What Is Independent Audit (KGK)?
Independent audit in Türkiye is the examination of a company's financial statements against the applicable reporting standards by auditors authorised by the Public Oversight Authority (KGK), concluding in a formal opinion.
The regulator is the Public Oversight, Accounting and Auditing Standards Authority (Kamu Gözetimi Kurumu, KGK). It sets the auditing standards, licenses auditors and audit firms, and supervises the quality of audits performed — a role comparable to the FRC or PCAOB elsewhere.
The engagement concludes with an opinion on whether the financial statements give a true and fair view of the company's financial position and results. Independence from the audited company and objectivity in conduct are preconditions of the process.
Whether a company falls within the mandatory audit scope depends on criteria such as total assets, turnover and headcount, together with the sector in which it operates. These thresholds are revised periodically by Presidential decision, so scope should be reassessed each year.
Audited financial statements carry weight well beyond compliance: they are decisive in bank lending, investor and shareholder negotiations, mergers and acquisitions, and applications to public support programmes.