Akademik Veri Yönetim Sistemi
Accounting, Finance, Sustainability, Governance and Fraud, Springer Nature, ss.37-68, 2026
This study examines the audit procedures disclosed under Key Audit Matters (KAMs)Key Audit Matters (KAMs) in the independent auditor reports of manufacturing companies listed on Borsa Istanbul (BIST). The primary aim is to identify and classify the audit procedures applied to the five most frequently reported KAMs: Revenue, Trade Receivables, Inventories, Property, Plant and Equipment (PPE), and Investment Properties. The sample consists of 169 companies and covers audit reports for the fiscal years 2018 and 2019. The originality of the study lies in its dual-method approach. Unlike many prior studies that focus merely on the quantity or presence of KAMs, this research conducts a two-tier analysis: (1) a qualitative content analysis of the audit procedures disclosed in each KAM, and (2) a systematic classification of these procedures based on ISA 500 audit procedure types (e.g., inspection, inquiry, external confirmation, recalculation). This framework allows for the evaluation of how auditors apply risk-basedRisk-Based Auditing thinking in practice and whether their disclosures reflect firm-specific responses and professional judgmentProfessional Judgment. Property, Plant and Equipment (PPE) emerged as one of the most technically complex KAMs, with frequent use of recalculation, impairment analysis, and reliance on expert valuations. It also ranked second in terms of procedural diversity—reporting 24 distinct audit procedures—following inventories. This indicates that PPE auditing requires more sophisticated techniques and reflects higher levels of auditor involvement. The findings reveal a high level of standardization and repetition in the way audit procedures are presented, regardless of company, sector, or fiscal year. While some disclosures are specific and clear, others are vague or formulaic, diminishing the communicative valueCommunicative Value of KAMsKey Audit Matters (KAMs) and falling short of ISA 701’s transparency goals. Overall, the study offers a novel lens for evaluating audit reporting qualityAudit Reporting Quality and provides practical insights into enhancing transparencyTransparency And Accountability and auditor accountability in emerging capital markets.