Independent Auditor Mehmet Emin Tatlı gave important warnings and tips to companies that have undergone or will undergo independent auditing this year. Index Economy Independent Auditing Inc. Mehmet Emin Tatlı , Chairman of the Board of Directors, stated that companies that are or will undergo independent auditing within this year should carry out their controls and said, “ The increase in prices due to inflation has created fictitious increases in the financial statements of the companies. These increases paved the way for companies to be subject to independent auditing. If any two of the general independent audit criteria of 35 Million Assets, 70 Million Net Sales and 175 Employees are exceeded for 2 consecutive accounting periods, the company will be subject to independent audit. The threshold values of other companies that will be built in accordance with their own special legislation or determined by the KGK differ. The accounting systems of companies subject to independent audit will also change. Explaining that accounting policies can be carried out in accordance with Turkish Accounting Standards, Independent Auditor Tatlı said, “While the accounting policies, accounting systems and accounting record order, which are the responsibility of companies, were previously implemented only in accordance with the General Communiqué on Accounting System Application in accordance with the Tax Procedure Law No. It will also be implemented in accordance with its standards. In this regard, the company will also create accounting records in accordance with TMS and prepare financial statements in accordance with TMS / TFRS ” .
Drawing attention to the importance of the continuity principle of the business in the preparation of the financial statements, Tatlı said, “The company management should evaluate the ability to maintain the continuity of the business while preparing the financial statements. An entity prepares its financial statements on a going concern basis as long as management has no intention to liquidate the entity or cease operating the entity, or has a realistic alternative to do so. If management becomes aware of significant uncertainties related to events or conditions that may seriously doubt the entity’s continued ability to continue to operate, these uncertainties should be disclosed by the entity and implemented measures to contain it. In the event that it does not prepare its financial statements on a going concern basis, the entity should explain the basis on which it has prepared its financial statements and why the going concern principle is not valid, and take the necessary preventive measures .
Reminding the companies that are subject to Independent Audit, Tatlı said, “Companies subject to Independent Audit will make contracts with independent auditing companies until the end of the period when the financial statements prepared in accordance with Turkish Accounting Standards are prepared, and after the end of the accounting period, the compliance and validity of the financial statements they have prepared in accordance with TAS/TFRS will be determined. will obtain an Independent Audit Report to present to financial information users . ”
Explaining that companies need to create new estimated cash flows with new plans in the current inflationary environment, Auditor Tatlı said, “It is inevitable for companies to work on new year planning, budgeting and cash flow forecasts in the current inflationary environment. Inflation is an important situation that needs to be constantly monitored and sequential measures taken .
Noting that companies should not neglect revaluation studies due to the renewed legislation, Tatlı continued: “Companies have to carry out revaluation studies arising from legislation. In particular, valuations with inflation coefficients are important. In addition, the revaluations to be made will have a positive effect on the asset size of the financial statements for the companies, will increase the credibility of the company and contribute to the loan utilization opportunities.”
Independent Auditor Mehmet Emin Tatlı also drew attention to the board decisions of the BRSA and said, “As a result of the relevant board decisions of the BRSA, the TL equivalent of the foreign currency cash assets of the enterprises should not exceed 10 million TL or the TL equivalent of their foreign currency cash assets should not exceed 10 million TL. It is explained that even if it exceeds 5 percent of the financial statements’ total assets or the net sales revenue of the last 1 year. If the business is stuck with these restrictions, it will not be possible to use only foreign currency loans. For this reason, studies and evaluations on foreign currency assets and liabilities gain importance .
Independent Auditor Tatlı, in his tips on the use of funds by enterprises, said, “It is important that business investments are financed with resources suitable for their maturities. It is recommended to use long-term foreign resources or equity capital in Fixed Asset financing, and to use Short-Term Foreign Resources in Current Asset financing .
the subject of data recording, Tatlı said, “Companies subject to Independent Auditing, financial data and information (Personnel Lists, Checks and Bills Lists, Fixed Assets Lists, Credit Tracking Lists, Cash Counts and creating minutes, Stock Counts and creating minutes) in order to carry out checks and checks. , Litigation Lists, Lists of Guarantees Given and Mortgage, etc.) should be prepared in an appropriate, understandable and dynamic manner and should present in detail the end-of-period balance sheet, which is the basis for the preparation of the financial statements, in addition to the existing data . ”
