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Finansal Başarısızlık ve Denetim Görüşü İlişkisi: Deprem Bölgesindeki Şirketler Üzerine Bir Araştırma

Year 2023, 100th Anniversary Special Issue, 187 - 203, 27.12.2023

Recep Güneş Ahmet Onay Serdar Benligiray

https://doi.org/10.18657/yonveek.1364370

Abstract

Uluslararası denetim standartları, müşteri şirketin finansal tablolarında yer alan işletmenin sürekliliğine ilişkin bir belirsizlik karşısında denetçilere önemli sorumluluklar yüklemektedir. Bu çalışmanın amacı, şirketin finansal verileriyle hesaplanan iflas olasılığı skoru üzerinden ölçülen finansal başarısızlık ile denetim raporunda bildirilen standart olumlu görüş dışında bir denetim görüşü arasındaki ilişkiyi tespit etmektir. Bu amaç, bir yandan denetçilerin söz konusu sorumluluğu üstlenme noktasındaki performansının ortaya çıkarılmasını diğer taraftan denetçilerin işlerini kolaylaştırma potansiyeline sahip bir aracın etkinliğinin doğrulanmasına hizmet eder.
Öte yandan işletmenin sürekliliğini tehdit eden büyük problemlere yol açtığı için deprem felaketi, örneklem seçimine yön vermiştir. Analiz yöntemi olarak bağımlı değişkenin kategorik bir değişken olması nedeniyle lojistik regresyon analizi benimsenmiştir. Bulgular, finansal başarısızlığın ve kontrol değişkeni olarak sınanan büyük denetim firmaları tarafından denetlenmenin, aktif karlılığının ve alacak devir hızının bağımlı değişkenle ilişkili olduğunu göstermiştir. Finansal başarısızlığın ölçümü için kullanılan iflas modeli, denetçilerin ve düzenleyici kurumların kullanabilecekleri özgün bir araç olma potansiyeline sahiptir.
Anahtar Kelimeler: Finansal Başarısızlık, Denetim Görüşü, Shumway Modeli, İşletmenin Sürekliliği
JEL Sınıflandırması: M40, D22, M42

Keywords

Finansal Başarısızlık Denetim Görüşü Shumway Modeli İşletmenin Sürekliliği

Ethical Statement

Makalenin tüm süreçlerinde Yönetim ve Ekonomi Dergisi'nin araştırma ve yayın etiği ilkelerine uygun olarak hareket edilmiştir.

References

  • Adiloğlu, B., and Vuran, B. (2011). A Multicriterion Decision Support Methodology For Audit Opinions: The Case of Audit Reports of Distressed Firms in Turkey. International Business & Economics Research Journal, Vol. 10, Iss. 12, 37-48.
  • Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, Vol. 23, Iss. 4, 589-609.
  • Altman, E. I., Haldeman, R. G., and Narayanan, P. (1977). ZETA Analysis A New Model to Identify Bankruptcy Risk of Corporations. Journal of Banking & Finance, Vol. 1, Iss. 1, 29-54.
  • Bauer, J., and Agarwal, V. (2014). Are Hazard Models Superior to Traditional Bankruptcy Prediction Approaches? A Comprehensive Test. Journal of Banking & Finance, 40, 432-442.
  • Björkstand, A. (2014). To Issue or not Issue a Going Concern Opinion: a Study of Factors and Incentives Influencing Auditors’ Ability and Decision to Issue Going Concern Opinions, (Unpublished Master Thesis). Uppsala University, Sweden.
  • Blay, A. D., Geiger, M. A., and North, D. S. (2011). The Auditor's Going-Concern Opinion as a Communication of Risk. Auditing: A Journal of Practice & Theory, Vol. 30, Iss. 2, 77-102.
  • Cheng, K. F., Chu, C. K., and Hwang, R. C. (2010). Predicting Bankruptcy Using the Discrete-time Semiparametric Hazard Model. Quantitative Finance, 10(9), 1055-1066.
  • Farfana, I., Rahmawaty, and Basri, H. (2017). The Determinants of Going Concern Audit Opinion (An Empirical Study on Non-Bank Financial Institutions Listed in Indonesian Stock Exchange 2008-2014). Journal of Accounting, Finance and Auditing Studies, Vol. 3, Iss. 4, 32-51.
  • Feng, M., and Li, C. (2014). Are Auditors Professionally Skeptical? Evidence from Auditors’ Going‐Concern Opinions and Management Earnings Forecasts. Journal of Accounting Research, Vol. 52, Iss. 5, 1061-1085.
  • Foster, B. P., and Shastri, T. (2016). Determinants of Going Concern Opinions and Audit Fees for Development Stage Enterprises. Advances in Accounting, Vol. 33, 68-84.
  • Francis, J. R., and Krishnan, J. (2002). Evidence on Auditor Risk-Management Strategies Before and After the Private Securities Litigation Reform Act of 1995. Asia-Pacific Journal of Accounting & Economics, Vol. 9, Iss. 2, 135-157.
  • Gallizo, J. L., and Saladrigues, R. (2016). An Analysis of Determinants of Going Concern Audit Opinion: Evidence from Spain Stock Exchange. Intangible Capital, Vol. 12, Iss. 1, 1-16.
  • Geiger, M. A., Raghunandan, K., & Rama, D. V. (2005). Recent Changes in the Association Between Bankruptcies and Prior Audit Opinions. Auditing: A Journal of Practice & Theory, Vol. 24, Iss. 1, 21-35.
  • Hair, J. F., Black, W.C., Babin, B. J. & Anderson, R.E. (2010). Multivariate Data Analysis: a Global Perspective. New Jersey: Pearson Prentice Hall.
  • Koçyiğit, S. Ç., Tanç, Ş. G. ve Elitaş, B. L. (2018). İşletmenin Sürekliliği ve Bağımsız Denetçi Raporlarının Türkiye Bağımsız Denetim Standartları BDS 570 ve BDS 700 Açısından İncelenmesi. Muhasebe ve Denetime Bakış, Vol. 17, Iss. 53, 143-162.
  • Lau, A. H. L. (1987). A Five-State Financial Distress Prediction Model. Journal of Accounting Research, Vol. 25, Iss. 1, 127-138.
  • Myers, L. A., Schmidt, J., and Wilkins, M. (2014). An Investigation of Recent Changes in Going Concern Reporting Decisions among Big N and Non-Big N Auditors. Review of Quantitative Finance and Accounting, Vol. 43, 155-172.
  • Ohlson, J. A. (1980). Financial Ratios and the Probabilistic Prediction of Bankruptcy. Journal of Accounting Research, Vol. 18, Iss. 1, 109-131.
  • Onay, A. ve Benligiray, S. (2021, 22-25 Şubat). Denetçi Görüşlerinin ve Denetim Kalitesinin Kazanç Yönetimi ile İlişkisi: Borsa İstanbul Şirketleri Üzerinde Bir Araştırma. International Symposium of Scientific Research and Innovative Studies, Balıkesir, Türkiye.
  • Platt, H. D., and Platt, M. B. (2002). Predicting Corporate Financial Distress: Reflections on Choice-based Sample Bias. Journal of Economics and Finance, Vol. 26, Iss. 2, 184-199.
  • Prayanthi, I., and Kakunsi, N. (2017). The Altman Model and Auditor’s Opinion about Going Concern of the Companies. Science Journal of Business and Management, Vol. 5, Iss. 5, 189-193.
  • Shumway, T. (2001). Forecasting Bankruptcy more Accurately: A Simple Hazard Model. The Journal of Business, Vol. 74, Iss. 1, 101-124.
  • Si, M., Pamulang, L., and Setiawan, M.R.A. (2016). Relationship Bankruptcy Prediction, Company Growth and Going Concern Opinion, Evidence from Indonesia. International Journal of Core Engineering & Management, Vol. 3, Iss. 4, 84-102.
  • T’ing, L. C., Mohamad, Z. Z., and Razak, R. A. (2021). The Determinants of Auditor’s Going Concern Opinion and The Effect of Monitoring Mechanisms. Asian Journal of Accounting and Finance, Vol. 3, Iss. 3, 10-30.
  • Winakor A., and Smith R. (1935). Changes in Financial Structure of Unsuccessful Industrial Corporations. Bulletin No. 51, University of Illinois, Bureau of Business Research: Urbana, Illinois.
  • Yaşar, A. (2017). İşletmenin Sürekliliğinde Ortaya Çıkan Belirsizliğin Bağımsız Denetim Raporlarındaki Denetçi Görüşleri Açısından İncelenmesi: BİST’de İşlem Gören Sınai Şirketlerine Yönelik bir Araştırma. Muhasebe Bilim Dünyası Dergisi, Vol. 19, Iss. 1, 58-85.
  • Young, A., and Wang, Y. (2010). Multi-risk Level Examination of Going Concern Modifications. Managerial Auditing Journal, Vol. 25, Iss. 8, 756 – 791.
  • Zmijewski, M. E. (1984). Methodological Issues Related to the Estimation of Financial Distress Prediction Models. Journal of Accounting Research, Vol. 22, 59-82. https://www.bloomberght.com/depremlerin-maliyeti-aciklandi-2327187 Erişim Tarihi: 23.07.2023

The Relationship between Financial Distress and Audit Opinion: A Study on Companies in Earthquake Zone

Year 2023, 100th Anniversary Special Issue, 187 - 203, 27.12.2023

Recep Güneş Ahmet Onay Serdar Benligiray

https://doi.org/10.18657/yonveek.1364370

Abstract

Auditors are entrusted with significant responsibilities under auditing standards when confronted with uncertainties concerning the ongoing operations of client companies, as evidenced in their financial statements. The present study aims to determine the relationship between financial distress measured through the probability of bankruptcy score based on the financial data, and an audit opinion other than the standard unqualified opinion. This objective serves to reveal the performance of auditors in assuming such responsibility and to verify the effectiveness of a tool that has the potential to facilitate auditors' work.
On the other hand, the earthquake disaster guided the sample selection because it caused major problems that threatened the business continuity. Logistic regression analysis was adopted as the analytical method due to the categorical nature of the dependent variable. The findings indicate that financial distress is associated with being audited by major audit firms tested as the control variable, and with the company's profitability and accounts receivable turnover. The bankruptcy model used for measuring financial distress has the potential to be a unique tool that auditors and regulatory bodies can utilize.
Key Words: Financial Failure, Audit Opinion, Shumway Model, Business Continuity
JEL Classification: M40, D22, M42

Keywords

Financial Failure Audit Opinion Shumway Model Business Continuity

References

  • Adiloğlu, B., and Vuran, B. (2011). A Multicriterion Decision Support Methodology For Audit Opinions: The Case of Audit Reports of Distressed Firms in Turkey. International Business & Economics Research Journal, Vol. 10, Iss. 12, 37-48.
  • Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, Vol. 23, Iss. 4, 589-609.
  • Altman, E. I., Haldeman, R. G., and Narayanan, P. (1977). ZETA Analysis A New Model to Identify Bankruptcy Risk of Corporations. Journal of Banking & Finance, Vol. 1, Iss. 1, 29-54.
  • Bauer, J., and Agarwal, V. (2014). Are Hazard Models Superior to Traditional Bankruptcy Prediction Approaches? A Comprehensive Test. Journal of Banking & Finance, 40, 432-442.
  • Björkstand, A. (2014). To Issue or not Issue a Going Concern Opinion: a Study of Factors and Incentives Influencing Auditors’ Ability and Decision to Issue Going Concern Opinions, (Unpublished Master Thesis). Uppsala University, Sweden.
  • Blay, A. D., Geiger, M. A., and North, D. S. (2011). The Auditor's Going-Concern Opinion as a Communication of Risk. Auditing: A Journal of Practice & Theory, Vol. 30, Iss. 2, 77-102.
  • Cheng, K. F., Chu, C. K., and Hwang, R. C. (2010). Predicting Bankruptcy Using the Discrete-time Semiparametric Hazard Model. Quantitative Finance, 10(9), 1055-1066.
  • Farfana, I., Rahmawaty, and Basri, H. (2017). The Determinants of Going Concern Audit Opinion (An Empirical Study on Non-Bank Financial Institutions Listed in Indonesian Stock Exchange 2008-2014). Journal of Accounting, Finance and Auditing Studies, Vol. 3, Iss. 4, 32-51.
  • Feng, M., and Li, C. (2014). Are Auditors Professionally Skeptical? Evidence from Auditors’ Going‐Concern Opinions and Management Earnings Forecasts. Journal of Accounting Research, Vol. 52, Iss. 5, 1061-1085.
  • Foster, B. P., and Shastri, T. (2016). Determinants of Going Concern Opinions and Audit Fees for Development Stage Enterprises. Advances in Accounting, Vol. 33, 68-84.
  • Francis, J. R., and Krishnan, J. (2002). Evidence on Auditor Risk-Management Strategies Before and After the Private Securities Litigation Reform Act of 1995. Asia-Pacific Journal of Accounting & Economics, Vol. 9, Iss. 2, 135-157.
  • Gallizo, J. L., and Saladrigues, R. (2016). An Analysis of Determinants of Going Concern Audit Opinion: Evidence from Spain Stock Exchange. Intangible Capital, Vol. 12, Iss. 1, 1-16.
  • Geiger, M. A., Raghunandan, K., & Rama, D. V. (2005). Recent Changes in the Association Between Bankruptcies and Prior Audit Opinions. Auditing: A Journal of Practice & Theory, Vol. 24, Iss. 1, 21-35.
  • Hair, J. F., Black, W.C., Babin, B. J. & Anderson, R.E. (2010). Multivariate Data Analysis: a Global Perspective. New Jersey: Pearson Prentice Hall.
  • Koçyiğit, S. Ç., Tanç, Ş. G. ve Elitaş, B. L. (2018). İşletmenin Sürekliliği ve Bağımsız Denetçi Raporlarının Türkiye Bağımsız Denetim Standartları BDS 570 ve BDS 700 Açısından İncelenmesi. Muhasebe ve Denetime Bakış, Vol. 17, Iss. 53, 143-162.
  • Lau, A. H. L. (1987). A Five-State Financial Distress Prediction Model. Journal of Accounting Research, Vol. 25, Iss. 1, 127-138.
  • Myers, L. A., Schmidt, J., and Wilkins, M. (2014). An Investigation of Recent Changes in Going Concern Reporting Decisions among Big N and Non-Big N Auditors. Review of Quantitative Finance and Accounting, Vol. 43, 155-172.
  • Ohlson, J. A. (1980). Financial Ratios and the Probabilistic Prediction of Bankruptcy. Journal of Accounting Research, Vol. 18, Iss. 1, 109-131.
  • Onay, A. ve Benligiray, S. (2021, 22-25 Şubat). Denetçi Görüşlerinin ve Denetim Kalitesinin Kazanç Yönetimi ile İlişkisi: Borsa İstanbul Şirketleri Üzerinde Bir Araştırma. International Symposium of Scientific Research and Innovative Studies, Balıkesir, Türkiye.
  • Platt, H. D., and Platt, M. B. (2002). Predicting Corporate Financial Distress: Reflections on Choice-based Sample Bias. Journal of Economics and Finance, Vol. 26, Iss. 2, 184-199.
  • Prayanthi, I., and Kakunsi, N. (2017). The Altman Model and Auditor’s Opinion about Going Concern of the Companies. Science Journal of Business and Management, Vol. 5, Iss. 5, 189-193.
  • Shumway, T. (2001). Forecasting Bankruptcy more Accurately: A Simple Hazard Model. The Journal of Business, Vol. 74, Iss. 1, 101-124.
  • Si, M., Pamulang, L., and Setiawan, M.R.A. (2016). Relationship Bankruptcy Prediction, Company Growth and Going Concern Opinion, Evidence from Indonesia. International Journal of Core Engineering & Management, Vol. 3, Iss. 4, 84-102.
  • T’ing, L. C., Mohamad, Z. Z., and Razak, R. A. (2021). The Determinants of Auditor’s Going Concern Opinion and The Effect of Monitoring Mechanisms. Asian Journal of Accounting and Finance, Vol. 3, Iss. 3, 10-30.
  • Winakor A., and Smith R. (1935). Changes in Financial Structure of Unsuccessful Industrial Corporations. Bulletin No. 51, University of Illinois, Bureau of Business Research: Urbana, Illinois.
  • Yaşar, A. (2017). İşletmenin Sürekliliğinde Ortaya Çıkan Belirsizliğin Bağımsız Denetim Raporlarındaki Denetçi Görüşleri Açısından İncelenmesi: BİST’de İşlem Gören Sınai Şirketlerine Yönelik bir Araştırma. Muhasebe Bilim Dünyası Dergisi, Vol. 19, Iss. 1, 58-85.
  • Young, A., and Wang, Y. (2010). Multi-risk Level Examination of Going Concern Modifications. Managerial Auditing Journal, Vol. 25, Iss. 8, 756 – 791.
  • Zmijewski, M. E. (1984). Methodological Issues Related to the Estimation of Financial Distress Prediction Models. Journal of Accounting Research, Vol. 22, 59-82. https://www.bloomberght.com/depremlerin-maliyeti-aciklandi-2327187 Erişim Tarihi: 23.07.2023
There are 28 citations in total.

Details

Primary Language Turkish
Subjects Auditing and Accountability, Financial Accounting, Institutional Governance
Journal Section Articles
Authors

Recep Güneş 0000-0003-3813-2749

Ahmet Onay 0000-0003-1182-6003

Serdar Benligiray 0000-0001-7593-7971

Publication Date December 27, 2023
Published in Issue Year 2023 100th Anniversary Special Issue

Cite

APA Güneş, R., Onay, A., & Benligiray, S. (2023). Finansal Başarısızlık ve Denetim Görüşü İlişkisi: Deprem Bölgesindeki Şirketler Üzerine Bir Araştırma. Yönetim Ve Ekonomi Dergisi187-203. https://doi.org/10.18657/yonveek.1364370
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