In accordance with the new TCC it has been ruled that the Council of Ministers will determine the companies that will be subject to independent audit. The financial statements of the joint stock companies and the group of companies (that are determined by the Council of Minister for the independent audit) must be audited in accordance with Turkish Auditing Standards issued by the Public Oversight, Accounting and Auditing Standards Board. These standards are in line with international auditing standards.
The scope of the audit includes the fact that whether the financial information as included in the board of directors' annual report is consistent with the audited financial statements and has a true and fair view.
The financial statements and the board of directors' annual report that must be audited in accordance with the new TCC are treated as ‘not prepared' if they have not been audited.
