Changes Introduced by the New Code from the Perspectives of Audit, Financial Reporting and Finance Function and the Responsibilities of Board of Directors and Management
(Within the scope of Company Law Book)

The New Turkish Commercial Code (New Code) aims to regulate commercial relations in line with the recent changes in the local and global business environment as well as technological and legal developments including the EU legislation. Particularly the Company Law section of the New TTK includes the most radical changes in the whole law which will have a significant impact on the Turkish commercial life.

The subsequent requirements placed on companies are challenging, but necessary. With proper New Turkish Commercial Code Training, each corporation or organization subject to compliance will not only be able to comply, but benefit. Therefore, New Turkish Commercial Code Training should be a mandatory goal for your company's Boards of Directors, CEO, CFO primarily. However, all levels within a company should have some knowledge of the legislation for proper compliance.

New Turkish Commercial Code Training provides the thinking tools necessary for successful New Turkish Commercial Code compliance. Proper training allows management and employees to better understand the intricate New Turkish Commercial Code mandates. Many new mechanism (such as IFRS, internal controls etc) play a vital role toward New Code compliance; so becoming familiar with them is a large part of the training process.

By learning how to handle the possible challenges and benefits of the New Code, companies and their investors are safer in the long run. The most common errors in the New Code compliance are due to negligence. Failure to know and understand the mandates, along with the processes toward meeting them, are what curbs success.

Depending on your budget and what your needs are, there is a New Turkish Commercial Code Training program available to you and your company. Remember. Knowledge is the first important step toward successful New Turkish Commercial Code compliance.

Training Objectives

• Understand the rationale behind New Turkish Commercial Code
• Understand the role of Corporate Governance principles in the preparation of the New Code
• Learn the new duties and responsibilities of the Board of Directors and make the comparison with the existing law
• Learn radically changed accounting system and audit mechanism required by the New Code
• Learn other radical changes introduced by the New Code
  

Target Audience

Company owners, board members, general managers, finance & accounting directors, managers and assistant managers, financial controllers and other related senior management team, internal control and internal audit department managers, supervisors, managers and other personnel of financial departments, non-financial managers, bank managers, lawyers

Duration

The New Turkish Commercial Code training will take 1 day and can be tailored to your needs.

Training Outline

   General overview regarding New Turkish Commercial Code

• Rationales of the New Code

   Main pillar in the New Code: Corporate Governance Principles

• Transparency, fairness, accountability, responsibility
• Main changes introduced by the Code within the context of Corporate Governance
• Functioning among general assembly, board of directors and management
• Shareholders democracy
  

   Non-delegable duties and powers of Board of Directors

• New structure and functioning of the board
• Delegation of management: Internal regulation
• Financial audit (Internal Controls & Internal Audit)
• Risk management (The Committee of Early Identification of Risks)
• Financial planning
  

   Equivalent of International Financial Reporting Standards (IFRS): Turkish Accounting Standards

• Comparison with the existing system
• IFRS for small and medium sized entities
• Comparison of valuation principles of Turkish Accounting Standards and Turkish Tax Laws

   A new audit mechanism: Independent audit

• Comparison with the existing system
• Audit reports and mandatory resignation of Board of Directors
• Independent audit communiqué
• Supreme Auditing Board
• The Committee of Turkish Standards on Auditing and the Turkish Standards on Auditing