Presidential Decision on Determination of Companies Subject to Independent Audit Has Been Published
Through the promulgation of President Decision No. 6434 (“Decision”) published in the Official Gazette dated 30th November 2022 and No. 32029, the procedures and principles regarding the companies subject to independent audit within the scope of Article 398 of the Turkish Commercial Code No. 6102 are envisaged.
In this context, the following companies are subject to independent audit:
- Companies listed in the list (I) attached to the Decision, regardless of any criteria.
- Other companies that exceed at least any two of the below thresholds for two consecutive years.
Through the Decision, the thresholds have been amended as follows in comparison to previous thresholds.
Thresholds for companies whose capital market instruments are not traded on a stock exchange or other regulated markets nevertheless are deemed to be public within the scope of the Capital Markets Law No. 6362:
Previous Thresholds
- Total assets of TRY 15 million
- Annual net sales revenue of TRY 20 million
- 50 employees
New Thresholds
- Total assets of TRY 30 million
- Annual net sales revenue of TRY 40 million
- 50 employees
Thresholds for the companies stated in the list (II) attached to the Decision:
Previous Thresholds
- Total assets of TRY 30 million
- Annual net sales revenue of TRY 40 million
- 125 employees
New Thresholds
- Total assets of TRY 60 million
- Annual net sales revenue of TRY 80 million
- 100 employees
Thresholds for companies that are not within the scope of the lists (I) and (II) attached to the Decision:
Previous Thresholds
- Total assets of TRY 35 million
- Annual net sales revenue of TRY 70 million
- 175 employees
New Thresholds
- Total assets of TRY 75 million
- Annual net sales revenue of TRY 150 million
- 150 employees
Through the Decision, the following companies have been added to the companies excluded from the scope:
- Savings finance companies whose liquidation is decided by the Banking Regulation and Supervision Board within the scope of Temporary Article 7/4 of Financial Leasing, Factoring, Financing and Savings Financing Companies Law No. 6361 and the liquidation process being carried out by the liquidation commissions appointed by the Savings Deposit Insurance Fund.
The Decision enters into force on 1st January 2023.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Other Contents
The Communiqué on the Principles Regarding the Companies whose Shares to be Traded on the Venture Capital Market (II-16.3) (Communiqué) has entered into force through publication in the Official Gazette dated 18.05.2023 and numbered 32194. The Communiqué sets out the principles and procedures regarding...
Following the press release of the Ministry of Treasury and Finance, on 09.06.2022 the Capital Markets Board announced its Measures to Strengthen Financial Stability to establish the "Commodity Market" and initiate its internal processes regarding issuance of gold certificates...
Article 38/2 of the Capital Movements Circular published by the Turkish Central Bank on 02.05.2018 (“Circular”) has been amended with the letter of Ministry of Treasury and Finance dated 08.02.2022 and numbered...
The Communiqué Regarding Issuance of Secured Capital Market Instruments (II-31/B.1) (“Communiqué”) entered into force through its publication in the Official Gazette dated 26.01.2022 and numbered 31731...
The Communiqué on Corporate Governance has been amended
Announcement on the Value of the Lease Contracts made in Foreign Currency and Indexed to Foreign Currency is published
Amendment to the Regulation on Foreign Direct Investments Law
Corporate Tax Rate Discount for Some Institutions Whose Shares Are Offered to the Public for the First Time
The Communiqué (No: 2008-32/34) on Decree No. 32 has been changed
The Amendments on the Circular on Capital Movements
Second Extension of the Period Designated for Submission of the First Country by Country Report
The Amendments on the Circular on Capital Movements
The Amendments on the Circular on Capital Movements
The Amendments on the Circular on Capital Movements
Amendments to the Communiqué on Decree No. 32 on the Protection of the Value of Turkish Currency (No: 2018-32/45)