Financial Audit


According to Turkey Commercial Code, the corporations satisfy the following conditions are necessary to receive the external audit.


・  Total assets: more than 1,500,000 L

・  Sales: more than 2,000,000 L

・  Employees: 500


The corporations of energy, electric, oil, insurance, CME, BRSA and other special industries also need receive external audit.


In the General Meeting, financial statements should obtain the permission of shareholders.


The financial audit system in Turkey should obey the Companies Act and the Standards in Turkey correspond to International Audit Standards. There are three types of audit including external audit, transaction audit and special audit based on Companies Act. Transaction audit includes setup of companies, increase and decrease capital, merger, spin-off, and change of organization, issue securities exchange and other different transactions. The auditors of transaction exchange should be different from auditors of external audit.


According to the requirements of shareholders, the special auditor will be appointed by court. Special audit will only be conducted in the case of contradictions of financial statements or illegal actions in companies.


Conditions of Auditors


Auditors will be appointed by plenary. The auditors of listed companies should be independent audit corporation and the auditors of small-medium enterprises should be independent audit corporations, certified financial adviser or independent financial adviser. After appointing auditors, corporations should do the business registration of name of auditor and then announce it on the websites.


In Turkey, the rotation system is regulated. In other words, the same audit corporation can conduct the audit of one company for seven years and at least for two years the charger of one company should be changed.


Tax audit


In order to ensure making appropriate tax declaration, tax audit system is existed. Though this is optional for corporations, certified financial adviser will audit the tax declaration and ensure the reason-ability of it.


Since through the tax audit the big misses will be found as soon as possible, foreign companies will receive the tax audit positively.


Responsibilities of Board of Directors for auditing


It is required to receive financial audit of financial statements that is regulated. In order to audit appropriately, all of information should be submitted required by auditors. While auditors state the negative opinions, general meeting will not use the concerned financial statements related the resolutions of loss and profits. And Board of Directors has to hand a resignation within four weeks.


To learn more about our incorporation assistance and a range of services of financial audit in Turkey, send us a message or call us at +81-3-5369-2930.


We work closely with you and carry out research to understand your needs and wishes.