Criteria for Being Subject to Independent Audit as of 01.01.2023

Pursuant to Presidential Decree No. 6434 published in the Official Gazette No. 32029 of 30/11/2022:

● For companies whose capital market instruments are not traded on a stock exchange or other organised markets but which are deemed public companies under Capital Markets Law No. 6362 of 6/12/2012, the thresholds for total assets, annual net sales revenue and number of employees have been set at TRY 30 million, TRY 40 million and 50 employees respectively,

● For the companies specified in the attached List (II), the thresholds for total assets, annual net sales revenue and number of employees have been set at TRY 60 million, TRY 80 million and 100 employees respectively,

● For companies not covered above, the thresholds for total assets, annual net sales revenue and number of employees have been set at TRY 75 million, TRY 150 million and 150 employees respectively.

In addition, under the Presidential Decree:

• Savings finance companies have been added to the attached List (I),

• Companies exempted from independent audit under the regulations of the Energy Market Regulatory Authority have been removed from the attached List (II), and

• Savings finance companies whose liquidation was decided by the Banking Regulation and Supervision Board (BRSA) under paragraph 4 of provisional article 7 of Law No. 6361 of 21/11/2012 on Financial Leasing, Factoring, Financing and Savings Finance Companies, and whose liquidation is being carried out by liquidation committees appointed by the Savings Deposit Insurance Fund, have been exempted from independent audit.

Click here to access the Presidential Decree on Determining Companies Subject to Independent Audit (in Turkish).