Gayrimenkul yatırım ortaklıkları'ında COSO yaklaşımı çerçevesinde iç kontrol yapısının değerlendirilmesi

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Thesis Type: Doctorate

Institution Of The Thesis: İstanbul Ticaret University, Sosyal Bilimler Enstitüsü, MUHASEBE ANABİLİM DALI, Turkey

Approval Date: 2024

Thesis Language: Turkish

Student: AHMET İLTER ŞAHBAZ

Supervisor: Gencay Karakaya

Open Archive Collection: AVESIS Open Access Collection

Abstract:

Real Estate Investment Trusts (REITs) are institutions that operate within the framework of regulations and principles established by the Capital Markets Board of Turkey. They have the capability to invest in real estate, capital market instruments based on real estate, real estate projects, rights associated with real estate, and other capital market instruments, all while managing portfolios that encompass these assets. The principal objectives of REITs revolve around investing in high-yield real estate projects and properties to accrue rental income and trading gains over a predetermined period. Given their accountability to the Capital Markets Board and the mandate to offer a minimum of 25% of their issued capital to the public, REITs have the potential to attract investments from both individual and institutional investors. Individuals who engage in real estate investments inherently assume the associated risks and are compelled to manage these risks proactively. For REITs structured as corporations, diversifying their portfolios by making judicious investments in varied real estate properties and effectively managing associated risks can motivate individual investors to invest in these partnerships. With assets amounting to 313.853.126.107,00 TL and boasting a total of 1.375.238 investors—comprising both domestic and foreign entities—REITs shoulder significant responsibilities. These responsibilities extend to investors, suppliers, customers, financial institutions, governmental bodies, management teams, and employees. Consequently, it has become imperative for REITs to execute transactions in compliance with existing laws and regulations, maintain precise and dependable financial records, sustain efficient and productive operations, and emphasize pivotal functions such as risk management. This research endeavors to scrutinize the obligations of these substantial real estate sector entities within the realms of accounting and auditing. Aligned with these objectives, REITs need to institute robust risk management frameworks to realize their goals effectively. The Internal Control Structure, akin to any organizational setup, furnishes REITs with systematic, academic, and analytical strategies to navigate the intricate landscape of risk management. Within this study's purview, the Internal Control is assessed through the COSO framework, accentuating risk management and internal audit as indispensable facets of internal control mechanisms. The research sample encompasses professionals who have been actively involved in formulating and overseeing risk management, internal audit, and internal control frameworks across 38 extant REITs. This group includes department heads, vice presidents, managers, deputy managers, and auditors. The sample in question consists of 20 people and these 20 people represent 19 REIT's. For the study's pragmatic segment, the Analytic Hierarchy Process (AHP)—a methodology gaining traction in social sciences—is adopted. This methodology is selected to juxtapose corporate risk management, an analytical and methodical endeavor, with the Analytic Hierarchy Process, a model characterized by its academic, analytical, and systematic attributes. The study is poised to enrich subsequent applications of the Analytic Hierarchy Process.