In Turkey, capital companies operating in certain areas and capital companies providing at least two of the threshold value in terms of “total assets”, “annual net sales revenue” and “number of employees” are subject to independent audit. The financial statements and board of directors’ reports of these companies are audited by independent auditors in accordance with international auditing standards.

In addition, the Ministry of Trade has the authority to audit all the trading companies in terms of transactions under the Turkish Commercial Code. As well, companies that carry out certain activities (e.g. banks, insurance companies, etc.) may be audited by the relevant public institutions and organizations in accordance with the special laws to which they are subject. In summary, public audit of trading company in Turkey it is carried out by public institutions and organizations.

However, in order to clarify certain events, shareholders have been given the right to request the appointment of an auditor from the general assembly. The request of the shareholder to appoint a special auditor is approved by the majority decision of the general assembly. If the request is rejected at the general assembly, shareholders who make up at least one-tenth of the capital (one-twentieth in publicly-held companies) may request the court to appoint a special auditor within three months.