Preparation of Non-listed Companies for External Auditing: Policy Recommendations for Turkish SMEs towards New Turkish Commercial Code

Through recent developments, including the new Turkish Commercial Code, Basel II and IFRS for SMEs; External Auditing is quickly becoming a current issue that is expected to add value to all non-listed companies. Turkish Commercial Code requires all companies whether listed or non-listed to comply with Turkish Accounting Standards (TAS) and Turkish Financial Reporting Standards (TFRS) and requires all companies to be audited by an independent external auditor. The first section of the current study goes over the external auditing concept and its potential benefits. Following sections deal with country specific factors and developments that highlight external auditing. The fifth section, in line with current study, makes suggestions towards the preparation process of non-listed companies for external auditing. The first aim of this paper is to examine what kind of costs that companies may face in the case of non-compliance to the OHS regulations on the overall dimensions. Another aim is to show how OHS regulations work in a packaging company named Amcor which operates in 43 countries around the world, and looking to OHS with the employees’ point of view by applying a survey research.