants perceive it in Turkey?
Vol. 19, No. 2/2020 , p333..350
Author(s):
Recep Pekdemir
Nimet Duygu Zigindere
Ayca Zeynep Suer
Keywords:
public oversight, accounting profession, audit, regulations, perceptions
Abstract:
Research Question: The study investigates consequences of the public oversight establishment on accounting profession and also attempts to understand the thoughts and perceptions of the licensed/certified professional accountants on the public oversight activities in Turkey as an emerging country. Motivation: Public oversight activities have been evolved since it has existed less than two decades. After the Sarbanes & Oxley Act, first initiative was appeared in the United States as the PCAOB Public Company Accounting Oversight Board, then many countries have followed. Public interest oversight institutions play a crucial role as a leader of integrity in ensuring high quality auditing within accurate and informative framework. Idea: This study can be model or benchmark for the studies that can be realized in the other developing countries that might be trying to develop and improve accounting and auditing profession. The study shows the public oversight on accountancy has been a need for a better financial reporting for an effective and efficient financial market. Data: In the survey, members of licensed professional accountants, members of licensed prospective future professional accountants, and licensed auditors were included. Tools: Using a questionnaire, a survey was conducted as a methodological approach to determine the thoughts, perceptions, and expectations of respondents. Findings: The study concludes that professional accountants are aware of public oversight regulations and activities in Turkey. They are mainly thinking that public oversight activities will be impacting positively to the Turkish public accounting profession. Also, professional accountants mainly perceive that public oversight activities will be contributing efficient and effective financial reporting for financial and money markets in the country. Particularly financial statement audit environment has been changed and up scaled due to inspection activities of the public oversight organization on the auditors and audit firms. The results of the study might be interesting for the stakeholders of the public oversight activities on accounting profession.
Download:
http://online-cig.ase.ro/jcig/art/19_2_6.pdf
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