While the independent auditing in publicly-held corporations was made in accordance with Serial X No:11 Communique of the Capital Market Law until 2005 pursuant to CML, then the regulatory authorities (Banking Regulation and Supervision Agency, BRSA - Undersecretariat of Treasury and Energy Market Regulatory Authority, etc.) led by the Capital Market Board ordered independent audit to be made over the financial statements prepared in accordance with the International Financial Reporting Standards within the framework of union acquis. Basically, all the companies in Turkey are obliged to prepare their financial statements in accordance with the provisions of Tax Procedure Law (TPL). Companies subject to supreme regulatory authorities led by publicly-held corporations subject to Capital Market Law are obliged to submit some correction and classification records while preparing their financial statements in accordance with International Financial Reporting Standards (IFRS) after the preparation of financial statements in accordance with the Tax Procedure Law; and generally these accounting records are provided by majority of the companies not over the accounting information system but outside accounting.peer-reviewe
