Scope of companies subject to independent auditing expanded.

Pursuant to Article 397 of the Turkish Code of Commerce no. 6102 (”TCC.), companies to be subject to independent audit 610 are identified by the Council of Ministers.

Through the Council of Ministers Decision (BKK) no.2018/11597 published in the Official Gazette dated 26.05.2018, the scope of the companies that are imposed independent audit have been expanded. As per the BKK enacted to be effective as of 01.01.2018, the independent audit requirement for the 2018 accounting period (for companies with accounting period as calendar year and for companies with special accounting period starting after this date) will be set in line with the criteria set in the new BKK

Accordingly, the companies subject to mandatory independent audit are classified into two main groups as follows:

Companies indicated in the list (I) attached to the BKK that are subject to mandatory independent audit without being subject to any criteria.
Companies exceeding the threshold value of at least 2 of the 3 criteria in the following two consecutive accounting periods. These companies are divided into three sub-groups:

	*Total assets*	*Annual net sales*	no. of employees
Companies whose capital market instruments are not traded on the stock exchange or other organized markets but are considered publicly listed regarding the CMB	15 mln TL	20 mln TL	50
Companies indicated in the attached list (II)	30 mln TL	40 mln TL	125
Others all	35 mln TL	70 mln TL	175

Through the BKK no.2018/11597 effective from 01.01.2018, decisions amending the BKK no. 2012/4213 effective since 01.01.2013 and this previous decision have been repealed.

Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.

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