A Look At Recent Amendments To Independent Audit Thresholds

Introduction

Independent auditing refers to auditing of a company's financial statements, records, accounting practices and internal controls and other related matters by an independent auditor. 

According to Article 397 of the Turkish Commercial Code numbered 6102, companies with limited liability (sermaye şirketleri) that exceed certain thresholds will be subject to independent auditing.

The applicable independent audit thresholds were revised with a decision of the Council of Ministers numbered 2018/11597, published in the Official Gazette dated 26 May 2018 and numbered 30432 (the "Decision").

The updated independent auditing thresholds, effective as from 1 January 2018, will be as follows.