Turkey Enacted New Standards On Review Engagements And Assurance Engagements

Turkey's Public Oversight Accounting and Auditing Standards Authority has enacted "ISRE 2400 Engagements to Review Historical Financial Statements" and "ISAE 3000 (revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information" and "ISAE 3402 (revised) Assurance Reports on Controls at a Service Organization" of the International Auditing and Assurance Standards Board.

The standards regulate mainly the following issues:

• The responsibilities of the auditors that are engaged to perform a review of historical financial statements (while they are not the auditors of the entity's financial statements) are determined, as well as the form and content of the auditor report on the financial statements.