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What Are The Changes Introduced by the Decision Regarding The Determination Of The Companies Subject To Independent Audit? 05 December 2022

As it is known, the independent audit, which is important in terms of informing both the public and the shareholders about the financial status of the company, is obligatory for companies to be determined by the President in accordance with the Turkish Commercial Code (TCC) No. 6102.

In this context, although it was determined which companies would be subject to independent auditing with the Cabinet Decision published in the Official Gazette dated 23/01/2013 for the first time, these standards were changed in the following years by the Cabinet Decisions published in the Official Gazette
 

Similarly, today's economic conditions have led to the need to re-determine the scope of independent auditing, and in this context, the Decision on the Determination of Companies Subject to Independent Audit numbered 6434 (hereinafter referred to as "Decision") was published in the Official Gazette dated 30/11/2022 and numbered 32029.
 

The decision will enter into force on 1/1/2023 and the changes it regulates are as follows;
 

Regulation on Companies Subject to Independent Audit in accordance with Article 3;
 

In accordance with Article 3, companies subject to independent audit have been regulated, and the following changes have been made in other companies that exceed the threshold values of at least two of the three criteria specified in subparagraph b for two consecutive accounting periods;
 

1) Threshold values for publicly traded companies whose capital market instruments are not traded in a stock exchange or other organized markets, but within the scope of the Capital Markets Law No. 6362 of 6/12/20212,
 
  • It was increased from 15 million Turkish Liras to 30 million Turkish liras in terms of total assets,
  • It was increased from 20 million Turkish lira to 40 million Turkish lira in terms of annual net sales revenue and,
  • The number of employees remained unchanged at 50.
     

2) Threshold values for companies specified in the attached list (II);
 
  • It was increased from 30 million Turkish Liras to 60 million Turkish Liras in terms of total assets,
  • It was increased from 40 million Turkish Liras to 80 million Turkish Liras in terms of annual net sales revenue and,
  • The criterion for the number of employees was reduced from 125 to 100.
     

3) Thresholds for companies not covered by the above;
  • Were increased from 35 million Turkish Liras to 75 million Turkish Liras in terms of total assets,
  • Were increased from 70 million Turkish Liras to 150 million Turkish Liras In terms of annual net sales revenue and,
  • The criterion for the number of employees was reduced from 175 to 150 people.
     

Regulation on Companies Excluded from the Scope of the Decision Pursuant to Article 4;
 

In addition, unlike the decision numbered 2018/11597; The savings finance companies, whose liquidation was decided by the Banking Regulation and Supervision Agency within the scope of the fourth paragraph of the temporary Article 7 of the Law No. 6361 dated 21/11/2012, and whose liquidation process was appointed by the Savings Deposit Insurance Fund (SDIF) and carried out by the liquidation commissions, were excluded from independent auditing.

Regulation Regarding the Attached List (I) of the Decision Regarding the Determination of the Companies Subject to Independent Audit;
 

In accordance with the Banking Law dated 19/10/2005 and numbered 5411, companies subject to the regulation and supervision of the Banking Regulation and Supervision Agency are included as "Saving Financing Company" by adding subparagraph (ğ).
 

The full text of the Decision can be found in here.
 

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