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ARTICLE · 17 SEPTEMBER 2012

The State Audit Over Corporations

Erdem & Erdem Law
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The establishment, operation, and termination of a corporation may be subject to an audit pursuant to certain procedures.

TurkeyCorporate/Commercial Law
H. Ercüment Erdem
H. Ercüment Erdem
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Introduction

The authority of the Ministry of Industry and Trade to audit corporations (limited to joint stock companies) was stipulated for the first time in Article 274 of the former Turkish Commercial Code no. 6762 ("Old TCC"). The scope of auditing practice has been extended with art. 210 of the new Turkish Commercial Code no. 6102 ("New TCC") which entered into force on 1 July 2012 and the audit has become an obligation for all commercial corporations.

Before the New TCC entered into force, a number of amendments were made to both the TCC and the Act on the Implementation and Entry into Force of the Turkish Commercial Code ("Act of Implementation") by the Act on Amendment of the Turkish Commercial Code and Act on Implementation and Entry into Force of Turkish Commercial Code ("Act no. 6335"). Act no. 6335 introduced a number of amendments to provisions that were criticized by business organizations and scholars. More detailed information can be found in our

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