The company or business to be audited; It is the audit of the legality and accountability of its financial statements, accounts, transactions by the supervisory staff and institutions, which are independent of, and are independent of, the functional and organizational hierarchy of the institution and the enterprise. Reports are made on issues such as efficiency, effectiveness, reality, frugality, compliance with the legislation. External Audit can be done as a legal obligation or it can be done optionally. The external auditor provides an unbiased opinion on the financial statements and records of the company. The external auditor conducts the statutory audit of the final accounts and reports whether the actual financial situation of the enterprise is reflected accurately and fairly. The main purpose of external audit is to ensure that the financial statements and records of the company are reliable, and to protect third parties and institutions from misleading information. Therefore, external audit is generally legally compulsory for some businesses.
LEGISLATION
Turkish Commercial Code:
Authority of the Public Oversight, Accounting and Auditing Standards Authority
ARTICLE 88- (1) 64 to Article 88 provisions subject to natural and legal persons on an individual and consolidated financial statements for the editing, the Public Oversight, Accounting and Auditing Standards issued by the Authority, Turkey Accounting Standards, the place with the accounting principles in the conceptual framework and that their integral part must comply with the comments and apply them. Articles 514 to 528 and other relevant provisions of this Law are reserved.
(2) These regulations are determined and published only by the Public Oversight, Accounting and Auditing Standards Authority in accordance with international standards in order to ensure unity in practice and to make financial statements valid in international markets.
(3) The Public Oversight, Accounting and Auditing Standards Authority is authorized to set special and exceptional standards and make different regulations for different business sizes, sectors and non-profit organizations. These standards and regulations, shall be deemed integral part of Turkey Accounting Standards.
(4) with the law, institution that was established to organize and supervise specific areas and committees, Turkey provided that in accordance with Accounting Standards, they make limited regulations for details regarding the standards that will apply to their fields.
(5) In cases where the provisions in Turkey Accounting Standards exist, considering the area to which they relate, regulations regarding the details mentioned in the fourth paragraph, if there is a provision in the relevant international regulations generally accepted accounting principles are applied in practice.
Check
Article 397- (1) which are subject to inspection in accordance with the fourth paragraph by joint-stock companies and auditors of financial statements of the corporate community, the Public Oversight, Accounting and Auditing Standards inspected according to the compliant Turkey Auditing Standards of Authority issued by the international auditing standards. It is also within the scope of the audit whether the financial information included in the annual report of the board of directors is consistent with the audited financial statements and whether they reflect the truth.
(2) Those subject to audit must clearly state whether their prepared financial statements have been audited or not, and if audited, the auditor’s opinion in the title of the relevant financial statement. This provision is also applied to the annual activity report of the board of directors. The financial statements that are not audited and the annual activity report of the board of directors are deemed unregulated.
(3) If the financial statements of the company and the group and the annual activity report of the board of directors are changed after the submission of the audit report and the change may affect the audit reports, the financial statements and the annual report of the board of directors are re-audited in accordance with the first paragraph. It is described as. Appropriate annexes reflecting the re-audit are included in the auditor’s opinion.
(4) The companies that will be subject to audit within the scope of article 398 are determined by the Council of Ministers.
(5) Joint stock companies that are not covered by the fourth paragraph and cooperatives within the scope of Law No. 4572 and their higher organizations that are not subject to independent audit are audited in accordance with the provisions of this paragraph. The procedures and principles regarding the audit and the qualifications, ethical principles, duties and powers, election, dismissal or resignation of the auditors who will perform the audit pursuant to this paragraph; The content of the audit and the audit reports and the issues regarding the submission of the report to the general assembly are regulated by the regulation prepared by the Ministry of Customs and Trade and to be issued by the Council of Ministers. The provisions of the law regarding the responsibility of the auditor are also applied by analogy to the auditors who will make an audit in accordance with this paragraph.
(6) It is considered that the financial statements and the annual activity report of the board of directors of those who were subject to audit within the scope of the fifth paragraph but did not have the said audit.
Subject and scope:
ARTICLE 398 – (1) Auditing of the financial statements of the company and the group and the annual activity report of the board of directors; inventory, accounting and Turkey Control the extent of internal auditing required by the standard provisions of this Chapter in terms of the reports issued in accordance with 378 Article 397 Article is control of the board’s annual report within the framework of the first paragraph. This audit, Turkey Accounting Standards, the provisions relating to the financial statements of the law and the articles of association also includes examining whether Implementation will be. Auditing is carried out in accordance with the principles set by the Public Oversight, Accounting and Auditing Standards Authority, in accordance with the requirements of the auditing profession and with care. The audit is conducted in a manner that honestly indicates whether the assets and financial status of the company and the group are reflected in accordance with the honest picture principle within the meaning of Article 515, and if not, the reasons.
(2) Control; a) The financial statements of the company and the annual activity report of the board of directors within the framework of the first paragraph of Article 397 and the second paragraph of Article 402,
b) The consolidated financial statements of the Group and within the framework of the first paragraph of Article 397 and the second paragraph of Article 402, the annual activity report of the board of directors is made in a way to indicate and explain whether it is in accordance with the information obtained by the auditor during the audit.
(3) The auditor responsible for the audit of the financial statements of the group examines the financial statements of the companies included in the consolidated statements of the group, especially the adjustments and offsets related to consolidation, in the sense of the first paragraph; Unless the consolidated company has been audited in accordance with the provisions of this Section, either as required by law or without such requirement. This exception is also valid if a company headquartered abroad is subjected to an audit equivalent to the audit stipulated by this Law.
(4) The auditor shall prepare a separate report that explains whether the board of directors has established the system and the authorized committee stipulated in Article 378 in order to identify the risks that threaten or may pose a threat to the company and to realize risk management, and if there is such a system, explaining the structure and the practices of the committee. with its report, it presents it to the board of directors. The principles of this report are determined by the Public Oversight, Accounting and Auditing Standards Authority.
Election, dismissal and termination of the contract
ARTICLE 399 – (1) The auditor, by the general assembly of the company; the group auditor is elected by the parent company’s general assembly. The auditor must be elected before the end of each activity period and in any case before the end of the activity period in which he will perform his duty. After the election, the board, which is registered in the trade register without delay the inspection tasks that Turkey would give the auditor and published on the website of the Trade Registry Gazette.
(2) The duty of auditing from the auditor can only be withdrawn as prescribed in the fourth paragraph and if another auditor has been appointed.
(3) The auditor selected to audit the financial statements of the parent company included in the consolidation is also considered the auditor of the group financial statements, unless another auditor is selected.
(4) Commercial court of first instance where the headquarters of the company is located;
a) Board of directors,
b) Shareholders, who constitute ten percent of the capital and five percent of the basic or issued capital in public companies, upon their request, listen to the relevant persons and the elected auditor, if there is a justified reason for the person of the elected auditor, especially if there is a suspicion that he is acting bias, another may appoint an auditor
(5) dismissal proceedings and appoint new auditors, the election of auditors from the announcement Trade Registry Gazette of Turkey opens in three weeks. In order for the minority to file this lawsuit, it is obligatory that the auditor has voted against the election of the auditor in the general assembly, have the opposing vote recorded in the minutes and have the title of shareholder of the company for at least three months backwards from the date of the general assembly meeting.
(6) If an auditor cannot be elected until the fourth month of the operating period, the auditor is appointed by the court indicated in the fourth paragraph upon the request of the board of directors, each board member or any shareholder. The same provision is also applied in cases where the elected auditor refuses or terminates the contract, annulment of the appointment decision, failure to perform or prevent the auditor from performing his duty due to legal reasons or any other reason. The court’s decision is final.
(7) In case the auditor is appointed by the court, taking into account the precedent, the court will determine the prepayment to be paid to the court cashier for possible expenses and the fee. These can be appealed within three working days. The court decision is final.
(8) The auditor may terminate the audit contract only if there is a just cause or if a dismissal action has been filed against him. Differences of opinion regarding the content of the opinion letter, restriction of the audit by the company or avoiding submitting an opinion letter cannot be considered as justifiable reasons. The auditor’s termination must be in writing and justified. The auditor is obliged to present the results obtained until the termination date to the general assembly; These results are made into a report in accordance with Article 402 and submitted to the general assembly.
(9) If the auditor makes a notice of termination in accordance with the provisions of the sixth paragraph, the board of directors immediately selects a temporary auditor and submits the termination notice to the information of the general assembly and the auditor he has selected for the approval of the same board.
Those who can become auditors
ARTICLE 400 – (1) The auditor shall hold the title of certified public accountant or independent accountant financial advisor who is licensed in accordance with the Law on Independent Accountant Financial Advisory and Sworn-in Certified Public Accountant dated 1/6/1989 and numbered 3568 to conduct an independent audit and Persons authorized by the Auditing Standards Authority and / or their partners may be a capital company consisting of these persons. In the presence of any of the following situations, a certified public accountant, independent accountant financial advisor and / or capital company and one of their partners and the person or persons who work alongside their partners or whom the persons referred to in this sentence do together cannot be an auditor in the relevant company. Namely, one of those mentioned in the previous sentence; a) Is a shareholder in the company to be audited, b) If he is a manager or employee of the company to be audited or has held this title within three years prior to his appointment as auditor, c) Legal representative or representative of a legal entity, a commercial company or a commercial enterprise with a connection to the company to be audited, the board of directors is a member of the board of directors or a director of the company to be audited, or a descendant or superior descendant, spouse or third degree blood or in-law relative up to third degree,
d) If he is working in a company that is in contact with the company to be audited or has a share of more than twenty percent in such a company, or if he / she serves in any way with a real person with a share of more than twenty percent in the company to be audited, e) Auditing in the preparation of the books or financial statements of the company to be audited f) Legal representative, representative, employee, board member, partner of the natural or legal person who cannot be an auditor according to subparagraph (e) because he / she has been involved in activities other than auditing or contributing to the preparation of the books or financial statements of the company to be audited. works for an auditor who cannot become an auditor because he meets the conditions specified in subparagraphs (a) to (f), h) o percent of the entire income derived from his professional activity related to the auditorship in the last five years. If he has obtained more than salt from the auditing and consultancy activities given to the company to be audited or to companies that have participated in it with more than twenty percent share and he is expected to obtain this in the current year, he cannot be an auditor.
(2) An auditor who has been elected as an auditor for a total of seven years for the same company within ten years cannot be re-elected as auditor until three years have passed. The Public Oversight, Accounting and Auditing Standards Authority is authorized to determine the procedures and principles regarding the implementation of this paragraph and to shorten the periods specified in this paragraph.
(3) The auditor cannot provide consultancy or service to the company he / she audits, other than tax consultancy and tax audit, and cannot do this through a subsidiary company.
(4) (Repealed: 26/6 / 2012-6335 / 19 art.)
Burden of presentation and right to information
ARTICLE 401 – (1) The company’s board of directors has the financial statements and the annual activity report of the board of directors prepared and approved and submitted to the auditor without delay. The Board of Directors provides the auditor with the necessary means to be able to examine and audit the company’s books, correspondence, documents, assets, debts, safe, negotiable documents, inventory.
(2) The auditor asks the board of directors to provide him with all the information necessary for a lawful and careful audit and to submit documents that can form a basis. If necessary for the preparation of the year-end audit, the auditor has the powers stipulated in the second sentence of the first paragraph and the first sentence of this paragraph before the issuance of the financial statements. If necessary for a careful audit, the auditor may use the powers specified in the first and second sentences of this paragraph for offspring and parent companies.
(3) The board of directors of the company that is obliged to issue the consolidated financial statements, the auditor who will audit the consolidated financial statements; the financial statements of the group, the group annual report, the financial statements of the individual company, the annual activity reports of the boards of directors of the companies, and the audit reports of the parent company and subsidiary companies if an audit has been made. The auditor may also use the powers stipulated in the first and second sentences of the first paragraph in terms of main and subsidiary companies.
Audit report
ARTICLE 402 – (1) The auditor prepares a report on the type, scope, nature and results of the audit performed, with the necessary clarity, understandable, written in simple language and prepared in comparison with the previous year, on the subject of the financial statements.
(2) In the form of a separate report, the examinations of the board of directors in the annual report on the status of the company or the group are evaluated by the auditor in terms of consistency with the financial statements and their accuracy.
(3) The auditor bases on the financial statements of the company, and if he is auditing, the financial statements of the parent company and the group. In the report, first of all, the opinion on the evaluation of the board of directors regarding the financial condition of the company and the group is explained. In this view, especially in the context of auditing the financial statements of the company and the parent company, besides the analysis regarding the existence and future development of the company and the group, the report of the company’s board of directors and the annual report of the group examines the financial situation of the company to the extent that these documents allow.
(4) In the main part of the audit report; a) Whether the bookkeeping order, financial statements and group financial statements comply with the provisions of the law and the articles of association regarding financial reporting, b) Whether the board of directors has made the statements required by the auditor within the scope of the audit and whether it has submitted the documents.
(5) In addition, the financial statements and the underlying books;
a) The plan envisaged accounts kept properly, b) within the framework of Turkey Accounting Standards, the company’s assets, financial situation and profitability as fair and honest way reflect the image of the reflection, it is indicated.
(6) If an evaluation is made in accordance with the fourth paragraph of Article 398 within the framework of the audit, the result of this is shown in a separate report.
(7) The auditor signs his report and submits it to the board of directors.
Opinion articles
ARTICLE 403 – (1) The auditor explains the result of the audit in his opinion letter. This letter includes the subject, type, nature and scope of the audit, as well as the auditor’s evaluations, within the framework of the principles set by the Public Oversight, Accounting and Auditing Standards Authority. The auditor gave an unqualified opinion in writing if the first inspection conducted in accordance with Article 398 Auditing Standards and Turkey, Turkey in terms of accounting standards and other requirements that there was no contradiction; According to the information obtained during the audit, it states that the financial statements of the company or the group are accurate, that the picture regarding the assets, financial situation and profitability is found to be true, and that the statements reflect this honestly.
(2) In the letter of opinion, it is pointed out that there is no reason requiring the responsibility of the board of directors in terms of the matters related to the financial statements, if any. The opinion is written as determined by the Public Oversight, Accounting and Auditing Standards Authority and in a language that everyone can understand.
(3) If they have reservations, the auditor may limit the positive opinion letter or give a negative opinion. The limited positive opinion is given in cases where the financial statements contain contradictions that can be corrected by the company’s authorized boards and the effects of these contradictions on the result stated in the tables are not comprehensive and large. The subject and scope of the limitation and how the correction can be made are clearly indicated in the limited positive opinion letter.
(4) In the event that there are uncertainties in the books of the company that do not allow the audit to be carried out in accordance with the provisions of this Section and to reach conclusions or significant restrictions are made on the matters to be audited by the company, the auditor may refrain from giving opinions by explaining the reasons, even if he does not have evidence to prove them. Avoidance produces the consequences of negative opinion. Public Oversight, Accounting and Auditing
The Standards Authority, the reason and procedure of the avoidance and the reason for it.
regulates its principles with a notification.
(5) In cases where an unfavorable opinion is written, the board of directors calls the general assembly for a meeting within four business days from the date of receipt of the letter of opinion and the general assembly elects a new board of directors. Otherwise in the articles of association
If not foreseen, former members of the board of directors may be re-elected. The new board of directors prepares financial statements in accordance with the law, articles of association and standards within six months and submits them to the general assembly together with the audit report. In cases where a limited positive opinion is given, the general assembly also takes the necessary measures and corrections.
Responsibility of auditors arising from confidentiality
ARTICLE 404 – (1) The auditor and the special auditor, their assistants and their representatives who assist them in auditing, are obliged to conduct the audit in an honest and impartial manner and to keep confidential. What they learned during their activities,
They cannot use business and business secrets related to auditing without permission. Those who violate their obligations deliberately or negligently are liable to the company and to affiliated companies if they cause damage. If the harming person is more than one, the responsibility is several.
(2) Persons who neglect the fulfillment of the obligation stipulated in the first paragraph may be awarded compensation up to 100,000 Turkish Liras for each audit, and up to three hundred thousand Turkish Liras for joint stock companies whose shares are traded on the stock exchange. This limitation on persons who caused harm through their negligence applies in the event that more than one person participated in the audit or if more than one responsible act was carried out, as well as if some of the participants acted deliberately.
(3) In case the auditor is a capital company authorized to conduct an independent audit, the confidentiality obligation also covers the board of directors, members and employees of this institution.
(4) The indemnification obligation arising from these provisions can neither be removed nor reduced by contract.
(5) Requests regarding the auditor’s liability arising from this article expire in five years, starting from the date of the report. However, if the act constitutes a crime and the case is subject to a longer time limit than the Turkish Criminal Code, then the statute of limitations will be applied to the compensation case.
(6) The provisions of the criminal legislation regarding the reporting of crimes are reserved. Differences of opinion between the company and the auditor
ARTICLE 405 – (1) The differences of opinion between the company and the auditor regarding the company’s and the group’s year-end accounts, financial statements and the annual report of the board of directors, regarding the interpretation or implementation of the relevant law, administrative act or the provisions of the articles of association, upon the request of the board of directors or the auditor. the commercial court of first instance where the headquarters is located decides on the file. The decision is final.
(2) The debtor of the lawsuit expenses is the company. Special auditor audit for group relations
ARTICLE 406 – (1) a) If the auditor has written a limited positive opinion or avoidance letter regarding the company’s relations with the controlling company or group companies, or
b) If the board of directors has declared that the company has been lost by the group due to certain legal actions or measures and therefore no compensation has been made, upon the request of any shareholder, the company may be sent to the controlling company or the affiliated companies of the controlling company by the commercial court of first instance where the company is located A special auditor may be appointed to examine their relationship with someone. Authority of the Public Oversight, Accounting and Auditing Standards Authority
ARTICLE 88- (1) 64 to Article 88 provisions subject to natural and legal persons on an individual and consolidated financial statements for the editing, the Public Oversight, Accounting and Auditing Standards issued by the Authority, Turkey Accounting Standards, the place with the accounting principles in the conceptual framework and that their integral part must comply with the comments and apply them. Articles 514 to 528 and other relevant provisions of this Law are reserved.
(2) These regulations are determined and published only by the Public Oversight, Accounting and Auditing Standards Authority in accordance with international standards in order to ensure unity in practice and to make financial statements valid in international markets.
(3) The Public Oversight, Accounting and Auditing Standards Authority is authorized to set special and exceptional standards and make different regulations for different business sizes, sectors and non-profit organizations. These standards and regulations, shall be deemed integral part of Turkey Accounting Standards.
(4) with the law, institution that was established to organize and supervise specific areas and committees, Turkey provided that in accordance with Accounting Standards, they make limited regulations for details regarding the standards that will apply to their fields.
(5) In cases where the provisions in Turkey Accounting Standards exist, considering the area to which they relate, regulations regarding the details mentioned in the fourth paragraph, if there is a provision in the relevant international regulations generally accepted accounting principles are applied in practice. Regarding the companies and organizations subject to independent audit and the limits for being subject to independent audit, it was determined in the Official Gazette dated 26 May 2018 and numbered 30432 by the Decree of the Council of Ministers on Determination of the Companies Subject to Independent Audit, numbered 2018/11597.
1) Entities Declared as Subject to Independent Audit List Companies listed in the Annex are subject to independent audit without observing any criteria.
2) General criteria for being subject to independent audit
All companies exceeding the period are subject to independent audit. Total assets are 35 million Turkish Liras. (Previous Amount: 40 million TL and above)
Annual net sales revenue is 70 million Turkish Liras. (Previous Amount: 80 million TL and above) 175 employees (annual average). (It was 200 and above before)
3) Companies whose capital market instruments are not traded in a stock exchange or other organized markets but are deemed to be public under the CMB Capital market instruments are not traded in an exchange or other organized markets but are deemed public under the CMB and the threshold values of at least two of the following three criteria are calculated in two consecutive accounts. Companies exceeding the period are subject to independent audit. Total assets are 15 million Turkish Liras. Annual net sales revenue is 20 million Turkish Liras. The number of employees is 50 people.
4) Companies listed in the attached list (II) Among the companies listed in the following list (II) attached to the POA Decision, those who exceed the threshold values of at least two of the following three criteria in two consecutive fiscal periods are subject to independent audit. Total assets are 30 million Turkish Liras. Annual net sales revenue is 40 million Turkish Liras. The number of employees is 125 people.
LIST NUMBER I
1) Of the companies subject to the regulation and supervision of the Capital Markets Board pursuant to Law No. 6362;
a) Investment institutions,
b) Collective investment institutions,
c) Portfolio management companies,
ç) Mortgage finance institutions,
d) Asset leasing companies,
e) Central clearing institutions,
f) Central depository institutions,
g) Data storage organizations,
ğ) Rating agencies,
h) Valuation institutions,
ı) Joint stock companies whose capital market instruments are traded in an exchange or other organized markets or that have a prospectus or issue certificate with a validity period approved by the Capital Markets Board for their trading,
i) Joint stock companies that are not traded in an exchange or other organized markets, but issue capital market instruments (until the end of the fiscal period in which the capital market instruments they issue are redeemed) without being offered to the public or have an issue certificate with a validity period approved by the Capital Markets Board for this purpose.
1) Banking pursuant to the Banking Law No. 5411 of 19/10/2005
Of the companies subject to the regulation and supervision of the Regulation and Supervision Agency;
a) Banks,
b) Rating agencies,
c) Financial holding companies,
ç) Financial leasing companies,
d) Factoring companies,
e) Financing companies,
f) Asset management companies,
g) As defined in the Law No. 5411 on financial holding companies
companies that have qualified shares in their form.
2) With the Insurance Law dated 3/6/2007 and numbered 5684 and dated 28/3/2001 and
Insurance, reinsurance and pension companies operating within the scope of the Private Pension Savings and Investment System Law No. 4632.
3) Permitted to operate in Borsa Istanbul markets; authorized institutions, precious metals brokerage firms, companies engaged in precious metal production or trade.
4) Licensed warehouse enterprises established according to the Agricultural Products Licensed Warehousing Law No. 5300 dated 10/2/2005 and public stores established according to the Public Stores Law No. 2699 dated 11/8/1982.
5) Media service provider organizations that have at least one of the following rights or licenses:
a) The right to broadcast national television from the terrestrial environment.
b) Satellite television broadcasting license.
c) Cable television broadcasting license for more than one.
LIST NUMBER II
1) Companies whose capital is directly or indirectly belonging to professional organizations, trade unions, associations, foundations, cooperatives and their superior organizations with at least 25% of their capital.
2) Companies that publish daily newspapers throughout the country.
3) With the exception of call center companies, Electronic Signature Law dated 15/1/2004 and numbered 5070, Electronic Communication Law dated 5/11/2008 and numbered 5809, Postal Services Law numbered 6475 and dated 9/5/2013 and Companies subject to the regulation and supervision of the Information and Communication Technologies Authority within the scope of Article 1525 of the Law.
4) Companies that obtain a license, certificate or authorization certificate from the Energy Market Regulatory Authority and operate subject to the regulations of this Authority.
5) Except for those included in list (I);
a) Except for subsidiaries and companies whose activities are inactive or whose activities are temporarily suspended or canceled (including those whose main contract amendments and similar procedures have not yet been carried out), subsidiaries of the Savings Deposit and Insurance Fund (TMSF) and Banking Law No. and companies whose supervision and management has been taken over by the SDIF within the scope of Law No. 5411.
b) State economic enterprises and subsidiaries operating within the scope of the Decree Law No. 233 dated 8/6/1984 and the companies whose capital is at least 50% owned by the municipalities.
Communiqué From the Capital Markets Board: Communiqué on Independent Auditing Standards in the Capital Market (Series: X, No: 22)
Goal
ARTICLE 1 – (1) The purpose of this Communiqué is to determine the standards, principles, procedures and principles regarding the independent audit activity in the capital market, the independent audit institutions to be authorized by the Board and independent auditors.
Scope
ARTICLE 2 – (1) This Communiqué is applied in the independent audit of the enterprises defined in Article 4, including the examination of the financial statements and other financial information.
(2) The table regarding “International Independent Auditing Standards” and “Standard for Examination of Interim Financial Statements” corresponding to “Parts” of this Communiqué is included in Annex-1. Rest
ARTICLE 3 – (1) This Communiqué is based on the provisions of the Capital Market Law No. 2499, 16, 22 / d.
and 22 / e. Entities subject to independent audit and review (limited independent audit)
ARTICLE 5 – (Amended by Communiqué Serial: X, No: 28) Enterprises and investment funds and housing and asset financing funds determined by the decision of the Council of Ministers in accordance with the fourth paragraph of Article 397 of the Turkish Commercial Code dated 13/1/2011 and numbered 6102 they have to subject their annual financial reports to independent audit.
2) Subject to the special provisions in the regulations regarding financial reporting standards published by the Board of the following entities, six-month interim financial statements are within the scope of review (limited independent audit). a) Investment institutions, b) Collective investment excluding mutual funds
institutions, c) Mortgage finance institutions, ç) Joint stock companies whose capital market instruments are traded in a stock exchange and / or other organized market places.
(3) In the public offering of capital market instruments of the corporations mentioned in paragraph (ç) above or in the public offering of their existing shares by their shareholders, the interim financial statements stipulated in the regulations of the Board regarding the registration of capital market instruments are subject to limited independent audit.
(4) Borsa İstanbul A.Ş. Within the scope of the regulations, the companies whose shares are listed in the Developing Enterprises Market List and the companies whose shares are traded on the Free Transaction Platform within the scope of the Communiqué on the Principles Regarding the Public Joint Stock Companies whose shares will be traded on the Free Trading Platform are not within the scope of the examination (limited independent audit) of the six-month interim financial statements. Private companies subject to independent audit
ARTICLE 6 – (1) Special independent auditing, during the application to the Board for the public offering of capital market instruments or by the enterprises in a state of merger, division, transfer and liquidation, the financial statements prepared as of any date for these purposes, the “Definitions” of the “Preliminary Provisions” Section of this Communiqué. means being subjected to independent audit in accordance with the principles required by the definition of “independent audit” in the article titled “Independent Audit”.
2) Circumstances requiring special independent audit are determined within the framework of the regulations of the Board regarding the registration of capital market instruments and other relevant regulations.
(3) In a special independent audit, the financial statements to be subject to independent audit must be prepared at the end of the month when the independent audit starts or a later date. It is accepted that the private independent audit work has started on the date the independent audit contract is signed.
(4) The provisions in the 29-31th sections of this Communiqué are complied with in the special independent audit work and reporting.
(5) If there are independent audit techniques that cannot be applied due to the time factor in the independent audit of the financial statements related to the years prior to the period of the financial statements under special independent audit, as a result of the evaluation to be made by taking into account the provisions in the 11th Part of this Communiqué titled “The Concept of Importance in Independent Audit” The independent audit opinion is formed and reported in accordance with the provisions set out in the 29-31th Sections of this Communiqué.