Türkiye Valuation Experts Union Audit Regulation
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This regulation establishes the procedures and principles for the Türkiye Valuation Experts Union (TDUB) to supervise and audit its members' real estate valuation activities. It creates a Supervision and Audit Committee and defines roles for auditors and assistant auditors who must meet specific qualification, experience, and training requirements. The regulation covers audits of valuation reports, accounting records, compliance with professional rules, and ethical conduct. Audits can be triggered by complaints, surveillance findings, or requests from the Capital Markets Board. Auditors have broad powers to request documents and explanations while being bound by strict confidentiality, independence, and conflict-of-interest rules. Final decisions on audit findings rest with the Union's Board of Directors.
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Key Changes
- Establishes a Supervision and Audit Committee with 3-9 members, at least half must hold valuation licenses
- Auditors require minimum 5 years professional experience; committee members require minimum 8 years
- Auditors and assistants must complete Union-provided training and pass an examination before appointment
+ 3 more changes with Pro
Obligations
What this law requires
Union members must comply with Union regulations and applicable legislation regarding real estate valuation activities, which are subject to supervision and audit by the Supervision and Audit Committee.
Auditors must not accept audit assignments involving themselves, their direct/indirect descendants and ascendants, spouses, or blood/in-law relatives up to third degree.
Auditors must not conduct audits of valuation firms in which they or their restricted relatives hold equity stakes.
Auditors must not conduct audits of valuation firms where they were previously employed within 2 years of leaving that firm.
Auditors must immediately disclose to the General Secretariat any conflict of interest relationships when a audit assignment form is received.