Öz
The developments in information and communication technologies,
globalization and the increasing number of more complicated operations cause
important changes in the financial firms, and these changes make the management
to make ongoing monitoring on these operations. This obligation leads to the firms
to implement an effective internal control systems. Internal control system is a
process effected by all personnel, designed to provide reasonable assurance
regarding the achievement of objectives in the following categories: “effectiveness
and efficiency of operations”, “reliability of financial reports” and “compliance
with applicable laws and regulations”.
The brokerage houses, which are important organizations of capital markets,
must have an effective internal control system in order to provide the secure,
transparent and stable functioning of the capital markets. Otherwise, the failure of
these institutions not only damages themselves, but also effects whole capital
markets and consequently leads to a crisis in the finacial system.
The subject of this study is the analysis of the internal control system in the
brokerage houses and the evaluation of current related regulation. Both
implementing an effective internal control system which is compliant with
international standards and realizing audits will provide the brokerage houses to
have more stable and reliable structure, which has very important role in secure and
transparent functioning of the capital market. There are various regulations
prepared by Capital Markets Board of Turkey in order to implement internal control
systems in these instituions, but the communique on “The Principles Regarding The
Internal Auditing Systems of Brokerage Houses” published in 2003 and updated in
years 2007 and 2008 is the one which directly regulates these systems.
The purpose of this communiqué is presented as regulating the fundamental
principles and procedures to be adopted by brokerage houses in the establishment of
their internal auditing systems which would help them monitor and control all the
risks that they are exposed to. The communique defines the internal audit system as
the integrated process of both the internal control system and the inspection system
and adds that the internal audit unit consists of internal control personnel and
inspectors. These definitions and articles do not comply with the international
internal control frameworks. This different approach could be seen in all
subsections of communique and causes uncertainties.
With this work, many evaluations are presented to the different parts of
communiqué such as audit commitee, purpose and scope, legal basis, definitions,
policies and procedures, principles related to the inspection department, control
environment, the independence of internal audit. In this work, the data presented by
“The Association of Capital Market Intermediary Institutions of Turkey” is analysed
through the structrure of board members, the number of internal auditor and
information systems specialists according to the independent and bank intermediary
instituions. With these analyses, it is concluded that there are important relations
among the board members and general manager, the number of internal auditors is
very low, information systems contols are rarely implemented. Moreover; no
personnel works in the information systems departments at one of third of brokerage
houses. This shows that the information systems audit is so costly for these
institutions, instead of this maybe a risk analysis or penatration test of critical
applications will be more suitable.
Therefore; the definitions of “internal control” and “internal audit” affecting
the whole comminuque should be reviewed again firstly. Then, the internal control
system shoud perceived as a system covers all the organizaiton units and has
different sub systems. Moreover, the internal audit system has to be handle in the
“Monitoring”, the fifth component of an effective internal control system. Finally,
while updating the articles in the communique and implementing an effective
internal control system, the The Committee of Sponsoring Organizations of the
Treadway Commission (COSO Report) and the Institute of Internal Auditor (IIA)'s
standards should be used.
Anahtar Kelimeler
Öz
Bilgi ve iletişim teknolojilerindeki gelişmeler, küreselleşme ve karmaşık işlemlerin sayısını artması finansal kuruluşlarda önemli değişikliklere yol açmış, bu durum yönetimlerin işlemleri sürekli gözetlemesi ve kontroller uygulamasını gerektirmiştir. Bu gereklilik finans kuruluşlarının etkin bir iç kontrol sistemi kurmalarına yol açmıştır. Sermaye piyasasının sağlıklı işlemesi için oldukça önemli bir role sahip olan aracı kurumlar da bu kuruluşların arasında yer almaktadırlar. Sermaye piyasası mevzuatında başta “Aracı Kurumlarda Uygulanacak İç Denetim Sistemine İlişkin Esaslar Hakkında Tebliğ” olmak üzere aracı kurumların iç kontrol sistemi ile ilgili birçok düzenleme bulunmaktadır. Bu çalışmada aracı kurumların iç kontrol sistemi ile ilgili mevcut düzenlemeler, uluslararası standartlar ve aracı kurumlara ilişkin ımlanan veriler dikkate alınarak incelenmiştir. İnceleme sonucunda mevcut düzenlemelerin uluslararası standartlar ile tam uyumlu olmadığı, daha en başta iç kontrol ve iç denetim tanımları ile bu uyumsuzluğun başladığı, bu durumun diğer hükümlerde de belirsizlikler yarattığı görülmüştür. Bu kapsamda başta “The Committee of Sponsoring Organizations (COSO) Raporu ” olmak üzere uluslararası iç kontrol sistemi standartları ve uygulamaları dikkate alınarak aracı kurumların iç kontrol sistemi düzenlemelerinin iyileştirilmesine yönelik önerilerde bulunulmuştur.
Anahtar Kelimeler
Ayrıntılar
| Diğer ID | JA63ZJ74HK |
|---|---|
| Bölüm | Makaleler |
| Yazarlar | |
| Yayımlanma Tarihi | 1 Aralık 2010 |
| Yayımlandığı Sayı | Yıl 2010 Cilt: 12 Sayı: 2 |