With the rapid developments and changes in technology and world economy and as a reflection of the globalization, business activities and its financial transactions have become more complex and widespread than before. Due to these developments global financial and political crises are being experienced, and as a result of these crises new international and local organizations, establishments and regulations are come up. The turbulent events of the recent global financial crisis have highlighted the critical importance of credible, high-quality financial reporting and the relevance of quality audits to support this. In this regard, the aim of this study is to explain the current status of financial reporting implementations and audit of the companies in Turkey in the light of the recent updates on IFRSs, the requirements of new EU accounting directive and, the amendments in the decision about scope of application of Turkish Accounting Standards issued by Public Oversight Authority and the revised EU Audit Directive and, the new EU Regulation containing additional requirements that relate specifically to statutory audits of Public Interest Entities as well as the last amendment in Council of Ministers Decision for entities which are subject to statutory audit and changes in Independent Audit Regulation which is the referenced legal arrangement in audit practices in our country