TAX NEWS NO: 2013/3
February 01, 2013
The Companies which will be subject to independent audit pursuant to the Turkish Commercial Code (No.6102) have been determined.
Council of Ministers Decision no. 2012/4213, which has set the regulations for the companies that will be subject to independent audit, was promulgated in the Official Gazette dated 23 January 2013 and has been effective since January 1, 2013.
The new regulation can be summarized as follows.
Except the companies in the attached list no. (I) and (II) of the decision, companies meeting at least two of the following criterion shall be subject to independent audit;
a) Total asset size of TL 150 million or more.
b) Annual net sales revenue of TL 200 million or more.
c) Minimum of 500 employees or more.
To determine whether or not the abovementioned conditions have been satisfied;
· Financial statements of 2011 and 2012 years,
· Average number of employees for 2011 and 2012
will be considered.
In case of companies that have subsidiaries or affiliate companies, the amounts on the financial statements will be taken into account on a consolidated basis after eliminating the intra-group transactions. The participation share will be taken into consideration when consolidating the figures denoted on the financial statements of the subsidiaries. These criterions are required to be met for two consecutive accounting periods.
On the other hand, companies in the attached list no. (I) of the decision shall be subject to independent audit under all conditions and companies in the attached list no. (II) of the decision shall be subject to independent audit, only by themselves or together with their subsidiaries or affiliates, taking into account the conditions specified in the list.
Companies which are obligated to receive independence audit services, have to determine their service providers until March 31, 2013.
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