In essence the New Turkish Commercial Code (TCC) has a new way of thinking on the companies' financial performance, protection of capital and company assets. These three important aspects of TCC lay the foundation for companies to incorporate Financial Planning, Internal Audit, Risk Management into their operations. The new resolution mandates to companies for management reporting, the control of the data in the management reports. Furthermore companies are required to ensure that their decision making process is working in relation to the management reports. These requirements of the new TCC have to be met with sound internal controls and an internal audit function.

Regardless of company size TCC has underlined the need of a fully independent Internal Audit function. According to the new resolution the Internal Audit function has to fulfill the following requirements:

Audit of all company wide operations,

• Resources of the company, how they are used, the liquidity of the resources and its audit must be performed,
• Physical control of the fixed assets,
• Traceability of the decisions taken by management and their audit,
• Controls to ensure data consistency within the company.