30.11.2022/75
The Conditions for Being Subject to Independent Auditing Have Changed
The conditions for being subject to independent auditing have been redefined with the Presidential Decree No. 6434, published in the Official Gazette dated 30.11.2022 and numbered 32029.
The Decision on Determining Companies Subject to Independent Auditing, which was enacted with the Council of Ministers Decision No. 2018/11597 dated 26.03.2018, has been repealed.
According to the changes, companies that exceed at least two of the following three criteria in consecutive two financial periods will be subject to independent auditing under the provisions of the Turkish Commercial Code No. 6102 and the Decree-Law No. 660 on the Organization and Duties of the Public Oversight, Accounting, and Auditing Standards Authority.
1) Threshold values for companies that are considered publicly traded under the Capital Markets Law No. 6362 dated 06.12.2012, but whose capital market instruments are not traded on a stock exchange or other organized markets:
| New Decision | Previous Decision | |
| Total Assets | 30 Million TRY | 15 Million TRY |
| Annual Net Sales Revenue | 40 Million TRY | 20 Million TRY |
| Number of Employees | 50 People | 50 People |
2) Threshold values for companies listed in Annex (II) of the Decision:
| New Decision | Previous Decision | |
| Total Assets | 60 Million TRY | 30 Million TRY |
| Annual Net Sales Revenue | 80 Million TRY | 40 Million TRY |
| Number of Employees | 100 People | 125 People |
3) Threshold values for companies that are not included in the above categories:
| New Decision | Previous Decision | |
| Total Assets | 75 Million TRY | 35 Million TRY |
| Annual Net Sales Revenue | 150 Million TRY | 70 Million TRY |
| Number of Employees | 150 People | 175 People |
Companies listed in Annex (I) of the Presidential Decree are subject to independent auditing regardless of any criteria.
This Decision will come into effect on 01.01.2023.
You can access the relevant Presidential Decree here.
Kind regards,
BİLGENER
