Best Accounting & Auditing Lawyers in Sultanbeyli

About Accounting & Auditing Law in Sultanbeyli, Turkey

Located in the eastern part of Istanbul, Sultanbeyli is subject to Turkish national accounting and auditing regulations while also aligning with local administration practices. In Turkey, accounting and auditing are governed by the Turkish Commercial Code (TCC), the Tax Procedure Law, and various regulations issued by the Public Oversight, Accounting and Auditing Standards Authority (KGK). These frameworks dictate how businesses maintain records, prepare financial statements, and ensure compliance with tax and commercial obligations. In Sultanbeyli, local businesses, professionals, and entities must adhere to these laws, which are often complex and require a sound understanding of local administrative procedures.

Why You May Need a Lawyer

Navigating accounting and auditing regulations can be challenging, particularly for business owners and entrepreneurs not versed in Turkish law or local administrative requirements. Common situations where legal expertise becomes essential include:

• Setting up a business: Ensuring your company complies with accounting and audit requirements from the start.
• Tax inspections and disputes: Representing your interests during audits by tax authorities or resolving conflicts regarding tax assessments.
• Financial reporting compliance: Interpreting complex regulations regarding the preparation and submission of financial statements.
• Internal or external audits: Guiding your company through regulatory or third-party audits.
• Facing penalties or legal proceedings: Defending your business against administrative fines or legal actions arising from alleged non-compliance.
• Mergers, acquisitions, and corporate restructuring: Ensuring compliance with all financial and reporting obligations during significant business changes.

A lawyer specializing in accounting and auditing law can help you avoid costly mistakes, reduce the risk of penalties, and provide peace of mind by ensuring legal compliance.

Local Laws Overview

In Sultanbeyli, as in the rest of Turkey, several key legal structures regulate accounting and auditing activities:

• Turkish Commercial Code (TCC): Sets out obligations for bookkeeping, financial statement preparation, and audit requirements, especially for joint-stock and limited liability companies.
• Tax Procedure Law: Details how businesses must document income and expenses, including invoicing, archiving, and regular reporting to tax authorities.
• The Capital Markets Law: Applies especially to companies operating in or interacting with regulated capital markets (less common for small local businesses but relevant for larger entities).
• Public Oversight, Accounting and Auditing Standards Authority (KGK): Oversees the implementation of International Financial Reporting Standards (IFRS) and the registration of authorized auditors.
• Municipal Regulations: Some local Sultanbeyli municipal rules may impact operating licenses, local taxes, and zoning, all of which affect the accounting process.

Awareness and compliance with these regulations are crucial for avoiding both administrative and criminal liability.

Frequently Asked Questions

What are the general accounting requirements for businesses in Sultanbeyli?

All businesses must keep accurate and complete accounting records in accordance with the Turkish Commercial Code and Tax Procedure Law. This includes issuing invoices, maintaining ledgers, preparing regular financial statements, and submitting periodic tax filings.

Do all companies need to undergo an audit?

Not all companies are subject to mandatory audits. Typically, larger corporations and certain types of limited companies must have their financial statements audited by registered professionals. The criteria are based on size, turnover, and employee count.

Who regulates auditors and accountants in Sultanbeyli?

The Public Oversight, Accounting and Auditing Standards Authority (KGK) oversees the licensing, regulation, and supervision of auditors and ensures adherence to national and international standards.

Can I use international accounting standards in my business?

Larger entities or those listed on capital markets are often required to use International Financial Reporting Standards (IFRS). Smaller businesses typically follow Turkish standards unless specific regulations apply.

What are the consequences of not complying with accounting laws?

Non-compliance can result in administrative fines, legal penalties, tax reassessments, criminal charges in cases of fraud, and loss of operating licenses.

How often are businesses audited by authorities?

Audits can be routine (scheduled) or triggered by suspicion of irregularities. Tax authorities conduct audits randomly or based on specific risk assessments.

Am I required to archive accounting records? If so, for how long?

Yes, businesses must retain their accounting records for at least 10 years, according to the Turkish Commercial Code and Tax Procedure Law.

What should I do if I receive a notice of audit?

You should promptly gather all required documentation, notify your accountant or auditor, and consult a lawyer to ensure you are adequately prepared to respond to authority inquiries.

Are digital and electronic invoicing options available?

Yes, Turkish law supports e-invoices and digital recordkeeping. Some businesses are required by law to use electronic invoicing, especially if they exceed certain turnover thresholds.

How can I find a qualified auditor or accountant in Sultanbeyli?

You may consult the Istanbul Chamber of Certified Public Accountants (İSMMMO), local business associations, or the KGK for directories of licensed professionals.

Additional Resources

If you are seeking more information or professional help with accounting and auditing issues in Sultanbeyli, these organizations and resources can be invaluable:

• Public Oversight, Accounting and Auditing Standards Authority (KGK): For laws, auditor registries, and standards.
• Istanbul Chamber of Certified Public Accountants (İSMMMO): For finding local accountants, seminars, and legal updates.
• Turkish Revenue Administration (GİB): For tax-related information, e-invoicing, and filing procedures.
• Istanbul Bar Association: For lists of lawyers specializing in accounting, auditing, and business law.
• Sultanbeyli Chamber of Commerce: For local business support and guidance.

Next Steps

If you need legal assistance regarding accounting or auditing in Sultanbeyli:

• Gather all relevant documents, including financial records, audit notifications, and correspondence with authorities.
• Identify the specific issue you're facing—whether it's compliance, audit preparation, setting up your business, or responding to legal proceedings.
• Reach out to a qualified lawyer or accountant with specific experience in Turkish commercial, tax, and accounting law, preferably who is familiar with the Sultanbeyli area.
• Arrange a consultation to discuss your situation. Bring clear questions and supporting documents to make the process efficient.
• Follow the legal advice provided and ensure all filings, responses, and remedial steps are completed within official deadlines.

By taking these steps, you can protect your business from common pitfalls, ensure compliance with local and national laws, and resolve conflicts efficiently.