We must congratulate our Turkey member firm, IŞIK Yeminli Mali Müşavirlik ve Bagimsiz Denetim A.Ş, who have recently been accredited by 2 international bodies.
In July, they were approved by the PCAOB (Public Company Accounting Oversight Board).
Additionally, our member has been accepted onto a list of only 6 qualified audit firms by the World Bank in Azerbaijan. IŞIK are now in amongst an exclusive group of big players, with the other five being Ernst & Young, Deloitte & Touche, Pricewaterhouse Coopers, Moore Stephens and Baker Tilly.
This acceptance was achieved as a result of a review of nearly 30 audit firms located in Azerbaijan. The review was to assess the acceptability of the firms for the audit of projects financed by the World Bank. A team of officials from the World Bank visited the office and reviewed audit files, working papers, audit guidelines, audit checklists, as well as the office environment. The review process was concluded by an interview with the partners from the Istanbul and Baku offices.
As part of the acceptance, the World Bank has requested a formal guarantee from the Istanbul office that they will be involved in all processes of the audits.
This is great news for IŞIK who, as one of the six qualified firms, will now have greater market potential, not only due to being able to bid for the World Bank tenders, but also in respect of what this brings to their reputation in the minds of top management at big companies.