External Auditing in Turkey: A Critical and Comparative Analysis of the New Law

Kandemir H. K.

EUROPEAN BUSINESS ORGANIZATION LAW REVIEW, vol.16, no.4, pp.711-734, 2015 (SSCI) identifier identifier


Independent external auditing has recently received a great deal of attention, not only in the United Stated and in Europe but also everywhere else in the world, including in emerging markets such as Turkey. Turkey, as a candidate for European Union (EU) membership, has launched a number of company law reforms in the field of external auditing. This article presents the audit market structure in Turkey alongside the development of the laws on auditing. As a main contribution, this article presents a critical comparative discussion of the recent external auditing reforms by way of examining the related provisions of the new Commercial Code and the Capital Markets Law. The article also submits some policy recommendations, in particular on the establishment of the public oversight body and auditor liability rules.