100 / 473
COMMERCIAL LAW
87
If the financial statements and the annual activity report of the board
of directors have been amended after the submission of the audit report
and if these amendments may affect the audit reports, the financial
statements and the annual activity report of the board of directors shall
be audited again. The re-audit and its result shall be explained separately
in the report.
If there is a dispute about the report between the company and the
auditor, this dispute shall be resolved by the commercial court of first
instance located at the place of the headquarters of the company upon the
request of the board of directors or the auditor.
Conclusion
The independent auditingsystemaims torealizeauditing incompliance
with the International Accounting Standards and the transparency in the
accounts of joint stock companies.
The regulation that only joint stock companies possessing certain
characteristics and that are over a certain size shall be subject to
independent audit increased the functionality of the system.
Accordingly, the duty of the internal auditors of the joint stock
companies subject to independent auditing shall automatically end on
31.03.2013 and the companies must elect an independent auditor as of
this date.
The independent auditor shall be elected by the general assembly of
the company (TCC Art. 399/1, Art. 408/2) and, as explained above, shall
be appointed with the signing of an independent auditing contract.