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Agenda, Forming of audit opinions, SIGMA, Ankara, 26 October 2016

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Agenda of the workshop on the forming of audit opinions, co-organised by SIGMA and the Turkish Court of Accounts, which took place in Ankara on 26-27 October 2016

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Agenda, Forming of audit opinions, SIGMA, Ankara, 26 October 2016

  1. 1. 2 Rue André Pascal 75775 Paris Cedex 16 France mailto:sigmaweb@oecd.org Tel: +33 (0) 1 45 24 82 00 Fax: +33 (0) 1 45 24 13 05 www.sigmaweb.org This document has been produced with the financial assistance of the European Union. It should not be reported as representing the official views of the EU, the OECD or its member countries, or of beneficiaries participating in the SIGMA Programme. The opinions expressed and arguments employed are those of the authors. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Turkish Court of Accounts Workshop on the forming of Audit Opinions AGENDA Ankara 26 - 27 October 2016
  2. 2. 2 Background The Turkish Court of Accounts (TCA) has been undergoing significant change in its way of working in recent years. The new audit Law came into force on 19 December 2010, and the TCA has subsequently been transitioning to an audit system performing audits in accordance with international auditing standards. As a result the TCA began undertaking financial statements audits and issuing opinions in 2011. They currently provide over 600 opinions annually on the financial statements of organisations they audit. In forming and presenting opinions as a result of their audits of financial statements the TCA audit staff undertake the financial statements audits, reach a conclusion and present the findings and conclusions of the audit. The relevant Chambers of the Court, whilst not involved in or specifically responsible for the opinions, consider the findings and opinions recommended by the audit staff and provide recommendations for consideration by the Report Evaluation Board (a Committee of Court members) who provide the final recommendation on the opinion and report to be presented to the presidency of the TCA. Resulting from this it has been identified that the decisions on the opinions made by the court are sometimes differing from those presented to them by the audit staff. The quality control regime that has been implemented to examine the conclusions and opinions resulting from the financial statements audits currently requires all audit opinions to be reviewed by committees at both staff and Court level, creating capacity issues particularly for the Court’s report evaluation board. All opinions are reviewed with no consideration of the risks related to the audits. Objectives The TCA are looking to hear and learn from experts of EU member state SAIs about the processes they use for reaching opinions on their audits of financial statements, in order to meet the requirements as defined in the ISSAIs, including meeting the quality assurance and control requirements, so that they can further enhance and develop their practices and the technical capacities. The workshop will provide examples of: • the approach used in the forming of the audit opinions, • the evaluation of the qualitative and quantitative effects of audit findings in the context of materiality and risk, • the determination of the audit opinion in accordance with the collected audit evidence and audit results achieved, • the impact of compliance audit findings and fraud on the audit opinion, • quality control processes to ensure the issuance of appropriate audit opinion’s including consideration of high risk audits and audit modifications.
  3. 3. 3 Wednesday 26 October 2016 09.30 Opening of the Workshop, welcome Mr. Seyit Ahmet BAŞ, President, Turkish Court of Accounts Mr. Alastair Swarbrick, Senior Advisor, Sigma 10.00 Keynote presentation on the TCA’s current audit practices by Fikret ÇÖKER, Vice-President , Turkish Court of Accounts This presentation will include TCA’s experience of implementing the audit of financial statements and forming an opinion on the financial statements, including quality control to ensure the safety of the opinion. It will highlight the key issues and challenges for the TCA in forming opinions and the related quality control arrangements. 10.45 Coffee / tea break 11.15 The requirements of the key ISSAIs relevant to reaching and forming an opinion on the financial statements, including the quality control requirements by Mr Wieslaw Kurzyca, SIGMA expert, Supreme Audit Office, Poland and Mr Nigel Penny, SIGMA expert, former National Audit Office and International Manager, United Kingdom Introduction and short presentation of the key ISSAIs of specific relevance to forming an opinion on financial statements. Questions & Answers 12.45 Lunch 14.00 Forming Audit opinions on financial statements, and the quality control arrangements in France by Mr Jean-Michel Champomier, SIGMA expert, Court of Accounts, France Introduction and presentation on forming audit opinions in the context of the audit of financial statements in France. The presentation will describe the process for reaching opinions on the audits of financial statements. It will cover the evaluation of audit findings in relation to materiality and risk, determination of the audit opinion in accordance with the collected audit evidence and the quality control arrangements to ensure the issuance of appropriate audit opinion. Questions & Answers
  4. 4. 4 15.30 Coffee / tea break 16.00 Forming Audit opinions on financial statements, and the quality control arrangements in Poland by Mr Wieslaw Kurzyca, SIGMA expert, Supreme Audit Office, Poland Introduction and presentation on forming audit opinions in the context of the audit of financial statements in Poland. The presentation will describe the process for reaching opinions on the audits of financial statement. It will cover the evaluation of audit findings in relation to materiality and risk, determination of the audit opinion in accordance with the collected audit evidence and the quality control arrangements to ensure the issuance of appropriate audit opinion. Questions & Answers 16.45 Conclusion and End of Day 1
  5. 5. 5 Thursday 27 October 2016 9.30 Opening of Day 2 by Mr. Azmi ES , Turkish Court of Accounts by Mr. Alastair Swarbrick, Senior Advisor, Sigma 9.35 Forming Audit opinions on financial statements, and the quality control arrangements in Poland by Mr Wieslaw Kurzyca, SIGMA expert, Supreme Audit Office, Poland The presentation is a continuation of the above presentation. The presenter will make a break where he finds it best between the two presentations. Questions & Answers 10.20 Forming Audit opinions on financial statements, and the quality control arrangements in the United Kingdom by Mr Nigel Penny, SIGMA expert, former National Audit Office and International Manager, United Kingdom Introduction and presentation on forming audit opinions in the context of the audit of financial statements in United Kingdom. The presentation will describe the process for reaching opinions on the audits of financial statements. It will cover the evaluation of audit findings in relation to materiality and risk, determination of the audit opinion in accordance with the collected audit evidence and the quality control arrangements to ensure the issuance of appropriate audit opinion. Questions & Answers 11.05 Coffee / tea break 11.35 Forming Audit opinions on financial statements, and the quality control arrangements in the United Kingdom by Mr Nigel Penny, SIGMA expert, former National Audit Office and International Manager, United kingdom. The presentation is a continuation of the above presentation. The presenter will make a break where he finds it best between the two presentations. Questions & Answers 12.20 Plenary Session Introduction of the study questions that will be considered and the assignment of discussion groups.
  6. 6. 6 12.30 Lunch 13.30 Break-out session in groups Each group to focus the discussion on the study questions and to form conclusions for feedback to the plenary. 15.00 Plenary session Each group to present its conclusions 15.45 Coffee / tea break 16.15 Panel debate Co-chaired by , Turkish Court of Accounts and by Mr Alastair Swarbrick, Senior Advisor, Sigma All SIGMA presenters attending 16.45 Conclusions and next steps by Mr. Azmi ES, Turkish Court of Accounts 17.00 Closing of the workshop by Mr. Azmi ES, Turkish Court of Accounts by Mr Alastair Swarbrick, Senior Advisor, Sigma

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