UPDATED THRESHOLDS FOR THE COMPANIES SUBJECT TO INDEPENDENT AUDIT
As per the Presidential Decision numbered 9774, published in the Official Gazette on 1 May 2025, amendments have been introduced to the Decision on the Determination of Companies Subject to Independent Audit, which was enacted by the Presidential Decision numbered 6434 and dated 30 November 2022 (the “Decision”).
As a result of the amendment made to sub-paragraphs (2) and (3) of paragraph (b), first paragraph of Article 3 of the Decision, the threshold values for companies to be subject to independent audit have been amended.
With this amendment, the limits for companies subject to general criteria were increased by 100% compared to the previous modification in terms of assets and revenues, without changing the number of employees.
New Thresholds as per the Decision:
The threshold values for companies listed in Annex 2 of the Decision, such as companies subject to the regulation and supervision of the Information and Communication Technologies Authority, banks with public ownership, affiliates of the Savings Deposit Insurance Fund (“SDIF”), as well as companies taken over for management and supervision by the SDIF, companies obtained license from the Energy Market Regulatory Authority for operating in energy sector, companies of which at least 50% of the capital is owned by municipalities, are as follows:• Companies with total assets equal to or above TRY 120,000,000
• Companies with annual net sales revenue of TRY 150,000,000 or more
• Number of Employees 100
For all companies not falling within the scope of subparagraphs (1) and (2) of Article 3 of the Decision:• Companies with total assets equal to or above TRY 300,000,000 or more
• Companies with annual net sales revenue of TRY 600,000,000
• Number of Employees 150
The amendments will be effective for accounting periods beginning on or after 1 January 2025.
The Decision has come into effect as of its publishing date in the Official Gazette.
Our Law Firm remains at your disposal for any further clarifications you may need.
Copyright © 2025 Cailliau&Colakel Attorney Partnership, All rights reserved.