Questions about independent audit and advisory

We work in five areas of expertise: audit and assurance, corporate finance, advisory, information systems risk management and customer and marketing. Independent audit, IPO audit, sustainability assurance, valuation and crypto asset reserve audits are our most requested services.

For the 2026 financial year, the general thresholds are total assets of TRY 500 million, annual net sales of TRY 1 billion and 150 employees. Companies exceeding at least two of these three criteria in two consecutive financial years are subject to independent audit. Different thresholds apply to some industries. You can check right away with our audit requirement test.

The company name and industry, total assets and net sales for the last two years, headcount, number of subsidiaries and associates, the reporting framework applied (TFRS or BOBİ FRS), the financial year to be audited and, if any, details of the previous auditor are sufficient. You can send us this information through the proposal form.

The fee is based on the estimated hours of work, considering the size of the company, its transaction volume, the number of subsidiaries, the reporting framework, the maturity of its accounting and internal control systems and the reporting timetable. Our proposal sets out the scope, team and timetable in writing.

Under Article 399 of the Turkish Commercial Code, the auditor is elected by the general assembly before the end of the financial year to be audited and, after election, is registered with the trade registry and announced. If no auditor has been elected by the fourth month of the financial year, one is appointed by the court. For details, read our guide to appointing an auditor.

ARSEN is a member of Santa Fe Associates International (SFAI), one of the world's 20 largest audit and advisory networks. Through this membership, we work with member firms on audits of foreign subsidiaries and cross-border transactions.

Our head office is at Papirus Plaza in Kağıthane, Istanbul. For our clients in the United States we have a liaison office in New York. We carry out our work at our clients' premises and remotely. Our offices

As a general rule, companies that exceed at least two of the total assets, net sales and headcount thresholds in two consecutive financial years are subject to audit; some industries have separate thresholds or a mandatory audit regardless of size. You can check right away with our audit requirement test. Independent Audit →

The auditor is elected by the general assembly within the financial year to be audited, and in any case before the end of the fourth month of that year, and is registered with the trade registry. Early appointment allows year-end procedures such as planning and stock counts to be carried out on time. Independent Audit →

It depends on the size of the company, the number of subsidiaries and the maturity of its closing process. By separating the interim audit from year-end fieldwork, we reduce the pressure on the reporting date. Independent Audit →

Under the CMB's 2026 principle decision, applications from companies meeting certain criteria can be assessed without waiting in the queue. See our publication for details. IPO Audit →

The periods included in the prospectus depend on the offering period and how long the company has been operating. We finalise the timetable together at the planning meeting. IPO Audit →

In a review, the practitioner provides limited (negative) assurance; in an AUP engagement no assurance is provided at all, and only the findings of the procedures performed are reported. Agreed-Upon Procedures →

For financial years beginning on or after 1 January 2025, entities in the lists of the POA decision that exceed at least two of the criteria of TRY 1 billion in total assets, TRY 2 billion in net sales and 500 employees in two consecutive periods are in scope. Banks are in scope regardless of size. For a definitive assessment, the lists in the Board decision should be checked. TSRS and Sustainability Assurance →

If you are in scope, yes. An ESG report does not replace the TSRS; the TSRS requires disclosures on governance, strategy, risk management, and metrics and targets that are connected to the financial statements. Your existing ESG data is a good starting point for TSRS readiness. TSRS and Sustainability Assurance →

Under limited assurance, the practitioner states that nothing has come to their attention to indicate that the information is materially misstated; reasonable assurance is a positive opinion based on more extensive work, closer to an audit of financial statements. TSRS and Sustainability Assurance →

Ideally at the start of the reporting period. Collecting data in a controlled way throughout the period is the most critical success factor for the assurance engagement. TSRS and Sustainability Assurance →

Under independence rules, we do not provide advisory services that could affect our audit opinion to companies whose financial statements we audit. An independence assessment is carried out for every request. CFO and CEO Advisory →