Türkiye

The Turkish Commercial Code No. 6102 (the Commercial Code) governs corporate financial reporting, accounting, auditing, and sustainability reporting requirements in Türkiye. The Commercial Code establishes the legal framework for the preparation, presentation, audit, and publication of financial statements and grants authority to the Public Oversight, Accounting and Auditing Standards Authority (KGK) to issue accounting, auditing, and sustainability reporting standards.

KGK requires the application of Turkish Financial Reporting Standards (TFRS), which are fully aligned with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), for public interest entities (PIEs). Other entities may apply TFRS voluntarily or apply the Financial Reporting Standard for Large and Medium Sized Entities (BOBI FRS) issued by KGK. BOBI FRS applies to entities subject to statutory audit that are not required to apply full TFRS. Türkiye has not adopted the IFRS for Small and Medium-sized Entities (IFRS for SMEs), although the 2009 version has been translated into Turkish.

Türkiye has also established a sustainability reporting framework aligned with International Sustainability Standards Board (ISSB) standards. Pursuant to amendments to the Commercial Code and related KGK decisions issued in 2023 and 2024, Türkiye Sustainability Reporting Standards (TSRS) became mandatory for specified entities for reporting periods beginning on or after January 1, 2024. TSRS S1 and TSRS S2 are based on IFRS S1 and IFRS S2 issued by the ISSB and apply to listed entities, financial institutions, and other entities meeting prescribed thresholds established by KGK.

Act No. 6103 on the Application of the Turkish Commercial Code authorizes the President of the Republic to determine the scope of entities subject to mandatory statutory audit requirements. Under the applicable decisions and amendments issued pursuant to this authority, listed companies, banks, insurance companies, brokerages, and entities exceeding specified size thresholds are subject to mandatory audit requirements.

Under the Commercial Code, statutory audits may only be conducted by members of the Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB) who satisfy additional licensing and registration requirements established by KGK. Statutory Decree Law No. 660 on the Organization and Duties of the Public Oversight, Accounting and Auditing Standards Authority authorizes KGK to issue Turkish Auditing Standards in line with international standards. KGK has adopted Turkish Auditing Standards based on the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB). According to confirmations received from TÜRMOB and based on KGK’s published Turkish Auditing Standards sets, the Turkish Auditing Standards framework is continuously updated in line with IAASB revisions and incorporates the latest ISA effective internationally at the time of assessment. KGK has also issued ethical requirements for statutory auditors based on the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA), including the latest revisions effective at the time of assessment.

In addition to financial statement audits, Türkiye has introduced mandatory sustainability assurance requirements for sustainability reports prepared under TSRS. KGK decisions issued in 2024 established limited assurance requirements for sustainability reporting applicable to entities within the scope of mandatory TSRS reporting.

The accountancy profession in Türkiye is regulated by law under Professional Law No. 3568 on Certified Public Accountancy and Sworn-in Certified Public Accountancy of 1989, as amended. The law establishes the legal framework for the regulation, licensing, and oversight of the profession and recognizes two protected professional designations: Certified Public Accountant (CPA) and Sworn-in Certified Public Accountant (Sworn-in CPA).

The profession operates under a shared regulatory model involving the Public Oversight, Accounting and Auditing Standards Authority (KGK), the Ministry of Treasury and Finance, universities and higher education authorities, and the Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB).

Initial professional development requirements for entry into the profession are established under Professional Law No. 3568 and related regulations. Universities and the Turkish Higher Education Council are responsible for determining approved undergraduate degree programs and academic requirements. Candidates for the CPA and Sworn-in CPA designations are generally required to complete a bachelor’s degree in law, economics, finance, business administration, accounting, banking, public administration, or political science; complete a period of practical experience; and pass professional examinations administered under the authority of TÜRMOB. Membership in TÜRMOB is mandatory in order to practice as a CPA or Sworn-in CPA in the jurisdiction.

CPAs are authorized to maintain accounting records, prepare financial statements and tax declarations, provide consultancy services, and perform certain assurance and accounting-related services. Sworn-in CPAs are authorized to perform tax certification services and certify tax returns and related financial information. Sworn-in CPAs may not engage in bookkeeping activities.

Since 2011, KGK has been responsible for the public oversight and regulation of statutory auditors and audit firms under Statutory Decree Law No. 660 on the Organization and Duties of the Public Oversight, Accounting and Auditing Standards Authority. KGK is responsible for establishing auditing, accounting, ethics, and sustainability reporting standards; licensing and registering statutory auditors and audit firms; maintaining public registries; conducting quality assurance reviews; monitoring continuing professional development requirements for auditors; and administering investigation and disciplinary procedures for statutory auditors and audit firms.

Candidates seeking authorization to perform statutory audits are required to hold a CPA or Sworn-in CPA qualification, complete additional practical audit experience requirements, and successfully pass KGK-administered examinations. Additional sector-specific requirements apply for auditors of public interest entities, including examinations relating to capital markets, banking, insurance, and private pension regulations.

Under Professional Law No. 3568, TÜRMOB is responsible for monitoring compliance with initial and continuing professional development requirements for its members; supporting implementation of professional and ethical standards; and operating investigation and disciplinary procedures for breaches of professional obligations applicable to its members. KGK has also delegated authority to TÜRMOB to conduct quality assurance reviews of audits of certain non-public interest entities under KGK oversight arrangements. TÜRMOB’s activities are subject to oversight by the Ministry of Treasury and Finance.

Members of TÜRMOB holding the CPA or Sworn-in CPA designation may also voluntarily join the Expert Accountants Association of Türkiye (EAAT), which awards the Expert Accountant Certificate. The qualification does not confer additional statutory practicing rights.

Independent public oversight of the audit profession in Türkiye is established under Statutory Decree Law No. 660 on the Organization and Duties of the Public Oversight, Accounting and Auditing Standards Authority. The Decree Law establishes the Public Oversight, Accounting and Auditing Standards Authority (KGK) as the independent public oversight authority responsible for the regulation and supervision of statutory auditors and audit firms in the jurisdiction.

KGK is responsible for establishing auditing, accounting, ethics, and sustainability reporting standards; licensing and registering statutory auditors and audit firms; maintaining public registries; conducting quality assurance reviews and inspections; monitoring continuing professional development requirements for auditors; and administering investigation and disciplinary procedures for statutory auditors and audit firms. KGK also oversees delegated quality assurance review activities performed by the Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB) for certain non-public interest entity audits.

In addition to its audit oversight responsibilities, KGK plays a central role in Türkiye’s sustainability reporting framework through the issuance and implementation oversight of Türkiye Sustainability Reporting Standards aligned with International Sustainability Standards Board standards.

KGK is a member of the International Forum of Independent Audit Regulators.

Expert Accountants Association of Türkiye (EAAT)

EAAT was established in 1942 as a voluntary professional accountancy organization representing accountancy professionals who hold Certified Public Accountant (CPA) or Sworn-in Certified Public Accountant (Sworn-in CPA) qualifications issued through the Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB).

EAAT does not hold statutory regulatory authority within the jurisdiction. The association awards the Expert Accountant Certificate to eligible members as a professional distinction; however, the qualification does not confer additional statutory practicing rights.

EAAT supports the development of the profession in Türkiye through professional activities, international engagement, and cooperation with other professional organizations and stakeholders. EAAT cooperates with TÜRMOB on matters related to professional development and advancement of the accountancy profession. EAAT is a member of the International Federation of Accountants (IFAC).

Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB)

The Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB) was established in 1989 under Professional Law No. 3568 on Certified Public Accountancy and Sworn-in Certified Public Accountancy as the mandatory professional organization for Certified Public Accountants and Sworn-in Certified Public Accountants in Türkiye.

TÜRMOB operates through a national union structure comprising regional chambers of professionals across the jurisdiction. Membership is mandatory for individuals seeking to practice as Certified Public Accountants or Sworn-in Certified Public Accountants in Türkiye.

Under Professional Law No. 3568, TÜRMOB is responsible for monitoring compliance with initial and continuing professional development requirements for its members; supporting implementation of professional and ethical standards; and operating investigation and disciplinary mechanisms for breaches of professional obligations. Under oversight arrangements established by the Public Oversight, Accounting and Auditing Standards Authority (KGK), TÜRMOB also conducts quality assurance reviews of certain non-public interest entity audits delegated by KGK.

In addition to its regulatory and oversight-related responsibilities, TÜRMOB supports the profession through technical guidance, professional training, continuing professional development activities, and engagement with national and international stakeholders on matters affecting the accountancy profession. TÜRMOB’s activities are subject to oversight by the Ministry of Treasury and Finance.

TÜRMOB is a member of the International Federation of Accountants, Accountancy Europe, the Edinburgh Group, and the Fédération des Experts Comptables Méditerranéens.

The quality assurance (QA) review system in Türkiye is established under Statutory Decree Law No. 660 and the Independent Audit Regulation, which provide the legal basis for mandatory inspections of statutory auditors and audit firms by the Public Oversight, Accounting and Auditing Standards Authority (KGK). The system applies to all statutory audits, with inspections conducted at least every three years for audit firms auditing public interest entities and at least every six years for other audit firms. KGK may also conduct inspections based on complaints, notifications, or other identified risks.

KGK is responsible for operating the QA review system and may delegate inspection activities for certain non-public interest entity audits to the Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB), under KGK oversight. The framework is operational and applies to all mandatory audits; accordingly, it is aligned with the relevant requirements of SMO 1.

The applicable quality management standards have been adopted through the Turkish Auditing Standards. KGK has published Quality Management Standard 1, Quality Management Standard 2 based, and Auditing Standard 220 (Revised) on quality management for audits of financial statements.

Current Status: Adopted

Professional Law No. 3568 on Certified Public Accountancy and Sworn-in Certified Public Accountancy establishes initial professional development and continuing professional development requirements for Certified Public Accountants (CPAs) and Sworn-in Certified Public Accountants (Sworn-in CPAs). The framework requires approved university education, practical experience, professional examinations, licensing, and mandatory membership in the Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB) to practice.

TÜRMOB administers the professional education, practical experience, examination, and licensing requirements for CPAs and Sworn-in CPAs under the Law and related regulations. The practical experience regulation defines aspiring professional accountants and establishes the internship and professional training framework.

The Public Oversight, Accounting and Auditing Standards Authority (KGK) establishes additional authorization requirements for statutory auditors, including licensing as a CPA or Sworn-in CPA, audit-related practical experience, and successful completion of KGK examination requirements. Continuing professional development requirements apply to professional accountants and statutory auditors, including a 120-hour requirement over a three-year period.

TÜRMOB previously completed a review of the national education requirements against the 2019 International Education Standards (IES) and confirmed alignment.

Current Status: Adopted

Statutory Decree Law No. 660 authorizes the Public Oversight, Accounting and Auditing Standards Authority (KGK) to issue auditing and assurance standards in Türkiye. KGK publishes Turkish Auditing Standards, including the Independent Auditing Standards (BDS), for application in statutory audits.

KGK’s Turkish Auditing Standards are based on International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB) and are required for application in all statutory audits under the Turkish Commercial Code. Based on confirmations received from TÜRMOB and KGK’s published Turkish Auditing Standards sets, the Turkish Auditing Standards framework is continuously updated in line with IAASB revisions and incorporates the latest ISA effective internationally at the time of assessment.

KGK has also issued a draft Turkish standard based on the International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) for public consultation.

Current Status: Adopted

Statutory Decree Law No. 660 authorizes the Public Oversight, Accounting and Auditing Standards Authority (KGK) to issue ethical requirements for statutory auditors in accordance with international standards. KGK has issued the Bagimsiz Denetçiler Için Etik Kurallar, including independence standards, based on the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA).

Based on confirmations received from TÜRMOB and KGK’s published Turkish Auditing Standards sets, the national ethical requirements framework incorporates the full 2025 International Code of Ethics for Professional Accountants (including International Independence Standards), including the latest revisions effective at the time of assessment.

Current Status: Adopted

Public Financial Management and Control Law No. 5018 establishes the public financial management, accounting, and reporting framework in Türkiye. The Law requires accounting and reporting standards for general government entities to be established in accordance with international standards and published in the Official Gazette.

The central government applies accrual-basis International Public Sector Accounting Standards (IPSAS), modified for the local context, as reflected in the International Public Sector Financial Accountability Index maintained by the International Federation of Accountants and the Chartered Institute of Public Finance and Accountancy.

As Türkiye applies accrual-basis IPSAS modified for the local context, IPSAS are assessed as Adopted.

Current Status: Adopted

Investigation and discipline (I&D) arrangements in Türkiye are established through shared responsibilities between the Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB) and the Public Oversight, Accounting and Auditing Standards Authority (KGK). TÜRMOB operates an I&D system for Certified Public Accountants and Sworn-in Certified Public Accountants under Professional Law No. 3568 and the Disciplinary Regulation. The system provides for disciplinary proceedings and sanctions for breaches of professional obligations.

KGK has enforcement authority over statutory auditors and audit firms under Statutory Decree Law No. 660 and the independent audit framework. KGK may initiate enforcement action based on inspection findings and impose sanctions related to audit practice rights, including warnings, suspension, and revocation of authorization.

The jurisdiction-level I&D framework is operational for professional accountants and statutory auditors. However, the current legal framework does not allow non-professional accountants to sit on the TÜRMOB Disciplinary Committee, which remains a gap against the relevant requirements of SMO 6.

Current Status: Partially Adopted

Statutory Decree Law No. 660 authorizes the Public Oversight, Accounting and Auditing Standards Authority (KGK) to issue accounting standards in Türkiye. KGK publishes Turkish Financial Reporting Standards (TFRS), which are in full compliance with International Financial Reporting Standards (IFRS) Accounting Standards as issued by the International Accounting Standards Board (IASB), through Board decisions published in the Official Gazette.

TFRS are required for the financial statements of public interest entities. Other entities may apply TFRS voluntarily or apply the Financial Reporting Standard for Large and Medium Sized Entities (BOBI FRS), issued by KGK for entities subject to statutory audit that are not required to apply TFRS. KGK notes that TFRS are continuously updated in line with IASB amendments, with original IASB effective dates preserved.

As Türkiye requires IFRS Accounting Standards as issued by the IASB through TFRS for public interest entities and permits their application by other entities, IFRS are assessed as Adopted.

Türkiye has not adopted the IFRS for Small and Medium-sized Entities; BOBI FRS is applied instead for relevant large and medium-sized entities and was developed with reference to the IFRS for SMEs Standard, among other sources.

Current Status: Adopted

Relevant Organizations

Accountancy Europe

Expert Accountants Association of Türkiye (EAAT)

Fédération des Experts Comptables Méditerranéens (FCM)

International Forum of Independent Audit Regulators (IFIAR)

Public Oversight, Accounting and Auditing Standards Authority (KGK)

The Edinburgh Group

Union of Chambers of Certified Public Accountants of Türkiye (TÜRMOB)

Relevant Legislation

Independent Audit Regulation

Professional Law No. 3568 on Certified Public Accountancy and Sworn-in Certified Public Accountancy

Public Financial Management and Control Law No. 5018

Statutory Decree Law No. 660 on the Organization and Duties of the Public Oversight, Accounting and Auditing Standards Authority

Turkish Commercial Code No. 6102

TDS Sets

TDS 2026 Sets

Relevant Publications

Bagimsiz Denetçiler Için Etik Kurallar (Bagimsizlik Standartlari Dâhil)

IFRS Foundation Jurisdiction Profile: Türkiye

IFRS Foundation Sustainability Jurisdiction Profile: Türkiye

KGK 2026 Turkish Auditing Standards Set

KGK Revisions to Ethical Requirements for Independent Auditors

Public Oversight Authority Introduction Booklet

TÜRMOB Overview of the Profession in Türkiye