The election and removal of the independent auditor and the termination of the audit engagement contract are mainly governed by Article 399 of Turkish Commercial Code No. 6102 (TCC). Under Article 399/1 of the TCC, the auditor must be elected by the company's general assembly, and the group auditor by the general assembly of the parent company.
Accordingly, in audits required by the TCC, the auditor must be elected by the company's general assembly, except where the auditor is appointed by the court or where the board of directors elects a temporary auditor under Article 399/9 of the TCC because the audit contract has been terminated. This power granted to the general assembly by the TCC cannot be delegated to other bodies.
However, in companies that are subject to mandatory audit under the TCC but have no general assembly body at all, the auditor may be elected by the body authorised for this purpose.
Let's assess the impact on your company together
Our specialists will clarify, in a short call, how regulatory changes affect your financial statements and obligations.
- Under founding-partner supervision
- Member of the SFAI international network
- Written, transparent proposal
or call: +90 212 951 02 47
This publication is for general information only and is not a substitute for professional advice.