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Finding an English-speaking accountant in Turkey |
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| It is difficult to find good service providers, and usually you lose some money with unqualified people before you find a good one. | ||
| This is even truer if you are living or investing in a foreign country. If this country is Turkey, then it is not only the good service you must find but a good service provider who speaks English — and looking for languages other than English in Turkey might become an epic adventure.Learning by experience is usually the most expensive way to go, and therefore Americans (if not also Brits) often say “experience is expensive.” There are probably only a few things more difficult than finding an English-speaking lawyer, and one of these few things is finding an English-speaking accountant who will report in English.In my previous articles, I have explained some changes introduced by the Turkish Commercial Code (TCC). My previous piece examined the professional board structure under the new TCC. Today I will touch on the accounting and auditing system under the new TCC.As I say, the accounting and auditing system has been changed under the TCC that came into force on July 1, 2012, bringing with it some questions and a few gray areas. Most things are not black and white in Turkey. As you will notice, the streets are full of gray cars. (It is easy to manage by not washing your car for several days.) The TCC is now pushing companies towards greater transparency by applying new accountancy standards said to be closer to International Financial Reporting Standards (IFRS). Most big companies, especially the ones with multinational ties, were already calling for IFRS, but now this has become even more important.According to the new TCC, individuals and real entities are also required to comply with the rules and regulations laid down by the Ministry of Finance in keeping their commercial books and preparing their financial tables. The new TCC has set the condition that merchants must comply with Turkish Accounting Standards in keeping their commercial books.Furthermore, the new code has permitted the implementation of specific and exceptional standards for enterprises of different scales and sectors.
Another amendment is in regard to auditing companies. With the new code, auditing of the financial tables of joint stock companies will be undertaken according to Turkish Auditing Standards, the important point being that the Council of Ministers will determine which companies will be subject to auditing. The new code determines who is eligible to be an auditor of companies. They should be independent audit companies whose shareholders are certified public accountants or independent accountants and financial advisors. Additionally, the Ministry of Finance determines the terms of establishment and working rules along with the qualifications of audit personnel of independent audit companies in the TCC. So there will be a more reliable auditing system, we hope. I will continue to write about amendments that have come into force with the new TCC. NOTE: Berk Çektir is a lawyer and available to answer questions on the legal aspects of living and doing business in Turkey. Please send inquiries to b.cektir@todayszaman.com. If a sender’s letter is published, names may be disclosed unless otherwise expressly stated by the sender.
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