GENERAL EVALUATION OF THE NEW TURKISH COMMERCIAL CODE FROM THE ASPECTS OF INDEPENDENT AUDITING, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL FINANCIAL REPORTING STANDARDS AND BASEL II CRITERIA

The current turkish commercial code, which was put into practice on january 1 1957 and has been at work for 53 years, has become inadequate to meet the requirements of the age in the face of the domestic and recent global economic crises within this period. the new turkish commerce code has been intended to establish clear, transparent and reliable public disclosure in terms of auditing. the primary objective is to provide an auditing system consistent with turkish accounting standards and to build credibility for all financial results, whether positive or negative, that come out of the auditing from the perspectives of content and purpose. this type of auditing includes all firms, whether they are small, medium or large and publicly held or not, and whether their shares are processed in the stock market. this work includes the important arrangements which the new turkish commercial code will introduce to the economic life in terms of international financial reporting standards and independent auditing.