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TCMA
2016
Annual Report
(Convenience translation of a report originally issued in Turkish)
To the Board of Directors of Association of Turkish Capital Markets:
Report on the consolidated financial statements
We have audited the accompanying consolidated balance sheet of Association of Turkish Capital Markets and Its Operating Entity (will
be referred to as “the Association”) as at December 31, 2016 and the related consolidated statement of profit and loss for the year then
ended and a summary of significant accounting policies as disclosed in the Note II of financial statements (“Note II”) and some explanato-
ry notes.
The Association’s responsibility for the financial statements
The Association management is responsible for the preparation and fair presentation of financial statements in accordance with the ac-
counting policies disclosed in Note II of the accompanying financial statements and for such internal controls as management determines
is necessary to enable the preparation and fair presentation of consolidated financial statements that are free from material misstate-
ment, whether due to error and/or fraud.
Independent auditors’ responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. Our audit was conducted in
accordance with Auditing Standards which are part of the Turkish Auditing Standards as issued by the Public Oversight Accounting and
Auditing Standards Authority of Turkey. Those standards require that ethical requirements are complied with and that the independent
audit is planned and performed to obtain reasonable assurance whether the financial statements are free from material misstatement.
Independent audit involves performing independent audit procedures to obtain independent audit evidence about the amounts and
disclosures in the consolidated financial statements. The independent audit procedures selected depend on our professional judgment,
including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to error and/or
fraud. In making those risk assessments, the Association’s internal control system is taken into consideration. Our purpose, however, is
not to express an opinion on the effectiveness of internal control system, but to design independent audit procedures that are appropriate
for the circumstances in order to identify the relation between the consolidated financial statements prepared by the Association and its
internal control system. Our independent audit includes also evaluating the appropriateness of accounting policies used and the reason-
ableness of accounting estimates made by the Association’s management, as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained during our independent audit is sufficient and appropriate to provide a basis for our
qualified audit opinion.
Basis for qualified opinion
In the accompanying consolidated statement of income of 2015 presented for comparative purposes, there is an income item of TL 1,589,320
recorded as a prior year excess income. In our audit of 2015 accounts we were not able to form an opinion on such amount as this amount
was resulting from 2014 which was not audited by us.
Qualified opinion
In our opinion, except for the possible effects of the matter mentioned in the “Basis For Qualified Opinion” section, on the consolidated
statement of income of 2015 presented for comparative purposes, the accompanying consolidated financial statements present fairly,
in all material respect, the financial position of the Association as of December 31, 2016 and it financial performance for the year then
ended in accordance with accounting policies mentioned in Note II of the accompanying financial statements.
Güney Bağımsız Denetim ve Serbest Muhasebeci Mali Müşavirlik Anonim Şirketi
A member firm of Ernst & Young Global Limited
Metin Canoğulları, CPA
Engagement Partner
March 22, 2016
Istanbul, Turkey
Independent Auditor’s Report
Güney Bağımsız Denetim ve
SMMM A.Ş.
Maslak Mahallesi Eski Büyükdere
Caddesi No: 27 Daire: 54-57-59
Kat: 2-3-4 Sarıyer/İstanbul - Turkey
Tel: +90 212 315 3000
Fax: +90 212 230 8291
ey.comTicaret Sicil No: 479920
Mersis No: 0-4350-3032-6000017