Best Accounting & Auditing Lawyers in İskenderun

About Accounting & Auditing Law in İskenderun, Turkey

İskenderun, a vibrant port city in southern Turkey, operates under national Turkish accounting and auditing standards, while also reflecting certain local business customs and industrial needs. Turkish law regulates the accounting profession strictly, aligning financial reporting and auditing processes with international standards, particularly for companies operating under the Turkish Commercial Code (TCC). The city’s economic structure—boosted by industry, logistics, and trade—means local businesses often require skilled accounting and auditing services to ensure transparency, tax compliance, and sound financial management.

Why You May Need a Lawyer

Legal guidance in the fields of accounting and auditing is essential for various reasons. Common situations where people in İskenderun may require legal help include:

• Navigating complex Turkish tax laws and regulations applicable to individuals and businesses.
• Support during tax audits or investigations by the Revenue Administration or other authorities.
• Establishing or restructuring companies and ensuring proper financial recordkeeping in compliance with TCC.
• Resolving disputes involving financial misstatements, fraud, or auditing errors.
• Representation in court or before regulatory bodies in cases of alleged white-collar crimes related to accounting or auditing.
• Ensuring compliance with sector-specific accounting obligations (e.g., maritime, logistics, and manufacturing industries prevalent in İskenderun).
• Guidance during mergers, acquisitions, or liquidation procedures, where accurate auditing is critical.

Local Laws Overview

Accounting and auditing in İskenderun are governed mainly by Turkish national legislation such as the Turkish Commercial Code (TCC), Tax Procedure Law, and regulations issued by the Public Oversight, Accounting and Auditing Standards Authority (KGK). Key aspects include:

• Accounting Standards: Larger companies and those subject to public interest are required to follow Turkish Financial Reporting Standards, which converge with International Financial Reporting Standards (IFRS).
• Recordkeeping: All businesses must keep accurate and up-to-date books, including journals, ledgers, and inventories, as outlined in the TCC and Tax Procedure Law.
• Audit Requirements: The TCC mandates independent external audits for companies over certain thresholds, with local firms often subject to review by auditors approved by the KGK.
• Tax Compliance: Tax declarations must be prepared according to local and national tax rules. Regular audits by the tax authority are possible and should be managed carefully.
• Penalties: Non-compliance with accounting or auditing obligations can lead to administrative fines, civil liabilities, or even criminal charges, especially in cases involving fraud, deliberate misrepresentation, or tax evasion.

Frequently Asked Questions

What is the difference between an accountant and an auditor in Turkey?

Accountants handle the preparation and maintenance of financial records, while auditors independently review those records for compliance with laws and standards, providing assurances to stakeholders.

Are there mandatory audit requirements for all companies in İskenderun?

Not all companies are subject to mandatory audits. Generally, joint-stock companies, limited companies exceeding certain size criteria, and those of public interest are required to undergo independent audits.

What penalties may result from failing to comply with accounting regulations?

Penalties range from administrative fines and restrictions on company activities to criminal prosecution for intentional tax evasion or fraud.

Do small businesses need to hire a certified accountant?

Yes, all businesses must keep proper records. Hiring a certified public accountant (SMMM) ensures compliance with Turkish laws and avoids potential penalties.

How often are businesses audited by tax authorities?

Audits can occur randomly or when the tax authority suspects irregularities. They are also more frequent for larger businesses or those involved in high-risk activities.

Can I appeal a tax audit result?

Yes, if you disagree with a tax assessment, you may appeal through administrative procedures or by taking legal action in tax courts.

What should I do if I suspect accounting fraud in my company?

Immediately consult with a lawyer and an independent auditor. Reporting and investigating potential fraud is crucial to minimize legal exposure and financial losses.

Are international accounting standards recognized in Turkey?

Yes, Turkey’s standards are harmonized with IFRS, especially for listed and larger companies. Local standards apply to smaller entities.

What supporting documents must be kept under Turkish law?

Companies are obligated to keep all financial documents such as invoices, receipts, contracts, and bank statements for statutory periods, usually five to ten years.

How can a lawyer help during a merger or acquisition?

Lawyers work alongside accountants and auditors to conduct due diligence, ensure proper valuation, identify risks, and prepare necessary contracts to protect your interests.

Additional Resources

If you need further assistance, consider reaching out to these organizations:

• İskenderun Chamber of Certified Public Accountants (SMMM Odası): Offers support in finding certified accountants and information on local regulations.
• Public Oversight, Accounting and Auditing Standards Authority (KGK): National body overseeing audit standards and licensing auditors.
• İskenderun Tax Office (İskenderun Vergi Dairesi): Handles local tax matters and can provide official guidance on tax compliance and bookkeeping requirements.
• Union of Chambers of Certified Public Accountants of Turkey (TÜRMOB): Sets professional standards and provides directories of licensed professionals.
• İskenderun Bar Association: Assists in locating lawyers experienced in commercial, tax, and financial law.

Next Steps

If you believe you require legal guidance in the accounting or auditing field in İskenderun, consider the following steps:

• Gather all relevant documentation, including financial records, audit reports, and any communication with regulatory authorities.
• Consult with a certified accountant (SMMM) or sworn financial advisor (YMM) to assess your immediate obligations and identify any areas of concern.
• Contact a lawyer with expertise in Turkish commercial and accounting law for advice tailored to your specific circumstances.
• If required, reach out to local organizations such as the İskenderun Chamber of SMMM or Bar Association for referrals.
• Act proactively—early legal consultation can prevent disputes, reduce liabilities, and ensure full compliance with all legal and regulatory obligations.