As you may remember, the companies which would be subject to independent audit pursuant to the Turkish Commercial Code (No.6102) had been determined with the Council of Ministers Decision no. 2012/4213 which was published in the Official Gazette dated 23 January 2013. Explanations on the regulation in question were provided for your attention in our tax news dated 1 February 2013 and no. 2013/3.
With the Council of Ministers Decision no. 2014/5973 published in the Official Gazette dated 14 April 2014, the companies which will be subject to independent audit as per the Turkish Commercial Code (No.6102) have been re-determined and the scope of independent audit has been extended.
The new regulation can be summarized as follows.
Except the companies in the attached list no. (I) and (II) of the decision (2012/4213), companies meeting at least two of the following criterion shall be subject to independent audit;
a) Total asset size of TL 75 million or more.
b) Annual net sales revenue of TL 150 million or more.
c) Minimum of 250 employees or more.
To determine whether or not the abovementioned conditions have been satisfied;
· Financial statements of 2012 and 2013 years,
· Average number of employees for 2012 and 2013
will be considered.
The Council of Ministers Decision in question has been put into effect on its publication date to be effective as of 1 January 2014.
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