In its original form, the Turkish Commercial Code
("TCC") dated 13 January 2011 and
numbered 6102 required all joint stock and limited liability
companies to perform independent audits of their accounts and other
financial records. This was a paradigm shift to the previous system
where auditors were internal and arguably did little more than to
rubber stamp corporate documents.
A series of relaxations followed the original enactment of the
TCC in response to market feedback. One key relaxation was to
independent audit requirements, giving authority to the Council of
Ministers to determine materiality thresholds for the application
of audit requirements.
Currently, only those institutions that exceed the materiality
thresholds specified in the Council of Ministers Decision numbered
2012/4213 are subject to independent audit requirements under the
TCC. While the TCC provides that audit requirements, presumably of
a lighter nature, for companies outside of these
