Authority Decision Regarding the Inclusion of Payment and Electronic Money Institutions Concerning Public Interest (KAYİK) dated 25.12.2023 Has Been Published.

The decision of the Public Oversight, Accounting and Auditing Standards Authority ("Authority") numbered 75935942-050.01.04-[01/21509], titled "Inclusion of Payment and Electronic Money Institutions in scope of Organizations Concerning Public Interest (tr. “KAYİK”)” ("Decision"), issued on December 25, 2023, was officially published in the Official Gazette numbered 32413 dated December 28, 2023.

With the aforementioned Decision, payment and electronic money institutions, subject to the regulation and supervision of the Central Bank of the Republic of Turkey under the provisions of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions, are now included within the scope of KAYİK.

In this context, without any further threshold required, payment and electronic money institutions will be subject to independent audit, and such audits will be conducted by independent auditing firms possessing the authority for independent audit within the scope of KAYİK.

The Turkish complete text of the Regulation can be accessed here.

Pınar Akkaya, Associate
Can Kaleli, Legal Intern