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DENETÇİNİN BAĞIMSIZLIĞINI GÜÇLENDİRMEYE YÖNELİK BİR ÖNERİ: FİNANSAL TABLOLARIN SİGORTALANMASI

Year 2023, Volume: 23 Issue: 69, 67 - 84, 10.05.2023
https://doi.org/10.55322/mdbakis.1163170

Abstract

Denetçi-yönetici ilişkilerindeki doğal çıkar çatışmaları, denetimin karşı karşıya olduğu problemlerin kaynağıdır. Bu problemlerin kesin çözümü, iki taraf arasındaki ilişkilerin düzenlemelerle sınırlandırılması değil tamamen ortadan kaldırılmasıdır. Finansal tabloların sigortalanması fikri, bu amaca hizmet eder. Bu çalışmada, finansal tabloların sigortalanmasının temel gerekçeleri tartışılmış ve bir uygulama modeli tanıtılmıştır. Ayrıca finansal tabloların sigortalanmasının denetim ve finansal raporlama kalitesi üzerindeki etkisi açıklanmış ve denetimin problemlerine çözüm üretmeyi amaçlayan araştırmacılara ve düzenleyicilere olağandışı bir bakış açısı üzerinden teorik bir tartışma sunulmuştur. Çalışmanın sonuçları, “bırakınız yapsınlar” ilkesine dayanan bir model olan finansal tabloların sigortalanmasının, denetim kalitesinin ve finansal raporlama kalitesinin artırılmasını teşvik eden motivasyonlara sahip olduğunu göstermiştir.

References

  • Akerlof, G. A. (1970). The Market for Lemons: Quality Uncertainty and the Market Mechanism, Quarterly Journal Economics, 84, 488-500. Antle, R. (1984). Auditor Independence, Journal of Accounting Research, 22(1), 1-20.
  • Arel, B., Brody, R. G., Pany, K. (2005). Audit Firm Rotation and Audit Quality, The CPA Journal, 75, 36–39.
  • Bazerman, M. H., Morgan, K. P., Loewenstein, G. F. (1997). The Impossibility of Auditor Independence, Sloan Management Review, 38(4), 89-94. Benligiray, S., Onay, A. (2020). Finansal Bilgi Manipülasyonu Bağlamında Bağımsız Denetçi Raporlarının ve SPK Bültenlerinin İncelenmesi, Anadolu Üniversitesi İşletme Fakültesi Dergisi, 2(2), 13-42.
  • Cherny, J., Ronen, J. (2004). Financial Statements Insurance Enhances Corporate Governance in a Sarbanes–Oxley Environment, International Journal of Disclosure and Governance, 1(3), 226-237.
  • Cunningham, L. A. (2004a) A Model Financial Statement Insurance Act, Connecticut Insurance Law Journal, 11(1), 69-106.
  • Cunningham, L. A. (2004b). Choosing Gatekeepers: The Financial Statement Insurance Alternative to Auditor Liability, UCLA Law Review, 52(2), 413-476.
  • Dattin, C. F. (2017). Developments in France Regarding the Mandatory Rotation of Auditors: Do They Enhance Auditors’ Independence?, Accounting History, 22(1), 44-66.
  • DeAngelo, L. E. (1981). Auditor Size and Audit Quality, Journal of Accounting and Economics, 3(3), 183-199.
  • Dipietra, R., McLeay, S., Ronen, J. (2013). Accounting and Regulation: New Insights on Governance, Markets and Institutions, Amerika: Springer Science & Business Media.
  • Dontoh, A., Ronen, J., Sarath, B. (2013). Financial Statements Insurance, Abacus, 49(3), 269-307.
  • Elshafie, E., Nyadroh, E. (2014). Are Discretionary Accruals a Good Measure of Audit Quality?”, Journal of Management Policy & Practice, 15(2), 43-59.
  • Faboyede, O. S., Mukoro, D. O. (2012). Financial Statement Insurance: Restoring Investor Confidence in Nigerian Banks, Research Journal of Finance & Accounting, 3(4), 140-150.
  • Fama E. (1970). Efficient Capital Markets: a Review of Theory and Empirical Work, Journal of Finance, 25(2), 383-417.
  • Fama, E. F., Jensen, M. C. (1983). Agency problems and residual claims, The Journal of law and Economics, 26(2), 327-349.
  • Gavious, I. (2007). Alternative Perspectives to Deal with Auditors’ Agency Problem, Critical Perspectives on Accounting, 18(4), 451-467.
  • Geiger, M., Raghunandan, K. (2002). Auditor Tenure and Audit Reporting Failures, Auditing: A Journal of Practice & Theory, 21(1), 67–78.
  • Hayes, R., Dassen, R., Schilder, A., Wallage, P. (2005). Principles of Auditing an Introduction to International Standards on Auditing. London: Pearson Prentice Hall.
  • Jensen, M. C., Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3(4), 305-360.
  • Mautz, R. K., & Sharaf, H. A. (1961). The Philosophy of Auditing, Amerika: American Accounting Association.
  • Messier, W., Glover, S., Prawitt, D. (2016). Auditing and Assurance Services: A Systematic Approach, Amerika: McGraw-Hill Education. Myers, J. N., Myers, L. A., Omer, T. C. (2003). Exploring the Term of the Auditor-client Relationship and the Quality of Earnings: A Case for Mandatory Auditor Rotation?, The Accounting Review, 78(3), 779–799.
  • Özkul, L. (2003) ABD Sermaye Piyasalarında Yaşanan Son Gelişmelerin ve ABD'de Yürürlüğe Giren 2002 Tarihli Sarbanes-Oxley Kanunu'nun Türk sermaye Piyasası Açısından Değerlendirilmesi. (Yeterlilik Etüdü) İstanbul: Sermaye Piyasası Kurulu. Rolnick, A. J., Weber, W. E. (1986) Gresham's Law or Gresham's Fallacy?, Journal of Political Economy, 94(1), 185-199.
  • Ronen, J. (2002). Post-Enron Reform: Financial Statement Insurance, and GAAP Re-visited, Stanford Journal of Law, Business & Finance, 8(1), 39-67.
  • Ronen, J. (2006). A Proposed Corporate Governance Reform: Financial Statements Insurance, Journal of Engineering and Technology Management, 23(1-2), 130-146.
  • Ronen, J., Sagat, K. A. (2007). The Public Auditor as an Explicit Insurer of Client Restatements: A Proposal to Promote Market Efficiency, Journal of Accounting, Auditing & Finance, 22(3), 511-526.
  • Ruiz‐Barbadillo, E., Go´mez‐Aguilar, N., Carrera, N. (2009). Does Mandatory Audit Firm Rotation Enhance Auditor Independence? Evidence from Spain, Auditing: A Journal of Practice & Theory, 28(1), 113-135.
  • Shapiro, A. (2005). Who Pays the Auditor Calls the Tune?: Auditing Regulation and Clients’ Incentives. Seton Hall Law Review, 35, 1029-1096.

A RECOMMENDATION TO STRENGTHEN THE AUDITOR’S INDEPENDENCE: FINANCIAL STATEMENTS INSURANCE

Year 2023, Volume: 23 Issue: 69, 67 - 84, 10.05.2023
https://doi.org/10.55322/mdbakis.1163170

Abstract

The inherent conflicts of interest in the auditor-manager relationships are the source of the problems
that auditing faces. The definitive solution to these problems is not to limit the relations between
the two parties with regulations, but to completely eliminate them. The idea of financial statements
insurance serves this purpose. In this study, the basic rationales of the financial statements insurance are
discussed and an implementation model is introduced. In addition, the impact of financial statements
insurance on auditing and financial reporting quality is explained, and a theoretical discussion is
presented from an unusual perspective to researchers and regulators who aim to find solutions to
auditing problems. The results of the study showed that financial statements insurance, a model based
on the “laissez-faire” principle, has motivations that encourage the improvement of audit quality and
financial reporting quality.

References

  • Akerlof, G. A. (1970). The Market for Lemons: Quality Uncertainty and the Market Mechanism, Quarterly Journal Economics, 84, 488-500. Antle, R. (1984). Auditor Independence, Journal of Accounting Research, 22(1), 1-20.
  • Arel, B., Brody, R. G., Pany, K. (2005). Audit Firm Rotation and Audit Quality, The CPA Journal, 75, 36–39.
  • Bazerman, M. H., Morgan, K. P., Loewenstein, G. F. (1997). The Impossibility of Auditor Independence, Sloan Management Review, 38(4), 89-94. Benligiray, S., Onay, A. (2020). Finansal Bilgi Manipülasyonu Bağlamında Bağımsız Denetçi Raporlarının ve SPK Bültenlerinin İncelenmesi, Anadolu Üniversitesi İşletme Fakültesi Dergisi, 2(2), 13-42.
  • Cherny, J., Ronen, J. (2004). Financial Statements Insurance Enhances Corporate Governance in a Sarbanes–Oxley Environment, International Journal of Disclosure and Governance, 1(3), 226-237.
  • Cunningham, L. A. (2004a) A Model Financial Statement Insurance Act, Connecticut Insurance Law Journal, 11(1), 69-106.
  • Cunningham, L. A. (2004b). Choosing Gatekeepers: The Financial Statement Insurance Alternative to Auditor Liability, UCLA Law Review, 52(2), 413-476.
  • Dattin, C. F. (2017). Developments in France Regarding the Mandatory Rotation of Auditors: Do They Enhance Auditors’ Independence?, Accounting History, 22(1), 44-66.
  • DeAngelo, L. E. (1981). Auditor Size and Audit Quality, Journal of Accounting and Economics, 3(3), 183-199.
  • Dipietra, R., McLeay, S., Ronen, J. (2013). Accounting and Regulation: New Insights on Governance, Markets and Institutions, Amerika: Springer Science & Business Media.
  • Dontoh, A., Ronen, J., Sarath, B. (2013). Financial Statements Insurance, Abacus, 49(3), 269-307.
  • Elshafie, E., Nyadroh, E. (2014). Are Discretionary Accruals a Good Measure of Audit Quality?”, Journal of Management Policy & Practice, 15(2), 43-59.
  • Faboyede, O. S., Mukoro, D. O. (2012). Financial Statement Insurance: Restoring Investor Confidence in Nigerian Banks, Research Journal of Finance & Accounting, 3(4), 140-150.
  • Fama E. (1970). Efficient Capital Markets: a Review of Theory and Empirical Work, Journal of Finance, 25(2), 383-417.
  • Fama, E. F., Jensen, M. C. (1983). Agency problems and residual claims, The Journal of law and Economics, 26(2), 327-349.
  • Gavious, I. (2007). Alternative Perspectives to Deal with Auditors’ Agency Problem, Critical Perspectives on Accounting, 18(4), 451-467.
  • Geiger, M., Raghunandan, K. (2002). Auditor Tenure and Audit Reporting Failures, Auditing: A Journal of Practice & Theory, 21(1), 67–78.
  • Hayes, R., Dassen, R., Schilder, A., Wallage, P. (2005). Principles of Auditing an Introduction to International Standards on Auditing. London: Pearson Prentice Hall.
  • Jensen, M. C., Meckling, W. H. (1976). Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3(4), 305-360.
  • Mautz, R. K., & Sharaf, H. A. (1961). The Philosophy of Auditing, Amerika: American Accounting Association.
  • Messier, W., Glover, S., Prawitt, D. (2016). Auditing and Assurance Services: A Systematic Approach, Amerika: McGraw-Hill Education. Myers, J. N., Myers, L. A., Omer, T. C. (2003). Exploring the Term of the Auditor-client Relationship and the Quality of Earnings: A Case for Mandatory Auditor Rotation?, The Accounting Review, 78(3), 779–799.
  • Özkul, L. (2003) ABD Sermaye Piyasalarında Yaşanan Son Gelişmelerin ve ABD'de Yürürlüğe Giren 2002 Tarihli Sarbanes-Oxley Kanunu'nun Türk sermaye Piyasası Açısından Değerlendirilmesi. (Yeterlilik Etüdü) İstanbul: Sermaye Piyasası Kurulu. Rolnick, A. J., Weber, W. E. (1986) Gresham's Law or Gresham's Fallacy?, Journal of Political Economy, 94(1), 185-199.
  • Ronen, J. (2002). Post-Enron Reform: Financial Statement Insurance, and GAAP Re-visited, Stanford Journal of Law, Business & Finance, 8(1), 39-67.
  • Ronen, J. (2006). A Proposed Corporate Governance Reform: Financial Statements Insurance, Journal of Engineering and Technology Management, 23(1-2), 130-146.
  • Ronen, J., Sagat, K. A. (2007). The Public Auditor as an Explicit Insurer of Client Restatements: A Proposal to Promote Market Efficiency, Journal of Accounting, Auditing & Finance, 22(3), 511-526.
  • Ruiz‐Barbadillo, E., Go´mez‐Aguilar, N., Carrera, N. (2009). Does Mandatory Audit Firm Rotation Enhance Auditor Independence? Evidence from Spain, Auditing: A Journal of Practice & Theory, 28(1), 113-135.
  • Shapiro, A. (2005). Who Pays the Auditor Calls the Tune?: Auditing Regulation and Clients’ Incentives. Seton Hall Law Review, 35, 1029-1096.
There are 26 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section İnceleme Makalesi
Authors

Recep Güneş 0000-0003-3813-2749

Ahmet Onay 0000-0003-1182-6003

Publication Date May 10, 2023
Submission Date August 17, 2022
Acceptance Date December 7, 2022
Published in Issue Year 2023 Volume: 23 Issue: 69

Cite

APA Güneş, R., & Onay, A. (2023). DENETÇİNİN BAĞIMSIZLIĞINI GÜÇLENDİRMEYE YÖNELİK BİR ÖNERİ: FİNANSAL TABLOLARIN SİGORTALANMASI. Muhasebe Ve Denetime Bakış, 23(69), 67-84. https://doi.org/10.55322/mdbakis.1163170