The Regulation on the Authorisation and Activities of Institutions to perform External Audit in Banks (published in the Official Gazette dated November 11, 2006 and numbered 26333) (the “Regulation on External Auditing”) lays down the principles and procedures governing the authorisation, activities and revoking powers of the external audit institutions that conduct external audits in banks. Such regulation has been amended (published in the Official Gazette dated July 26, 2011 and numbered 27270) whereby certain articles in relation to the (i) principle of independence and cases eliminating independence, (ii) revocation of power, (iii) effectiveness of external audit, (iv) obligations of the authorised audit institution, and (v) submission of external audit reports have been amended.