CAQ Issues Addendum to Discussion Document on Monitoring Inflation

The Center for Audit Quality’s (CAQ’s) International Practices Task Force has issued an addendum to its November 6, 2021, discussion document, Monitoring Inflation in Certain Countries.

The addendum addresses changes to the inflation rates in Turkey and shows that the three-year cumulative inflation exceeded 100 percent at the end of February 2022. In addition, the addendum notes that “[e]ntities with material operations in Turkey should evaluate the reporting period in which they would start to consider Turkey as a highly inflationary country.”