Internal Audit Requirements
"What internal audit requirements apply to Turkish companies?"
Quick Answer
Listed companies and many regulated entities are subject to internal control and internal audit rules under sector specific legislation. Separately, independent statutory audit requirements for companies are determined under Turkish Commercial Code No. 6102 and updated threshold criteria set by Presidential decisions.
Key Aspect Under Turkish Law
In Turkey, “internal audit” obligations depend on the company type and whether the business operates in a regulated sector. Separately, the Turkish Commercial Code No. 6102 sets the framework for statutory independent audit of certain companies based on company category and financial and employee thresholds.
Key Points to Remember
- Turkish Commercial Code No. 6102 provides the statutory audit framework, including independent audit obligations for certain companies
- Regulated sectors such as banking, insurance, and capital markets may impose internal control and internal audit requirements through sector specific regulations
- Whether a company is subject to independent audit is determined by (i) the company category listed in the relevant Presidential Decision and (ii) whether at least two threshold criteria are met for the required period
- Internal policies, delegation rules, record keeping, and board oversight are commonly reviewed in audits and inspections, especially in regulated sectors
Practical Considerations for Businesses
Because requirements vary by sector and company size, businesses typically review their corporate governance structure, internal control procedures, and statutory audit status together to ensure compliance with applicable Turkish rules and any group level standards.
Documentation requirements, timelines, and regulator expectations vary by sector and company status. Always confirm the current independent audit thresholds and any sector specific internal audit obligations that apply to your business.
Need Expert Legal Guidance?
This page is provided for general informational purposes only and does not constitute legal advice or establish a lawyer client relationship.
Schedule a Consultation