TRANCEPARENCY REPORT TRANSPARENCY REPORT REGARDING TO 2014 DRAFTED WITHIN THE INDEPENDENT AUDIT REGULATION PUBLISHED BY PUBLIC OVERSIGHT ACCOUNTING AND AUDITING STANDARDS AUTHORITY (KGK)
MERİDYEN KURUMSAL ÇÖZÜM VE BAĞIMSIZ DENETİM A.Ş. 2014 TRANSPARENCY REPORT Transparency report of 2014 drafted by Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. is submitted your information and it has been announced in the website of our audit company. MERİDYEN KURUMSAL ÇÖZÜM VE BAĞIMSIZ DENETİM A.Ş. Muhiddin ALTUNTAŞ Responsible Partner Chief Auditor Board Chairman (Ankara, 06/04/2015)
Contents: Page Nr. 1. Introduction: 1 2. Legal Structure of the Establishment and the 1 Authorization Documents It has 3. Information about Its Partners : 2 3. Key Managers and Auditor Team : 3 4. Legal and Structural Characteristics of the Audit Network : 6 5. Related Audit Establishments and Other Businesses and Nature of these Relations : 6 6. Organizational Structure : 6 7. Examinations of Quality Assurance Systems : 6 8. Public Interest Entities Subjected to Independent Audit 7 9. Continuous Training Policy : 7 10. Compliance to Independency Principle : 8 11. Financial Information : 9 12. Pricing Principles of Responsible Auditors : 9 13. Quality Control : 9 14. Other Subjects : 10
1. Introduction: This report is the Transparency Report drafted for 2014 by Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. ( Establishment, Company ) within the Independent Audit Regulation ( Regulation ) published on the Official Gazette dated 26 December 2012 and numbered 28509 by Public Oversight Accounting and Auditing Standards Authority and it has been published on the website of our establishment on 04 April 2015. 2. Legal Structure of the Establishment and the Authorization Documents It has : Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. has been established on 29.11.2013 in Ankara in order to operate in independent audit operations within the Turkish Commercial Code and it has operated via Antalya (contact office), Konya (contact office) and Trabzon (contact office) offices out of the registered office in Ankara in 2014. The Company has been found in the status of Corporation and its founding capital is 210.000.-TL. Then, it has been increased to 300.000.-TL with the registration carried out on 08.10.2014. Complete capital of the company has been paid and all the shares are nominative. Registered address of the establishment is Mutlukent Mahallesi 1978. Cadde No: 14 Ümitköy Çankaya ANKARA. The establishment has been authorized by Public Oversight Accounting and Auditing Standards Authority on carrying out independent audit including Public Interest Entities. The establishment has been authorized by the Capital Markets Board (CMB) pursuant to the Communiqué Regarding Independent Audit Standards in Capital Markets (Series: X, No: 22) as published on CMB s bullet dated 03.04.2015 and numbered 2015/9. Our company has been authorized pursuant to the statement of Energy Market Regulatory Authority Establishments that fulfil the independent audit function in electric and natural gas market are required to be authorized by Public Oversight Accounting and Auditing Standards Authority.
3. Information about Its Partners The Company has been found in the status of Corporation and its founding capital is 210.000.-TL. Then, it has been increased to 300.000.-TL with the registration carried out on 08.10.2014. Complete capital of the company has been paid and all the shares are nominative. More than half of company capital and voting rights belong to the auditors and all of our partners are occupation members. Partnership structure of the establishment is as follows by 31.12.2014: Name and Surname of Company Partner Share Amount of Company Capital (Unit) Share Amount of Partnership (TL) Muhiddin ALTUNTAŞ 29.996 29.996,00 Alptekin YÜCEBAŞ 30.000 30.000,00 Hadice Mahitap NİZAM 30.000 30.000,00 Ersan AKKUŞ 30.000 30.000,00 ENVER İMAN 30.000 30.000,00 Turgay ÖMÜR 30.000 30.000,00 Mehmet ŞANİ 30.000 30.000,00 Mehmet GÖKÇE 30.000 30.000,00 Yıldırım Beyazıt AKHAN 30.000 30.000,00 Zekeriya BALTA 30.000 30.000,00 Ahmet BARINDIRIR 0,001 1,00 Galip TAŞDEMİR 0,001 1,00 Neşe IŞIK 0,001 1,00 İzzet BALTA 0,001 1,00 Total 300.000 300.000,00 Changes in the Partnership Structure in 2014 Zekeriya BALTA has joined to the partnership of the company in 2014. Yıldırım Beyazıt AKHAN has joined to the partnership of the company in 2014. Mehmet GÖKÇE has joined to the partnership of the company in 2014. Ahmet BARINDIRIR has joined to the partnership of the company in 2014. Galip TAŞDEMİR has joined to the partnership of the company in 2014. Neşe IŞIK has joined to the partnership of the company in 2014. İzzet BALTA has joined to the partnership of the company in 2014.
Partnership structure of Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. is as follows by 06.04.2015 in which this report has been delivered to KGK; Name and Surname of the Amount of Shares Number of Shares Partner (TL) Total (TL) Group A Group B Group A Group B Muhiddin ALTUNTAŞ 20.000 9.996 20.000,00 9.996,00 29.996,00 Alptekin YÜCEBAŞ 20.000 10.000 20.000,00 10.000,00 30.000,00 Enver İMAN 20.000 10.000 20.000,00 10.000,00 30.000,00 Ersan AKKUŞ 20.000 9.997 20.000,00 9.997,00 29.997,00 Hadice Mahitap NİZAM 20.000 10.000 20.000,00 10.000,00 30.000,00 Turgay ÖMÜR 20.000 10.000 20.000,00 10.000,00 30.000,00 Mehmet ŞANİ 20.000 10.000 20.000,00 10.000,00 30.000,00 Mehmet GÖKÇE 20.000 10.000 20.000,00 10.000,00 30.000,00 Yıldırım Beyazıt AKHAN 20.000 9.996 20.000,00 9.996,00 29.996,00 Zekeriya BALTA 20.000 9.998 20.000,00 9.998,00 29.998,00 Neşe IŞIK 0 1 0,00 1,00 1,00 Galip TAŞDEMİR 0 1 0,00 1,00 1,00 Ahmet BARINDIRIR 0 1 0,00 1,00 1,00 İzzet BALTA 0 1 0,00 1,00 1,00 Ekrem Erdem ANGIN 0 1 0,00 1,00 1,00 Atila GÜMÜŞ 0 1 0,00 1,00 1,00 Zekeriya PALA 0 1 0,00 1,00 1,00 Nebahat YAVAŞ 0 1 0,00 1,00 1,00 Ramazan GÜL 0 1 0,00 1,00 1,00 Abdulkerim ALEMDAR 0 1 0,00 1,00 1,00 Himmet KARA 0 1 0,00 1,00 1,00 Hülya ÇEVİK 0 1 0,00 1,00 1,00 Tezcan ATAY 0 1 0,00 1,00 1,00 200.000.- 100.000.- 200.000.- 100.000.- 300.000.- 4. Key Managers and Auditor Team: Key managers of the company have not been changed by 31.12.2014 and are as follows by 06.04.2015 on which the report has been delivered; Key Managers Board Chairman : Muhiddin ALTUNTAŞ Vice Chairman : Alptekin YÜCEBAŞ Board Member : Enver İMAN Numbers of auditor team of the company is in the following table; Title 31.12.2014 06.04.2015 Responsible Auditor 15 24 Auditor 18 27 Assistant Auditor 6 6 Total 39 57
TEAM (By 31.12.2014) NR NAME SURNAME TITLE OCCUPATIONAL TITLES NR NAME SURNAME TITLE OCCUPATIONAL TITLES 1 TANER AKGÜL GENERAL MANAGER 16 ERDEM AKKUŞ 2 MUHİDDİN ALTUNTAŞ 3 ALPTEKİN YÜCEBAŞ 4 HADİCE MAHİTAP NİZAM 5 ENVER İMAN 6 ERSAN AKKUŞ 7 TURGAY ÖMÜR 8 MEHMET ŞANİ 9 MEHMET GÖKÇE 10 ZEKERİYA BALTA 11 YILDIRIM BEYAZIT AKHAN 12 NEŞE IŞIK 13 İZZET BALTA 14 AHMET BARINDIRIR 15 GALİP TAŞDEMİR INCLUDING EXCLUDING EXCLUDING INCLUDING EXCLUDING EXCLUDING EXCLUDING EXCLUDING EXCLUDING EXCLUDING EXCLUDING EXCLUDING EXCLUDING EXCLUDING 17 ERTAN AKKUŞ 18 ARİF AYYILDIZ 19 ÖNDER YILDIRIM 20 YALÇIN AVŞAR 21 MUAMMER KÖSE 22 AHMET KAYA 23 CENGİZ İRKEN 24 YILMAZ KILIÇ 25 İSMET ÖZTÜRK 26 GÜLNAZ GÜLER 27 AYŞE ARSLANPINAR 28 REMZİ ÇAĞDAŞ 29 ERDEM BALTA 30 HATİCE GÖNÜL 31 EKREM ERDEM ANGIN 32 ATİLA GÜMÜŞ 33 ZEKERİYA PALA 34 ERHAN KAYA 35 GÖKHAN ALTUNTAŞ 36 AKIN ÖZMEN 37 MURAT YALÇIN 38 BESTAMİ ŞİNİK 39 SONGÜL ÖZSARI ASSISTANT ASSISTANT ASSISTANT ASSISTANT ASSISTANT ASSISTANT
TEAM (By 06.04.2015) NR NAME SURNAME TITLE OCCUPATIONA L TITLES NR NAME SURNAME TITLE 1 TANER AKGÜL GENERAL MANAGER 25 ERDEM AKKUŞ 2 MUHİDDİN ALTUNTAŞ 3 ALPTEKİN YÜCEBAŞ 4 HADİCE MAHİTAP NİZAM 5 ENVER İMAN 6 ERSAN AKKUŞ 7 TURGAY ÖMÜR 8 MEHMET ŞANİ 9 MEHMET GÖKÇE 10 ZEKERİYA BALTA 11 YILDIRIM BEYAZIT AKHAN 12 NEŞE IŞIK 13 İZZET BALTA 14 AHMET BARINDIRIR 15 GALİP TAŞDEMİR 16 EKREM ERDEM ANGIN INCLUDING İ INCLUDING OCCUPATI ONAL TITLES 26 ERTAN AKKUŞ 27 ARİF AYYILDIZ 28 ÖNDER YILDIRIM 29 YALÇIN AVŞAR 30 MUAMMER KÖSE 31 AHMET KAYA 32 CENGİZ İRKEN 33 YILMAZ KILIÇ 34 İSMET ÖZTÜRK 35 GÜLNAZ GÜLER 36 AYŞE ARSLANPINAR 37 REMZİ ÇAĞDAŞ 38 ERDEM BALTA 39 HATİCE GÖNÜL 40 MELEK KARAYEL 17 ATİLA GÜMÜŞ PARTNER - 41 HAYRİ ATAOL 18 ZEKERİYA PALA PARTNER - 42 İSMAİL ÖZÇELİK 19 NEBAHAT YAVAŞ 20 RAMAZAN GÜL 21 ABDULKERİM ALEMDAR 43 MEHMET ŞEVKİ ÜSTEM 44 ADNAN GÖK 45 ARİF BARIŞ 22 HİMMET KARA PARTNER 46 TANER ŞAHAKALKAN 23 TEZCAN ATAY PARTNER 47 KADİR KAVUT 24 HÜLYA ÇEVİK PARTNER 48 RAFET BAŞ 49 MUSTAFA İNCE 50 NİYAZİ UYSAL 51 CELİL ÇAĞLAR 52 AYDAN AKMAN ANDAÇ 53 ERHAN KAYA ASSISTANT 54 GÖKHAN ALTUNTAŞ ASSISTANT 55 AKIN ÖZMEN ASSISTANT 56 MURAT YALÇIN ASSISTANT 57 BESTAMİ ŞİNİK ASSISTANT 58 SONGÜL ÖZSARI ASSISTANT
5. Legal and Structural Characteristics of the Audit Network : Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. is not included in any audit network. 6. Related Audit Establishments and Other Businesses and Nature of these Relations : The establishment has no relationship with any audit establishment or other businesses. 7. Organizational Structure: Organizational structure of the company consists of general manager, responsible auditors (key managers), auditors and deputy auditors. Board Chairman, Deputy Chairman and Board Members (key members) are given in the part 3 of the report. 8. Examinations of Quality Assurance System: Quality assurance system examination has been made in 2013 which is the founding year of our company and 2014 by neither Public Oversight Authority nor other public bodies. However, the following controls has been made and compliance has been assessed by the committee consisting of the chief auditors responsible from quality control system within the policy and applications regarding to review of quality control system of our company; - Compliance to independency principles, - Sufficiency of hours spent in audits, - Comparison of quality and quantity of sources used in audits to audit prices, - At what level expert company partners and teams contribute in audits, - Whether audits carried out in compliance with Turkish Audit Standards and whether they are documented in compliance with Turkish Audit Standards. As the result of the assessment carried out by choosing sampling method in cases considered required; - It has been observed that independency principles are obeyed without any comprise and there are required confirmations and notifications in the audit files within the occupational care and rigour in relation with this compliance. Quality assurance policy and applications have been tested within 2014 in a certain plan by Quality Control Management of our Company.
9. Public Interest Entities Subjected to Independent Audit There is no Public Interest Entity (KAYİK) Subjected to Independent Audit in 2014 by the company. 10. Continuous Training Policy: As Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş., special care is paid to training for the purpose of having quality labour. Within this framework, importance is also given to the seminaries on this purpose since we take the responsibility for being able to learn, discuss and develop independent audit concept not only by our team but also all the relevant people (companies, businessmen,, and independent auditor etc.). On this purpose, training studies that shall ensure transferring of theoretical information to practice and information share with seminaries and trainings open for all participators with accounting finance staff of the firms of which audit has been made by us as well as seminaries that we arrange for in-service training for our workers in 2014. Besides, participation of our auditors and personnel to the seminaries and training meetings that expert establishment or persons arrange has been ensured.
Information regarding with trainings and seminaries that we have arranged as company in 2014 is as below; SUBJECT OF THE SEMINARY Traning About Independent Audit Guide and Quality Control Standard Applications of Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. Independent Audit and Turkish Financial Reporting Standards Why Effective Internal Control System Independent Audit Transaction to TFRS NUMBER OF PARTICIPATORS DATE LECTURERS 61 41 152 18-19 SEPTEMBER 2014 Saturday / Sunday 29 November 2014 - Saturday 20-21 ARALIK 2014 Saturday - Sunday Taner AKGÜL Sworn in, Independent Auditor Songül ÖZSARI - Taner AKGÜL Sworn in, Independent Auditor Songül ÖZSARI - Prof.Dr. Seval SELİMOĞLU Akın AKBULUT Sworn in, Independent Auditor Taner AKGÜL Sworn in, Independent Auditor Songül ÖZSARI - PERIOD (HOURS) 16 8 16 11. Compliance to Independency Principle: Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. has generated policies providing reasonable assurance and procedures on compliance of itself and its employees with the relevant etic provisions and provision of independence of itself, its employees and, if any, other persons subjected to the independency provisions. In this context, a written commitment stating that all personnel have complied and shall comply with independency policies and procedures is taken from them before every audit and in any case once a year.
12. Financial Information: Our company has been established in order to carry out activities only in the area of independent auditing and all income of 2014 consists of independent audit activities. Distribution of Income Distribution of company income by 31.12.2014 is as below; Independent Audit Activities 277.000,00.- Total (excluding VAT) 277.000,00.-TL 13. Pricing Principles of Responsible Auditors: The subject of pricing responsible auditor, auditor and deputy auditors are determined every year in board resolution by taking market conditions into consideration and depending on the realizations of firm targets on quality and risk, human resources, customer and financial contributions. 14. Quality Control: Elements for application of quality control mechanism targeted to be established for independent audit establishments and independent auditors conducting independent audit and limited independent audit and other assurance audits and relevant services of financial statements are determined by Quality Control Standards. In the actual case, Quality Control Standard 1 (KKS 1) is needed to be considered with Quality Control For Independent Audit Establishments And Independent Auditors Conducting Independent Audit And Limited Independent Audit And Other Assurance Audits And Relevant Services Of Financial Statements and Independent Audit Standard (BDS) 200 is needed to be considered with General Purposes of Independent Auditors and Conducting of Independent Audit in Compliance with Independent Audit Standards. Quality Control System generated in a way that it shall provide reasonable assurance of Turkish Audit Standards in audits conducted by Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. has been uploaded into electronic environment to KGK website and applied by the company. As Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş., responsibility of each audit is given to one responsible auditor and it is provided that audits are conducted in compliance with occupational standards and regulation provisions in force and suitable personnel is designated having competence and skill required to draft report suitable for the conditions. The main aim here is to conduct audit in compliance with occupational standards and regulation provisions in force and that audit company or responsible auditor draft reports in compliance with the conditions. Responsible Persons: Responsible Partner Chief Auditor Muhiddin ALTUNTAŞ and Alptekin YÜCEBAŞ have been assigned in order to be responsible from establishment of Quality Control System, provision of sustainability of this system, staff and application of necessary employees. In this context, those
having established the Quality Control System acquaint all the Quality Control System of Meridyen Kurumsal Çözüm ve Bağımsız Denetim A.Ş. Quality Control Committee: Quality Control Committee of three persons (Enver İMAN, Ersan AKKUŞ, H. Mahitap NİZAM) having the title of responsible partner chief editor) in order to be charged with Muhiddin ALTUNTAŞ and Alptekin YÜCEBAŞ assigned for establishment and application of Quality Control System. All of members of Quality Control Committee have the title of Responsible Partner Chief Auditor. The established system itself and the functionality of the system are observed by the Quality Control Committee and results reached, measures taken, suggestions and planning on it are shared with audit team in the company. Responsible partner chief auditors and committee members shall not participate in quality control assessment in relation with the companies in audit process of which they have participated. Rotation of person/persons in the Quality Control Committee once in 5 years has been resolved. 15. Other Subjects: Audit Guide We also benefit from audit guide that we have drafted for our company as well as Quality Control System established in order to be able to provide a standard in application of audit activities. Our company uses professional audit software in all audit activities as well as our guide drafted in written and submitted to KGK. This software is loaded on a virtual server rented by our company and it is possible to reach audit software and this server everywhere having internet connection (Software has been authorized based on user and auditors and it has been designed by consideration of high level of security). Every responsible auditor creates a file on the software that he/she uses in the audit activities of the company for the audit customer for which he/she has been assigned. This software guides all audit operations such as procedures to be followed during audit, matching of these procedure with audit team and planning the audit. Processes needed to be made in various processes by everyone assigned in the audit team and forms required to be filled are included in detailed way in the software. In addition to the mentioned forms, forms in the Audit Guide and Quality Control System appendix are essential documents of our audit activities. Successful use of these forms having general purposes and that is in the appendix by audit team and making them proprietary are some of duties of responsible auditors. Since conducting all audits in compliance with this guide shall help in having the same quality in audits, they are reviewed every year. Our establishment has continued its audit operations in compliance with regulations of Public Inspection Authority and other regulatory institutions related with independent audit and new standards and developments in 2014.