An important issue for companies in Turkey is the
"Independent Audit" of their financial statements.
However, as surely known, not all, but only some of the companies
are subject to independent audit. According to the latest status,
companies must retain independent auditors if they meet during two
subsequent financial years at least two of the criteria below,
either itself or together with its affiliates:
- A total assets value of TRY40,000,000
or above.
- A net sales revenue of TRY80,000,000
or above.
So the requirements for being subject to an independent audit
are actually obvious. But what says the law about the consequenses
of non-compliance with independent audit requirements? In other
words, what if a company reaches the abovementioned tresholds, but
still do not appoint an independent auditor in accordance with the
law? The answer to this question is not as obvious as it is about
the requirements of being subject
