Tax revision

This team effects verifications and examinations of the firm on a quarterly basis, prepares a working file, and produces a report containing its observations and recommendations. Our team will conduct four reviews throughout the year and divide work in order to prepare the certification report. Each report will be sent to the manager of the accounting department in addition to senior management. Each report is preceded by a description of conclusions, and if required a meeting is arranged with the participation of executives.  The matters contained in these reports, as well as recommendations and/or risks, are discussed. To summarize, the review work aimed at fiscal certification consists of:

1. Examination of all legal books for recording and certification purposes in accordance with Turkish tax legislation and the Turkish Commercial Code.

2. Review of all notifications and declarations (Value Added Tax Return, Withholding Tax Return, Temporary Tax Return, Corporate Tax Return and others) in terms of:Accuracy of accruals

• Accuracy of accruals
• Consistency with accounting records
• Mathematical accuracy
• Timeliness and proper payment

3. Examination of the firm’s sales invoices on a sampling basis and review of the:

• Accuracy of presentation
• Mathematical accuracy
• Consistency with accounting records

4. Examination of all expense and income accounts and their accruals on a sampling basis in terms of:

• Proper documentation
• Accordance with required filing and booking periods
• Completeness

5. Confirmation that the account system conforms with General Notifications 1 & 2 of the Turkish Accounting Applications

6. Review of valuations for all asset & liability accounts (other than those discussed above) on a sampling basis within the framework of Tax Procedure Law No. 213 and accounting principles.

Also:

•   Comments on the proper presentation of year-end financial statements from a legal & financial perspective
•   Validation of the information reported in the financial statements
•   Report of detected errors and recommendations to ensure required corrections are implemented