With the growth and globalization in financial markets, the Turkish Commercial Code has been in effect since January 1, 1957, and has subsequently been revised. The New Turkish Commercial Code has been revised to create alignment between new Turkish markets, the European Union, and international markets. The law was discussed in the Turkish Grand National Assembly in November 2008 but was postponed for various reasons. The New Turkish Commercial Code also covers corporate governance of companies. With the New Turkish Commercial Code, practices in capital markets, corporate governance, honesty, and transparency have become mandatory, necessitating an international effort to attract foreign investment to the country. According to the new law, companies must prepare their financial statements in accordance with the Turkish Accounting Standards and Turkish Financial Reporting Standards, which have been harmonized with International Accounting Standards and International Reporting Standards. In addition, the auditing profession and auditors have gained importance. For limited liability companies, 2 Certified Public Accountants (SMMM) and 2 Sworn Financial Advisors (YMM) are appointed. For larger companies and public companies, audit firms are appointed.