Legal AlertThe Regulation Amending the Regulation on Independent Audit of Banks was Published in the Official Gazette

• Article 19 of the Regulation on Independent Audit of Banks has been amended as: ‘‘Professional liability insurance policy shall be issued in a way that clearly indicates the determined amount. An example of the policy shall be sent to the Banking Regulation and Supervision Agency (‘‘Agency’’) by the independent audit firm within thirty days from the date of issuance, along with the decision of the management body regarding the amount of turnover budgeted in the current year, the declaration and financial statements of the past year, and the related audit committee of the bank shall be informed.’’ With the amendment the ten day period has been exceeded to thirty days.

• With the Regulation, the following paragraph has been added to the article 19 of the Regulation on Independent Audit of Banks: ‘‘In the event that independent audit activities are not carried out in banks in the relevant accounting period, professional liability insurance shall not be required to be sent.’’

• Article 20 of the Regulation on Independent Audit of Banks has been amended as:

‘‘(1) Independent audit firms prepare the activity report to include explanatory information about the following and other information deemed necessary by the Authority and send the activity report to the Authority, electronically until the end of April following each accounting period, independent audit institutions using special accounting periods send the activity report to the Authority until the end of the fourth month following the end of the accounting periods notified to the Agency 

a) The audits carried out in the last five years in companies subject to the regulation and supervision of the Authority specified in the Part (2) of the list numbered I of the decision annex 

b) In case of a bank audit, the findings determined within the framework of materiality criteria and the actions related to these findings, determinations which were resolved and corrected in the financial statements and its annexes, resolution methods for the issues which require time to resolve, and how those that were not resolved were reflected in the independent audit report.

(2) Even if independent audit activities are not carried out in banks by independent audit firms in the relevant accounting period, it is obligatory to send an annual activity report, including the minimum elements.’’ 

https://www.resmigazete.gov.tr/eskiler/2022/05/20220525-7.htm