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the term spent as auditor shall be included in the calculation of this period
for independent audit firms appointed voluntarily by companies as well.
Audit Contract
The auditing contract concluded in writing between the audit firm or
the auditor and the company must bear some minimum qualifications as
per the Audit Regulation. The general assembly resolution constituting
the basis of the auditing contract, the purpose, scope and term and, if any,
the special reasons of the audit, the subject of the audit and its criteria,
the responsibilities of the parties, the audit fee, the commencement
and termination date of the audit and the delivery date of the report,
the professional liability insurance may be stated as examples of these
minimum qualifications.
The contract may not foresee the provision of any service other than
audit; the payment of the audit fee may not be subject to any condition
other than the provision of audit services.
The audit contract shall be concluded for the fiscal year in which the
audit firm or the auditor has been elected in accordance with the TCC.
Scope of the Audit
The financial statements of companies, the consistency of the financial
information in the annual activity report of the board of directors and the
financial statements, as well as whether they are accurate, shall all be
audited within the scope of independent audit.
Whether the financial statements and the activity report of the board
of directors has been audited or not, and if so, the opinion of the auditor
must be indicated in the title of the financial statement and the activity
report.
The financial statements shall be audited as per Turkish Auditing
Standards in compliance with International Auditing Standards.
The non-audited financial statements and annual activity report of
the board of directors shall be deemed invalid if the company is subject
to audit.