In January 2013, the Council of Ministers had issued a Decree on
Determination of Equity Companies Subject to Independent Audit
Following the publication of the Decree, approximately 2,500
large scale companies were subjected to independent audit whereas
most of the Turkish equity companies fell outside of the scope of
This led to arguments in terms of corporate governance
principles, transparent management and accounting, rights of the
minority shareholders among others.
The Minister of Customs and Commerce had announced that the
scope of equity companies subject to independent audit will be
Following the announcement of the Minister, Ministry of Customs
and Commerce has issued an Amendment numbered 2014/5973 which was
published in the Official Gazette numbered 28941 and dated March
14, 2014 ("Amendment").
The Amendment provides that, equity companies which fulfill at
least two out of the three criteria listed below during the
financial years of 2012 and 2013 shall be subject to independent
audit starting from January 01, 2014:
net assets of the eligible equity company must be equal to or
above 75 million Turkish Liras (previously, this amount was 150
million Turkish Liras);
net sales revenue of the eligible equity company must be equal
to or above 150 million Turkish Liras (previously, this amount was
200 million Turkish Liras); or
the number of employees of the eligible equity company must be
equal to or above 250 (previously, this number was 500)
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