Regulation on the Audit of Sports Clubs, Sports Joint-Stock Companies and Superior Organizations
The Regulation on the Audit of Sports Clubs, Sports Joint Stock Companies, and Superior Organizations (Regulation) entered into force through publication in the Official Gazette dated 12.10.2024 and numbered 32690. The Regulation sets out the procedures and principles regarding the audit of sports clubs, sports joint stock companies, and superior organizations by the Ministry of Youth and Sports (Ministry) and the obligation to issue declarations.
The fundamental issues stipulated in the Regulation are summarized below:
- It is set forth that all administrative and financial transactions and activities of sports clubs, sports joint stock companies and superior organizations, including whether they operate by their purposes as set out in the relevant legislation, bylaws and articles of association, and whether they keep their books and records following the legislation, are subject to the Ministry's audit.
- The frequency of audits is set at three years and the scope of the audit is limited to the subjects specified in the approval of the superior organizations' assignment.
- The procedures to be followed and sanctions to be applied in case the information, documents, and records requested by the auditors are not provided or provided incompletely or the auditors are prevented from performing their duties are designated.
- Principles regarding the appointment of experts, expert reports and fees in cases requiring expertise or technical knowledge during the audit were determined.
- The Ministry may also have the financial status and profit and loss accounts of sports clubs and sports joint-stock companies audited annually by an authorized independent auditing firm.
- It is stipulated that sports clubs and sports joint-stock companies must submit the results of income and expenditure transactions and profit-loss and balance sheet accounts with a declaration to the Ministry every year within three months at the latest from the end of the accounting period.
All rights of this article are reserved. This article may not be used, reproduced, copied, published, distributed, or otherwise disseminated without quotation or Erdem & Erdem Law Firm's written consent. Any content created without citing the resource or Erdem & Erdem Law Firm’s written consent is regularly tracked, and legal action will be taken in case of violation.
Other Contents
The Regulation on the Procedures and Principles Regarding the Exemption of Sports Clubs and Sports Joint Stock Companies from Debt Restrictions (Regulation) entered into force following its publication in...
The Regulation on the Procedures and Principles Regarding the Merger of Sports Clubs and Transfer of Assets entered into force through publication in the Official Gazette dated 14.09.2022 and numbered 31953...
The Regulation on Books and Records to be kept by the Sports Clubs (Regulation) entered into force through its publication in the Official Gazette dated 07.09.2022 and numbered 31946...