The Regulation on Principles and Procedures regarding Auditing Principles (published in the Official Gazette dated January 13, 2010 and numbered 27461) (the “Regulation”) envisages the terms and conditions of the auditing principles to be abided by independent auditing institutions. Article 12 of the Regulation has been amended (published in the Official Gazette dated July 26, 2011 and numbered 27270) whereby the authority of Banking Regulation and Supervision Agency to temporarily revoke the authority of the independent auditing institution in case of the repetitive failure to abide by the Regulation has been abolished.