49 / 516
The State Audit over Corporations
*
Prof. Dr. H. Ercument Erdem
Introduction
The authority of the Ministry of Industry and Trade to audit cor-
porations (limited to joint stock companies) was stipulated for the first
time in Article 274 of the former Turkish Commercial Code no. 6762
(“Old TCC”). The scope of auditing practice has been extended with
art. 210 of the new Turkish Commercial Code no. 6102 (“New TCC”)
which entered into force on 1 July 2012 and the audit has become an
obligation for all commercial corporations.
Before the New TCC entered into force, a number of amendments
were made to both the TCC and the Act on the Implementation and
Entry into Force of the Turkish Commercial Code (“Act of
Implementation”) by the Act on Amendment of the Turkish
Commercial Code and Act on Implementation and Entry into Force of
Turkish Commercial Code (“Act no. 6335”). Act no. 6335 introduced
a number of amendments to provisions that were criticized by business
organizations and scholars. More detailed information can be found in
our article published in July 2012.
Article 210 of the New TCC has been amended by Act no. 6335,
which introduced the following wording;
“principles and procedures
of auditing and the transactions subject to audit shall be regulated by
a regulation to be prepared by the Ministry
.”
In accordance with the New TCC, the Regulation Pertaining to the
Audit of Corporations by the Ministry of Customs and Commerce
(“Regulation”) was published in the Official Gazette dated 28 August
2012.
The Regulation regulates the scope and procedures of the auditing
of companies and it is composed of five sections.
COMMERCIAL LAW
35
*
Article of August 2012