Criteria for Mandatory Independent Audit for 2023

Under Presidential Decree No. 6434, published in Official Gazette No. 32029 of 30/11/2022, the thresholds were changed as follows:

● For companies whose capital market instruments are not traded on an exchange or other organised market but which are deemed publicly held under Capital Markets Law No. 6362 dated 6/12/2012: total assets, annual net sales and number of employees of TRY 30 million, TRY 40 million and 50 employees respectively,

● For companies specified in the annexed List (II): total assets, annual net sales and number of employees of TRY 60 million, TRY 80 million and 100 employees respectively,

● For companies not covered by the above: total assets, annual net sales and number of employees of TRY 75 million, TRY 150 million and 150 employees respectively.

In addition, under the Presidential Decree:

• Savings finance companies were added to List (I) annexed to the Decree,

• Companies exempted from independent audit under the regulations of the Energy Market Regulatory Authority were removed from List (II) annexed to the Decree, and

• Savings finance companies whose liquidation was decided by the Banking Regulation and Supervision Board under the fourth paragraph of Provisional Article 7 of Law No. 6361 on Financial Leasing, Factoring, Financing and Savings Finance Companies dated 21/11/2012, and whose liquidation is carried out by liquidation committees appointed by the Savings Deposit Insurance Fund, were exempted from independent audit.

To access the Presidential Decree on the Determination of Companies Subject to Independent Audit, click here.