FREQUENTLY ASKED QUESTIONS
The Most Frequently Asked Questions About Our Services
We have compiled the most frequently asked questions about our services for you. You can find answers to the questions we frequently encounter regarding all the services we offer, including independent auditing, consulting, training, and sustainability, on this page. If you have any other questions, please feel free to contact us at any time.
Independent Audit
Which companies are subject to independent audit?
The companies subject to independent auditing are regulated in Article 3 of the Presidential Decree on the Determination of Companies Subject to Independent Audit (Decree). The companies subject to auditing are divided into four groups in this Decree.
Group 1: Companies subject to auditing regardless of any criteria (companies listed in List I attached to the Decree)
Group 2: Companies listed in List II attached to the Decree that meet at least two of the following criteria, either individually or together with their subsidiaries and affiliates, for two consecutive accounting periods:
a. Total assets of 60 million Turkish Lira or more,
b. Annual net sales revenue of 80 million Turkish Lira or more,
c. Number of employees: 100 or more. Group 3: Companies whose capital market instruments are not traded on a stock exchange or other organized markets, but are considered publicly held within the scope of Capital Markets Law No. 6362 dated December 6, 2012, that meet at least two of the following criteria, either alone or together with their subsidiaries and affiliates, for two consecutive accounting periods: a. Total assets: 30 million Turkish Lira or more, b. Annual net sales revenue: 40 million Turkish Lira or more, c. Number of employees: 50 or more. Group 4: Companies not listed above that meet at least two of the following criteria, either alone or together with their subsidiaries and affiliates, for two consecutive accounting periods: a. Total assets: 150 million Turkish Lira or more, b. Annual net sales revenue: 300 million Turkish Lira or more, c. Number of employees: 150 or more.
NOTE: The criteria listed above are the criteria that will be used for auditing in the 2024 and subsequent accounting periods.
Group 1: Companies subject to auditing regardless of any criteria (companies listed in List I attached to the Decree)
Group 2: Companies listed in List II attached to the Decree that meet at least two of the following criteria, either individually or together with their subsidiaries and affiliates, for two consecutive accounting periods:
a. Total assets of 60 million Turkish Lira or more,
b. Annual net sales revenue of 80 million Turkish Lira or more,
c. Number of employees: 100 or more. Group 3: Companies whose capital market instruments are not traded on a stock exchange or other organized markets, but are considered publicly held within the scope of Capital Markets Law No. 6362 dated December 6, 2012, that meet at least two of the following criteria, either alone or together with their subsidiaries and affiliates, for two consecutive accounting periods: a. Total assets: 30 million Turkish Lira or more, b. Annual net sales revenue: 40 million Turkish Lira or more, c. Number of employees: 50 or more. Group 4: Companies not listed above that meet at least two of the following criteria, either alone or together with their subsidiaries and affiliates, for two consecutive accounting periods: a. Total assets: 150 million Turkish Lira or more, b. Annual net sales revenue: 300 million Turkish Lira or more, c. Number of employees: 150 or more.
NOTE: The criteria listed above are the criteria that will be used for auditing in the 2024 and subsequent accounting periods.
What does independent audit mean?
Independent auditing, in its simplest definition, is an audit service that evaluates, from an impartial perspective, whether an organization's financial statements are prepared in accordance with international financial reporting standards.
How is the auditor selected?
The independent auditor is appointed by the company's general assembly and is registered with the trade registry and announced to the public within the relevant year. If the company wishes to commission an independent audit, it may select an auditor by decision of the board of directors.
Which documents are reviewed during the audit process?
All documents reflecting the company's financial structure, such as financial statements, accounting records, contracts, internal control documents, and management reports, are included in the audit.
What reports are prepared as a result of the audit?
As a result of the independent audit, an audit report containing an opinion on the financial statements is prepared. Where necessary, additional assessments are also included in the report.
Are interim financial statements also audited?
Genel olarak yıllık mali tablolar denetlenir. Ancak halka açık şirketlerle ile bazı özel durumlarda, yatırımcıya sunulacak ara dönem tablolar için de sınırlı denetim yapılabilir.
What information can the auditor request from the company?
The auditor may request all information and documents necessary to perform his/her duties, including accounting records, contracts, payroll records, and similar documents.
Is the activity report subject to audit?
Yes. The audit also examines whether the activity report has been prepared in a manner that is consistent with the financial statements and reflects the truth.
What happens if an auditor is not selected?
Financial statements prepared for companies that have not appointed an auditor are not considered valid. This situation negatively affects the validity of board decisions and investor confidence.
What does independent auditing offer companies?
It provides benefits in many areas, such as transparency, investor confidence, legal compliance, and early detection of financial risks. This enables companies to strengthen their corporate structure.
How does the quality control process work?
In order to ensure that audits are conducted to high standards, both internal quality assurance systems and audits by the Public Oversight Authority are implemented.
Sustainability Audit
What does sustainability auditing cover?
The accuracy, transparency, and compliance with standards of companies' or institutions' practices and reporting in the areas of environmental, social, and governance (ESG) are evaluated.
Who should be subject to sustainability auditing?
For a company to be required to submit sustainability reporting, it must first be one of the listed companies listed in the List of Businesses Subject to Limits, Listed in the First Paragraph of Article 3 of the Board Decision. (For the relevant list, visit click.) This list is based on public benefit organizations.
A company that is not listed is not required to submit sustainability reporting.
There is another criterion that a company included on the list must also consider: A company is subject to mandatory reporting if it exceeds the thresholds for at least two of the following criteria in two consecutive reporting periods:
• Total assets 500 million Turkish Lira
• Annual net sales revenue 1 billion Turkish Lira
• Number of employees 250 people
A company listed but not meeting the criteria is not required to submit sustainability reporting.
A different situation applies to banks: Banks subject to the regulation and supervision of the Banking Regulation and Supervision Agency under Banking Law No. 5411 are subject to mandatory reporting without being subject to any threshold. However, banks affiliated with the Savings Deposit Insurance Fund are exempt from this requirement.
On the other hand, although not mandatory, businesses outside the scope can also report in accordance with the Turkish Sustainability Reporting Standards on a voluntary basis.
A company that is not listed is not required to submit sustainability reporting.
There is another criterion that a company included on the list must also consider: A company is subject to mandatory reporting if it exceeds the thresholds for at least two of the following criteria in two consecutive reporting periods:
• Total assets 500 million Turkish Lira
• Annual net sales revenue 1 billion Turkish Lira
• Number of employees 250 people
A company listed but not meeting the criteria is not required to submit sustainability reporting.
A different situation applies to banks: Banks subject to the regulation and supervision of the Banking Regulation and Supervision Agency under Banking Law No. 5411 are subject to mandatory reporting without being subject to any threshold. However, banks affiliated with the Savings Deposit Insurance Fund are exempt from this requirement.
On the other hand, although not mandatory, businesses outside the scope can also report in accordance with the Turkish Sustainability Reporting Standards on a voluntary basis.
What kind of documents should be prepared for this audit?
Documents such as energy usage reports, waste data, human resources policies, supply chain documents, ethical rules, and sustainability reports are reviewed.
How is sustainability auditing conducted?
Our independent auditors conduct field inspections in specified areas, perform document checks, analyze the findings, and compile them into reports.
What is achieved as a result of the audit?
An objective assessment of your company's ESG performance, identification of areas for improvement, and a reliable report to strengthen stakeholder communication are provided.
How important is compliance with international standards?
Compliance with international standards (TSRS, GRI, SASB, TCFD, etc.) in ESG reports is of great importance for global investors and stakeholders. Auditing supports you in ensuring this compliance.
How long is the audit period?
The duration may vary depending on the size of the company, the scope of ESG activities, and resource management; it can generally be implemented in a few weeks to a few months.
What does this audit bring to our company?
It increases stakeholder confidence, reduces legal and financial risks, strengthens your corporate reputation, provides you with data for strategic decisions, and paves the way for sustainable growth.
Corporate Finance
What is corporate finance consulting?
The company provides guidance and analysis services in strategic financial decision-making processes such as mergers, acquisitions, and capital increases.
Which companies should request corporate finance services?
All businesses with growth targets, seeking to attract investors, or planning to strengthen their financial structures can benefit from this service.
What analyses are performed during the service process?
Financial statement analysis, cash flow projections, valuation studies, and scenario planning are performed.
How do you support the capital increase process?
The potential investor profile is determined, presentations are prepared, and meetings are supported with financial analysis throughout the process.
How does merger and acquisition consulting work?
Strategic support is provided in the areas of target company selection, financial condition analysis, valuation, negotiation process, and integration steps.
Is corporate finance consulting mandatory?
No, it is not a legal requirement; however, it is preferred in order to make informed decisions and ensure investor confidence.
How does this service benefit our company?
It contributes to the optimization of the financing structure, the identification of risks, the valuation of investments, and strategic growth.
How long does the consultation period last?
It depends on the scope of the project. Capital increases usually take a few months, while mergers and acquisitions can take longer.
How are fees determined?
The scope of the service is determined specifically according to the size of the company and the resources required to ensure the success of the process.
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