Author(s): Zekeriya DEM?R

Between the years of 1994-2003 in Turkey, 25 banks have become bankrupt and the cost to the public of these banks was approximately 41 billion US dollars. It is inevitable to question the role of accounting in terms of reporting and the role of audit in identifying the risks that cause this situation before these banks become bankrupt. The aim of this study is to reveal the legislation, accounting frauds and audit deficiencies in the process of bank failures. In the study, it has been observed that the deficiencies stemming from the legislation regulating the banking sector provide an important opportunity for fraud in the exploitation of bank resources and accounting tricks are used as a tool to hide these deficiencies. It has been observed that all transactions violating this legislation and accounting principles were detected in the audits (excluding ?mar Bankas?) both by the Bank's Sworn Auditors and by bank inspectors. However, it does not seem possible to claim the same opinion for independent audit with the information and findings available. With the release of independent audit reports for this period, a study on the effect of independent audit in the process of bankrupt banks may have a significant contribution to both the literature and the elimination of doubts about the independent audit regarding this period. As a result, despite the determinations made by the sworn bank auditors and bank inspectors and the requests for the measures to be taken, it was concluded that the political authority was late in taking the necessary measures because of political and economic reasons.


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