Disclosure of auditor fees
All companies and groups are required to disclose the statutory audit fees in the notes to the statutory / consolidated financial statements. Turkish parent entities (whether or not obliged to prepare and publish consolidated accounts) are required to disclose audit and non audit fees of the group in the consolidated financial statements (or statutory financial statements if no consolidated financial statements are being published).
Small groups and companies exempted from sub-consolidation are required to disclose the audit fees of the group (audited Turkish company + Turk and foreign subsidiaries) in the notes of the statutory financial statements.
The disclosure requirements of non-audit fees apply to all audited Turkish companies and therefore also to small Turkish companies that voluntarily appoint a statutory auditor.
The nature and amount of the fees for permitted non-audit services rendered during the accounting period by the auditor and its network worldwide have to be disclosed in the notes to financial statements (statutory or consolidated):
For the statutory financial statements, this includes non-audit fees received by the statutory auditor or its network from rendering services to the audited client.
For the consolidated financial statements, these fees include those for services rendered by the statutory auditor and its network, not only to the audited company but also to its Turkish and foreign subsidiaries.
Turkish parent companies that do not publish consolidated financial statments are required to disclose the non-audit fees of the group (audited Turkish company + Turkish and foreign subsidiaries) in the notes of the statutory financial statements. This also applies to small groups and companies exempted from sub-consolidation.