New Regulations are on the Way in Cooperative Oversight

The Ministry of Trade has implemented a significant change regarding the audit processes of cooperatives and their higher organizations. With the publication of the "Regulation on the Amendment of the Regulation on the Audit of Cooperatives and Their Higher Organizations" in the Official Gazette, a new arrangement regarding the qualifications of professionals in the audit field has come into force.

As of February 1, 2022, individuals who have served for at least 10 years as inspectors, controllers, or auditors affiliated with a union or a central union will be required to be a graduate of a higher education institution for at least 4 years and have completed external auditor training, provided they possess the necessary qualifications to conduct external audits. This innovation is aimed at conducting audit processes in a more professional and effective manner.

The changes made particularly aim to enhance the transparency and accountability of cooperative structures. Thus, the internal audit processes of cooperatives will operate more effectively, increasing the level of reliability in the sector. The conditions arising from the new regulation will enhance the competencies of auditors in the sector and establish a more robust auditing infrastructure within cooperative relationships.

It is anticipated that organizations overseeing the audits of cooperatives will place greater importance on training and professional development processes within the framework of these new regulations. Consequently, it is expected that the quality of the audit processes will improve. Furthermore, external audit practices will ensure that the transactions conducted within cooperatives are evaluated from a more independent perspective.

This step by the Ministry of Trade stands out as a long-awaited development in the sector, and the effective auditing of cooperatives and their higher organizations will make positive contributions to market stability. These permanent improvements to the management of cooperatives lay the foundation for a stronger future across the sector.