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Audit and advisory for Precious Metals

Q: How can companies in Precious Metals get a proposal?

Simply share your company and needs via the proposal form; our team, which knows your industry, will send our scope, timeline and fee proposal in writing. Phone: +90 212 951 02 47.

Responsible supply chain assurance, Borsa Istanbul compliance and MASAK obligations.

Get a proposal +90 212 951 02 47

Financial reporting and audit in Precious Metals companies

The refining, import and trading of gold and other precious metals is a closely monitored area in terms of source checks, anti-money laundering and responsible supply chain principles. Members of the Borsa Istanbul Precious Metals Market are required to document, through independent assurance reports, that their supply chain policies comply with international principles.

ARSEN provides independent assurance on responsible supply chain compliance reports, MASAK compliance programme advisory and financial statement audits together. The measurement of inventories sensitive to price fluctuations and hedging transactions are also key audit matters in this industry.

Audit focus areas in Precious Metals companies

Responsible supply chain

Risk assessment, supplier review and documentation processes must be in place to establish that the metal does not come from conflict zones or illegal sources.

Proceeds of crime and source checks

Because the products are high-value and easily transported, know-your-customer, monitoring of cash transactions and suspicious transaction reporting are critical.

Inventory measurement and physical control

Counting vault and refinery stocks, assay and purity checks and segregating metal held in custody or on behalf of customers are key audit matters.

Price risk and derivatives

Forward contracts entered into against gold price fluctuations, and whether they qualify for hedge accounting, must be assessed carefully.

Key standards and concepts in this industry

Borsa IstanbulThe exchange in Turkey on which shares, debt instruments, derivatives and precious metals are traded.MASAKThe Financial Crimes Investigation Board, affiliated to the Ministry of Treasury and Finance, which develops policy and supervises obliged parties in combating money laundering and terrorist financing.Know your customer (KYC)The processes by which obliged parties identify and verify their customers, determine the beneficial owner and understand the purpose of the business relationship.Suspicious transaction reportA report made to MASAK by obliged parties when there is suspicion, or reasonable grounds for suspicion, that a transaction is related to money laundering or terrorist financing.Inventories (TAS 2)Assets held for sale in the ordinary course of business, in the process of production, or as raw materials and supplies to be used in production.Fair valueThe price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.Hedge accountingA special accounting approach that ensures the profit or loss effects of a hedging instrument and the hedged item are recognised in the same period.Assurance engagementAn engagement providing assurance, against specified criteria, on a subject matter other than an audit or review of historical financial information.

Our services for Precious Metals

IT Risk Management

Responsible Supply Chain Assurance

Independent assurance report under the Borsa Istanbul Precious Metals Supply Chain Compliance Directive and the OECD guidance.

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MASAK Compliance Programme

Setting up and assessing a compliance programme for the prevention of money laundering and terrorist financing.

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Independent Audit

An independent auditor's opinion, to international standards, on the financial statements of companies subject to the Turkish Commercial Code, the CMB, the BRSA and the EMRA.

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Regulatory Compliance Audit

We assess regulated entities' compliance with national and international legislation and reduce the risk of non-compliance.

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Proposal request

Get a tailored proposal for the Precious Metals industry

Share the scope in a few lines and we will send you our team, timeline and fee proposal in writing. Free of charge and non-binding.

Under founding-partner supervision
Member of the SFAI international network
Written, transparent proposal

or call: +90 212 951 02 47

Frequently asked questions about Precious Metals

Who needs a responsible supply chain assurance report?

It is required for entities operating on the Borsa Istanbul Precious Metals Market that must prepare a supply chain compliance report under the relevant regulations. The report is supported by an independent auditor's assurance work.

What is reviewed in the assurance engagement?

The company's supply chain policy, management systems, supplier risk assessments, risk mitigation measures applied and the accuracy of statements in the compliance report are reviewed. For details, see our service page.

Are jewellers and precious metals intermediaries subject to MASAK obligations?

Those buying and selling precious metals are listed among obliged parties in the legislation. As the scope of the obligation may vary by type of activity, a separate assessment of your situation is recommended.

How can companies in Precious Metals get a proposal?

Share your company and needs via the proposal form and our team, which knows your industry, will send our scope, timeline and fee proposal in writing. Phone: +90 212 951 02 47.

Last updated: October 22, 2026

Let's talk about this year's audit.

Share the scope and we will send you our team, timeline and fee proposal in writing.

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