INDEPENDENT AUDIT
WHY INDEPENDENT AUDIT?
Independent audit is an essential requirement for today's businesses rather than an obligation imposed upon them by the laws, regulations and standards. Transparent, clear and comprehensible information is the most valuable information and it is only possible with independent audit. Independent audit provides benefits both to audited company and the public as well as the government.
  • It provides accurate information flow to the management.
  • It helps the management to make predictions and analysis relevant to the financial statements and to make healthy decisions related to the future.
  • It demonstrates whether the financial statements reflect the reality.
  • It helps to prevent the business management and its employees from defrauding.
  • The business can obtain low-cost finance easier with financial statements audited through independent audit.
  • In a company audited through an independent external audit, the rights of the partners are protected better.
Who needs independent audit?
  • All of the stock companies pursuant to the new Turkish Commercial Code (TCC)
    1. Total assets of which being TRY 50 million and above.
    2. Annual net sales revenues of which being TRY 100 million and above.
    3. Number of employees of which being 200 and above. If the financial statements of the company obligated to have an independent audit are not audited, then their financial statements are deemed invalid. This situation brings along serious consequences.
  • Banks or Financial Institutions
  • Partnerships
  • Public institutions
  • Others