Turkey Clarifies Restrictions On Independent Auditors

Turkey's Public Oversight, Accounting and Auditing Standards Authority ("Authority") has softened restrictions for individuals working as independent auditors. The new rules clarify the prohibition on individual auditors which prevents them from working for or being a shareholder, manager or auditor for other audit companies, or acting as an auditor on their own behalf for a certain period after for 12 months after leaving their own business. The Authority also announced the details of exceptions to the general prohibition.

The Authority's decision was published in Official Gazette number 29981 on 16 February 2017.

The decision clarifies Article 13/1-I of the Independent Audit Regulation, which states that auditors, shareholders or key employees of authorized audit companies must not: