e-book2013

NEWSLETTER 2013

– Assets totaling or above one hundred fifty million Turkish Liras.

– Annual net sales revenue totaling or above two hundred million

Turkish Liras.

– Number of employees totaling or above five hundred people.

Pursuant to Article 4 of the Resolution, if a company fulfills at least

two of these criteria for two consecutive fiscal years, it shall be subject to

independent auditing as of the following fiscal year.

If a company does not fulfill at least two of these criteria for two

consecutive fiscal years or if it is under the limit by a percentage of twenty

or more for at least two of these criteria for one fiscal year, then it shall be

excluded from independent audit.

The principles of auditing for joint stock companies subject to audit are

determined by the Independent Audit Regulation

(“Audit Regulation”).

In addition, auditing provisions may also be found in the Regulation

on the Principles and Procedures of the General Assembly Meetings

of Joint-Stock Companies and the Ministry of Customs and Trade

Representatives Attending These Meetings

(“GA Regulation”). Pursuant

to the GA Regulation, the presence of the auditor is required at the general

assembly meetings of the companies subject to audit.

The manner in which the audit shall be conducted is regulated under the

Decree Having the Force of Law on the Organization and Duties of Public

Oversight, Accounting and Auditing Standards Authority

(“Decree”).

Auditor

Only persons authorized by the Public Oversight, Accounting and

Auditing Standards Authority and/or companies whose shareholders

The Independent Auditing Regulation was published in the Official Gazette dated 26.12.2012

and numbered 28509.

The Regulation on the Principles and Procedures of the General Assembly Meetings of Joint-

Stock Companies and the Ministry of Customs and Trade Representatives Attending These

Meetings Anonim was published in the Official Gazette dated 28.11.2012 and numbered.

The Decree Having the Force of Law on the Organization and Duties of Public Oversight,

Accounting and Auditing Standards Authority was published in the Official Gazette dated

02.11.2011 and numbered 28103.