Companies subject to mandatory independent audit are determined
by the Council of Ministers as per the Turkish Code of Commerce
("TCC") Art.397. Following the
promulgation and coming into force of the TCC on 1 July 2012, the
first Decision of the Council of Ministers was issued at the end of
the same year1 , specifying those companies and relevant
criteria and thresholds that would be subject to independent
audits. These criteria and thresholds were amended with subsequent
Decisions of the Council of Ministers each year, the latest of
which was published in the Official Gazette on
19.03.2016. 2
The most recent Decision has amended the criteria by again
decreasing the thresholds for requirement of independent audits.
Accordingly, those companies which have exceeded the thresholds of
at least two of the following criteria for two consecutive
accounting periods shall be subject to an independent audit:
