The Decision Amending the Decision on Determination of Companies Subject to Independent Audit ("Decision") has been published in the Official Gazette dated 06.04.2024 and numbered 32512. Within this scope, an amendment has been made to the thresholds for the companies being subject to independent audit, effective as of 01.01.2024.
As known, companies other than those specifically specified in the legislation are subject to independent audit when at least two of the criteria for being subject to independent audit are met in two consecutive financial years.
According to the amendments, for companies subject to independent audit:
- The value previously based on the total assets, which was TRY 75 million, has been increased to TRY 150 million.
- The value previously based on the annual net sales revenue, which was TRY 150 million, has been increased to TRY 300 million.
- There has been no change in the number of employees, and the condition of having 150 or more employees remains in effect.
The new threshold values have come into effect for the financial periods starting on 01.01.2024. Accordingly, companies that meet at least two of the criteria determined after the changes in 2022 and 2023 will be subject to independent audit in 2024.
You can access the relevant Decision via this link.