The Council of Ministers' Decree on Determination of the
Companies subject to Independent Audit (the
"Decree") has been amended on 14 March
2014, being effective as of 1 January 2014 and the scope of the
independent audit requirement has been widened.
The Decree now stipulates that the companies, standing alone or
together with their subsidiaries, satisfying at least two of the
below three criteria in two consecutive fiscal years are subject to
independent audit as of the following fiscal year. The newly
introduced criteria are as follows:
The total of the assets of the company is equal to or above TL
75,000,000 (approximately USD 35,000,000) (formerly TL
Annual net sales revenue of the company is equal to or above TL
150,000,000 (approximately USD 70,000,000) (formerly TL
Number of the employees of the company is equal to or above two
hundred and fifty (formerly five hundred).
Notwithstanding the foregoing, certain companies specified in
the Decree are still subject to independent audit, regardless of
the above mentioned criteria. These include, inter alia,
(i) the companies subject to regulation and supervision of the
Capital Markets Board; (ii) the companies subject to regulation and
supervision of the Banking Regulation and Supervision Agency; and
(iii) the media service providers owning national terrestrial,
satellite and cable television.
Consequently, since the thresholds regulating the independent
audit requirement are significantly lowered, it is expected that a
greater number of Turkish companies will, now, be subject to such
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