The Presidential Decree on the Amendment to the Decree on Determining the Companies Subject to Independent Audit (the “Decree”) published in the Official Gazette dated 6 April 2024 and numbered 32512, and amended the threshold values of the companies subject to independent audit.

As per the Decree, the thresholds for companies other than the companies listed in the list (I) annexed to the Decree No. 6434 specified in Article 3, companies that are subject to independent audit regardless of any criteria, companies that are considered publicly traded within the scope of the Capital Markets Law and companies listed in the list (II) annexed to the Decree, have been increased from (i) TRY 75 million to TRY 150 million for Total Assets (ii) TRY 150 million to TRY 300 million for Net Sales Amount. The threshold for the number of employees remains unchanged at 150 persons.

The Decree will enter into force on 6 April 2024 and will be effective for accounting periods beginning on or after 1 January 2024.