Independent Audit
"Are all Turkish companies subject to independent audit?"
Quick Answer
An objective examination of a company's financial statements by licensed external auditors to ensure compliance with Turkish Financial Reporting Standards (TFRS).
Scope and Legal Distinctions
Whether independent audit is mandatory depends on the company's category and the current scope criteria. An internal accounting review is not a substitute for a required independent audit.
What to Check in Practice
Check the applicable period, size and sector criteria, appoint an eligible auditor and retain engagement and reporting records.
Sources & Authorities
Statutory framework and official guidance for this definition.
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