The decision of the Council of Ministers regarding the companies
subject to independent auditing has been amended.
Pursuant to such amendment, the companies which shall be subject
to independent auditing shall be as follows:
Companies which on their own or together with their affiliated
companies and subsidiaries, meet at least two of the following
three conditions shall be subject to independent auditing as per
the provisions of the Turkish Commercial Code numbered 6102 and the
Statutory Decree on the Organization and Duties of the Public
Oversight, Accounting and Auditing Standards Authority numbered
companies with total assets equivalent to or above 75 million
companies with annual net sales revenues equivalent to or above
150 million TRY;
companies with 250 or more employees.
In the event that companies exceed the limits of at least two
conditions out of the above three conditions in two successive
accounting periods, they shall be subject to independent auditing
in the subsequent accounting period.
In the determination of whether at least two out of three
conditions are exceeded, the financial statements of the preceding
years (last two years) as prepared in accordance with the current
legislation shall be taken into account in terms of the total
assets and annual net sales revenue of the company and the average
number of employees for the preceding years (last two years) shall
be taken into account in terms of the number of personnel.
The aforementioned amendment entered into force on its
publication date (14.03.2014) to be effective as of 01.01.2014.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Illustrative corporate consolidated financial statements 2012 provides a realistic set of financial statements for a corporate entity, based on the requirements of IFRS standards and interpretations for financial years beginning on or after 1 January 2012.
A recent case has considered the standard of care owed by auditors.
Some comments from our readers The articles are extremely timely and highly applicable I often find critical information not available elsewhere As in-house counsel, Mondaqs service is of great value
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think youve read our Disclaimer).