In today’s dynamic business environment, maintaining financial transparency and regulatory compliance is more critical than ever. Whether you’re a multinational corporation expanding into the Turkish market or a local business seeking to strengthen your financial credibility, professional audit services are essential for sustainable growth and stakeholder confidence.
Turkey’s strategic position as a bridge between Europe and Asia makes it an attractive destination for foreign investment. However, navigating the complex regulatory landscape requires expertise in both local Turkish regulations and international standards. At Celikel CPA, we provide comprehensive audit services that ensure your business remains compliant, transparent, and positioned for success.
This complete guide explores the eight essential audit services available in Turkey, the regulatory framework governing audits, and how Celikel CPA can support your business objectives.
Turkey has undergone significant regulatory reforms in recent years to align its financial reporting and auditing standards with international best practices. The introduction of new Turkish Commercial Code (TCC) provisions and the establishment of the Public Oversight, Accounting and Auditing Standards Authority (KGK) have transformed the audit landscape.
For businesses operating in Turkey, professional audit services provide:
Understanding the regulatory environment is crucial for businesses seeking audit services in Turkey. The following bodies govern auditing practices:
1. KGK (Public Oversight, Accounting and Auditing Standards Authority)
KGK is the primary regulatory body responsible for:
2. Turkish Commercial Code (TCC)
The TCC, revised in 2012, introduced mandatory independent audit requirements for certain companies. Key provisions include:
3. Capital Markets Board (CMB)
For publicly traded companies, the CMB sets additional requirements:
4. Banking Regulation and Supervision Agency (BRSA)
Financial institutions are subject to BRSA oversight, which includes:
Not all companies in Turkey are required to undergo independent audits. The Council of Ministers determines thresholds annually. As of 2025, companies meeting at least two of the following three criteria for two consecutive years are subject to mandatory independent audit:
| Criteria | Threshold |
|---|---|
| Total Assets | 75 million TL |
| Annual Net Revenue | 150 million TL |
| Number of Employees | 150 or more |
Additionally, the following entities are subject to mandatory audit regardless of size:
At Celikel CPA, we offer a comprehensive range of audit services designed to meet the diverse needs of businesses operating in Turkey. Our experienced team combines local expertise with international standards to deliver exceptional value.
A financial statement audit is an independent examination of a company’s financial statements to express an opinion on whether they present a true and fair view of the company’s financial position. This is the most common type of audit and forms the foundation of financial transparency.
Our Approach
At Celikel CPA, we conduct financial statement audits in accordance with:
Key Components of Our Financial Statement Audit
| Component | Description |
|---|---|
| Balance Sheet Review | Verification of assets, liabilities, and equity positions |
| Income Statement Analysis | Examination of revenue recognition and expense classification |
| Cash Flow Statement | Assessment of cash movements and liquidity |
| Notes to Financial Statements | Review of disclosures for completeness and accuracy |
| Accounting Policies | Evaluation of appropriateness and consistency |
Benefits for Your Business
Industries We Serve
Our financial statement audit expertise spans across various sectors including manufacturing, technology, retail, healthcare, real estate, and professional services.
An internal control audit evaluates the effectiveness of a company’s internal control systems designed to ensure reliable financial reporting, operational efficiency, and compliance with laws and regulations. Strong internal controls are the backbone of corporate governance.
We apply the internationally recognized COSO (Committee of Sponsoring Organizations) framework, which encompasses five components:
A compliance audit assesses whether your organization adheres to applicable laws, regulations, policies, and contractual obligations. In Turkey’s complex regulatory environment, compliance audits are essential for avoiding penalties and maintaining operational licenses.
Areas of Compliance We Cover
Tax Compliance
Labor Law Compliance
Commercial Law Compliance
Industry-Specific Regulations
What is a Tax Audit?
A tax audit is a comprehensive review of your organization’s tax positions, filings, and compliance with Turkish tax laws. Unlike compliance audits that cover broad regulatory areas, tax audits focus specifically on taxation matters to identify risks and optimization opportunities.
Scope of Our Tax Audit Services
Corporate Taxation
Indirect Taxes
Withholding Taxes
Transfer Pricing
Our Tax Audit Process
Pre-Audit Planning
Document Review
Testing and Verification
Risk Assessment
Reporting and Recommendations
Why Tax Audits Matter
Turkey has an active tax inspection regime. Proactive tax audits help you:
Our Compliance Audit Methodology
| Step | Activity |
|---|---|
| 1 | Identify applicable regulations and requirements |
| 2 | Review current policies and procedures |
| 3 | Test compliance through sampling and verification |
| 4 | Document findings and non-compliance issues |
| 5 | Assess risk level of each finding |
| 6 | Provide remediation recommendations |
| 7 | Assist with corrective action implementation |
Benefits of Compliance Audits
ISAE 3402 (International Standard on Assurance Engagements 3402) is an international assurance standard for reporting on controls at service organizations. This audit produces SOC (Service Organization Control) reports that provide assurance to user entities and their auditors about the effectiveness of controls.
Service organizations that process transactions or host data on behalf of other companies typically need ISAE 3402 reports. Common examples include:
Types of ISAE 3402 Reports
| Report Type | Description | Coverage Period |
|---|---|---|
| Type 1 | Description of controls and opinion on design | Point in time |
| Type 2 | Description, design opinion, and operating effectiveness | Minimum 6 months |
Our ISAE 3402 Audit Process
Phase 1: Scoping and Planning
Phase 2: Control Documentation
Phase 3: Control Testing
Phase 4: Reporting
Benefits of ISAE 3402 Certification
Special purpose audits are tailored engagements designed to address specific needs that fall outside the scope of standard financial statement audits. These audits focus on particular aspects of an organization’s operations, transactions, or financial information.
Merger and Acquisition Due Diligence
When acquiring or merging with another company, thorough due diligence is essential. Our M&A audit services include:
Litigation Support and Forensic Audit
In cases of suspected fraud, disputes, or legal proceedings, we provide:
Carve-out Audits
For business divestitures or spin-offs:
Grant and Subsidy Audits
For organizations receiving government grants or EU funding:
Contract Compliance Audits
Verification of compliance with specific contractual terms:
Our Approach to Special Purpose Audits
Each special purpose audit is unique. We begin by:
What is an Information Systems Audit?
An information systems (IS) audit evaluates the controls within an organization’s information technology infrastructure. As businesses become increasingly dependent on technology, ensuring the security, integrity, and reliability of IT systems is paramount.
Scope of Our IS Audit Services
IT General Controls (ITGC)
Application Controls
Cybersecurity Assessment
Data Privacy and Protection
IT Governance
Our IS Audit Methodology
What is a Performance Audit?
A performance audit, also known as an operational audit or value-for-money audit, evaluates the efficiency, effectiveness, and economy of an organization’s operations. Unlike financial audits that focus on historical accuracy, performance audits look at how well resources are being used to achieve objectives.
The Three E’s of Performance Auditing
| Element | Definition | Key Question |
|---|---|---|
| Economy | Minimizing the cost of resources | Are we paying the right price for inputs? |
| Efficiency | Getting the most from available resources | Are we maximizing outputs from our inputs? |
| Effectiveness | Achieving intended objectives | Are we achieving our goals? |
Areas We Examine
Operational Efficiency
Cost Management
Revenue Optimization
Human Capital
Strategic Alignment
Our Performance Audit Process
Objective Setting
Data Collection
Analysis
Recommendations
Implementation Support
Benefits of Performance Audits
At Celikel CPA, we follow a structured, comprehensive audit process that ensures thoroughness while minimizing disruption to your operations.
Duration: 1-2 weeks
During this initial phase, we:
Duration: 1-2 weeks
We conduct a thorough risk assessment including:
Duration: 2-6 weeks (depending on scope)
This is the core execution phase where we:
Duration: 1-2 weeks
Our quality assurance process includes:
Duration: 1 week
We deliver comprehensive reporting including:
Ongoing
Our commitment continues after the audit:
With deep roots in Turkey's business community, we understand the nuances of local regulations, business practices, and cultural expectations. At the same time, we apply international standards including ISA, IFRS, and ISAE to ensure your audits meet global expectations.
Our team is fluent in both Turkish and English, enabling seamless communication with multinational organizations, foreign investors, and international stakeholders. All reports and documentation can be provided in either language.
We have developed specialized expertise across key industries:
| Industry | Our Experience |
|---|---|
| Manufacturing & Export | Production cost audits, inventory management, export incentive compliance |
| Technology & Startups | R&D tax credit audits, investor-ready financials, ESOP valuations |
| Retail & E-commerce | Revenue recognition, inventory audits, multi-channel operations |
| Financial Services | Regulatory compliance, BRSA requirements, risk management |
| Healthcare & Pharma | Industry regulations, clinical trial accounting, transfer pricing |
| Real Estate & Construction | Project accounting, percentage-of-completion audits, joint ventures |
We believe in building long-term relationships based on trust and mutual success. Our approach includes:Accessibility: Direct access to partners and senior managers Responsiveness: Timely responses to inquiries and concerns Flexibility: Adaptable scheduling to minimize business disruption Transparency: Clear communication about findings and fees Value-Added: Proactive recommendations beyond the audit scope
Companies meeting at least two of the following three criteria for two consecutive years are subject to mandatory independent audit: total assets of 75 million TL or more, annual net revenue of 150 million TL or more, or 150 or more employees. Additionally, publicly traded companies, banks, insurance companies, and certain other financial institutions are subject to mandatory audit regardless of size.
We conduct audits in accordance with International Standards on Auditing (ISA), Turkish Auditing Standards (TDS), International Financial Reporting Standards (IFRS), Turkish Accounting Standards (TAS), and ISAE 3402 for service organization audits.
The duration depends on the type and scope of the audit. A standard financial statement audit for a medium-sized company typically takes 4-8 weeks from planning to final report. Larger or more complex engagements may take longer.
es, our bilingual team can conduct audits and provide all reports and documentation in English, Turkish, or both languages as needed.
We work closely with your team to develop a schedule that minimizes disruption. Much of our work can be done remotely, and we coordinate on-site visits in advance. We also provide detailed document request lists early to give your team adequate preparation time.
We provide a comprehensive document request list tailored to your audit. Generally, this includes financial statements, general ledger, trial balance, bank statements, contracts, board minutes, tax filings, and supporting documentation for significant transactions.
We maintain strict confidentiality for all client information. Our team follows professional ethical standards, and we can sign additional confidentiality agreements as required. All documents are stored securely, and access is limited to engaged team members.
Audit fees are based on several factors including company size, complexity, industry, number of locations, quality of internal controls, and scope of work required. We provide detailed fee proposals after understanding your specific situation.
Our proposals include all anticipated costs. If significant unexpected issues arise that require additional work, we discuss this with you before proceeding. We believe in transparent pricing with no surprises.
We discuss findings with management throughout the audit process. For significant issues, we work with you to understand the root cause and develop remediation strategies. Our goal is to help you improve, not just identify problems.
Beyond the audit opinion, we provide a management letter containing observations and recommendations for improvement. We also offer follow-up consulting services to help implement changes and strengthen your financial processes.
Ensuring your business meets regulatory requirements while maintaining financial transparency is essential for success in Turkey’s dynamic market. At Celikel CPA, we combine local expertise with international standards to deliver audit services that add real value to your organization.
