*Pusula means "Compass" in English

Your Road Map in Compliance with New Turkish Commercial Code

Turkish Commercial Code Bill (New Code) has become law on 13 January 2011 which sets new and enhanced standards for all Turkish company boards and management.

The radical changes introduced by the New Turkish Commercial Code will have significant impact on the accounting, finance, financial reporting and audit functions of companies as well as the responsibilities of Board of Directors and Management within the context of such functions. It will be most important that you assess possible impact of those changes on your company particularly from the perspective of fulfilling the legal and criminal responsibilities of the Board of Directors arising from non-delegable and indispensible duties and powers.

TTK Pusula is a simple yet powerful self-assessment of your company's readiness to New Code. It compares your company's current situation with the company model dictated by the New Turkish Commercial Code. This processes designed to help you identify major gaps and take actions before the New Code is enacted on 1 July 2012.

Categories analyzed by TTK Pusula

• The structure and the responsibility of Board of Directors
• Shareholders' rights
• Relationship between the company and stakeholders
• Business processes and maintenance of accounting system (assets, liabilities and period end closings)
• Internal control system (control environment, control activities, operational processes and information system)
• Reporting (management reporting, financial reporting in accordance with Turkish Accounting System - equivalent of IFRS)
• Audit mechanism (internal audit and independent audit)
• Budget & work plan and financial planning
• Risk management system