Financial Reporting & Independent-Audit Readiness

Put the reporting framework, close controls, financial statements and auditor-request file into one evidence-led readiness plan.

Scope

TFRS is not automatic for every Turkish company. We first determine the independent-audit scope and applicable reporting framework, then convert differences between tax records and TFRS, BOBI FRS or voluntary KUMI FRS reporting into traceable adjustments and evidence. This service prepares the statements and audit file; it does not replace the independent audit or assurance opinion issued by a KGK-authorised auditor.

2026 independent-audit scope test covering annex lists, category-specific limits and the general asset, revenue and employee criteria
TFRS, BOBI FRS or voluntary KUMI FRS framework decision and first-time transition differences
Account reconciliations across the trial balance, banks, receivables/payables, inventory, fixed assets, payroll and tax subledgers
Adjustment and reclassification register covering deferred tax, impairment, provisions and foreign-exchange items
Statement of financial position, profit or loss, cash flows and changes in equity, plus a disclosure checklist
Group reporting package, intercompany reconciliation and consolidation eliminations where applicable
Prepared-by-client request list, evidence index and auditor question/finding tracker
Monthly or quarterly management pack and budget-to-actual bridge for investors, lenders or the board

Process

01

Scope and framework

Set the audit obligation, users, reporting period and TFRS/BOBI FRS/KUMI FRS framework.
02

Opening and data quality

Reconcile prior-period figures, the trial balance, subledgers and evidence; assign every gap to an owner and date.
03

Conversion and statements

Build policies, adjustments, eliminations, four primary statements and disclosures in a traceable working file.
04

Audit readiness

Organise the PBC list, evidence index and question/finding log for the independent auditor without interfering with the auditor’s opinion.

Deliverables

Audit-scope and financial-reporting-framework decision memo
Account reconciliation, data-gap and adjustment register
Draft financial statements and disclosures under the applicable framework
Consolidation package and elimination table where in scope
PBC request list, evidence index and auditor question/finding tracker
Management, lender or investor reporting pack within the agreed scope

Pricing model

A first-time transition or year-end readiness project is quoted after the periods, entity/group count, framework, consolidation and data quality are scoped. Recurring management reporting may be packaged monthly. Independent-auditor and specialist-valuation fees are separate.

Typical timeline

The timetable is confirmed after the data review. A single entity and a group consolidation, or a repeat close and a first-time conversion, do not require the same effort. If an audit-delivery date exists, the critical path and owners are fixed at the outset.

Frequently asked

Are you a licensed independent auditor?

This service is not an independent audit or assurance opinion. I prepare financial statements and evidence, run close controls and coordinate information flow; the audit engagement and opinion belong to a KGK-authorised independent auditor or audit firm.

Which companies are subject to independent audit in 2026?

Some entities in the annexes are in scope directly or under category-specific thresholds. Under the general criteria introduced by Presidential Decision No. 11066, at least two of three thresholds — TRY 500 million total assets, TRY 1 billion annual net revenue and 150 employees — must be exceeded in two consecutive accounting periods. Group calculations and exit from scope follow separate rules; the current year alone is not enough.

Should we report under TFRS or BOBI FRS?

The framework depends on entity type, regulator and audit status. Public-interest and other designated entities use TFRS; audited entities outside mandatory TFRS generally use BOBI FRS. KUMI FRS and voluntary options require a separate check for other entities. An investor’s request for a TFRS pack should not be confused with the entity’s statutory status.

What data is needed to start?

The request is tailored from the trial balance, prior statements, chart of accounts, bank and counterparty reconciliations, inventory/fixed-asset lists, payroll and tax files, material contracts and group chart. Passwords, OTPs, financial-seal PINs and private keys are never requested.

Is a management pack an audited financial statement?

No. A management pack containing budget variances, KPIs and cash forecasts is a decision-support report. Financial statements are audited only when an authorised independent auditor issues the relevant report on them.

Official sources

Last statutory source check: 8 September 2026

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