Publication: ISA 570 going concern : implementatıon and recommendations in Turkey
Abstract
Sürekliliğe atıfta bulunma konusunda, ISA 570 göre denetçiler mevcut finansal tabloların çıkarılması için varsayımın uygun bir çerçeve olup olmadığına karar verme esnekliğine sahiptir. Şarta bağlı veya başka türlü olaylar veya sorumluluklar şirketin istikrarını zedeleyebilir, ancak denetçilerin geleceği tahmin edebileceği gerçekçi bir beklenti olamaz. Yatırımcılar için hala önemli bir endişe kaynağı olduğu için, denetim işlevi için yapılan herhangi bir değişikliğin, sürekliliği ele alan denetçilerden beklentilerde bazı değişikliklere neden olması muhtemeldir.Bu tezin amacı, BDS 570'in pratikte uygulanmasında araştırılması ve finansal tablolarda Süreklilik ile ilgili sinyallere daha fazla dikkat çekmektir. Bu amaç doğrultusunda nedensellik ilişkisini devam ettirmek, Vergilendirme Oranı, Olumsuz Oranlar, Toplam Varlıklar üzerindeki Toplam Borç Aşımı, Ödenecek Hesapları Ödememe, Girişim Aşırı Operasyonel Çıkışların Aşamaları, Operasyonel Kayıp, Net Yükümlülük, Olumsuz Operasyonel Nakit Akışları arasındaki ilişki, Türkiye'nin imalat şirketlerinde Sürdürülebilir Operasyon Kayıpları ve Sermayeye Uyumsuzluk konuları incelenmiştir. 2000-2017 yılları arasında 748 firmanın yıllık değişkenlerine ilişkin VAR Analizi, Hata Düzeltme Modeli, Eş Bütünleşme ve Granger Nedensellik testleri yapılmıştır.Ampirik sonuçlara göre, bu çalışmada kullanılan tüm değişkenler Augmented Dickey Fuller (ADF) ve Phillips-Perron (P.P) birim kök testleri kullanılarak ilk farkta durağan bulunur. Ayrıca, kullanılan değişkenler arasında uzun dönem ilişkinin varlığını gösteren Eş-bütünleşiktir. Bu nedenle, denetçilerin süreklilik ile ilgili görüş bildirirken söz konusu değişkenlere dikkat etmeleri önerilir.
To facilitate referencing going concern, in accordance with International Standard on Auditing (ISA) 570 auditors have flexibility to establish a decision whether the assumption is suitable framework for pulling up the current financial statements. They must judge, whether any events or liability, contingent or otherwise may undermine the company’s stability, but it is not a realistic expectation that auditors can predict future. Because it is still a significant concern for investors, it is probable that any changes now made to form of the audit function will cause some changes in the expectation from auditors addressing Going Concern.The aim of this thesis is investigating the implementation of ISA 570 in practice and to draw more attention to the signals related to Going Concern in the financial statements. In order to achieve this purpose causality relationship among Going concern, Taxation Rate, Unfavorable Ratios, The Excess of Total Debt over Total Assets, Inability to Pay Accounts Payable, Excessive of Operating Outflows than Inflows, Operating Loss, Net Liability, Negative Operating Cash Flows, Sustainable Operating Losses and Non-compliance with Capital in manufacturing companies of Turkey were studied. In related Vector auto regression (VAR) analysis, Error Correction Model (ECM), Cointegration and Granger Causality tests were performed to annual variables of 748 firms’ between2000-2017.According to the empirical results, all variables employed in this study are found stationary at first difference using Augmented Dickey Fuller (ADF) and Phillips-Perron (P.P) Unit Root tests. Also, the employed variables are cointegrated indicating the existence of long-run relationship among the variables. Therefore, it is recommended that auditors give attention to the mentioned variables while issuing going concern opinion.
To facilitate referencing going concern, in accordance with International Standard on Auditing (ISA) 570 auditors have flexibility to establish a decision whether the assumption is suitable framework for pulling up the current financial statements. They must judge, whether any events or liability, contingent or otherwise may undermine the company’s stability, but it is not a realistic expectation that auditors can predict future. Because it is still a significant concern for investors, it is probable that any changes now made to form of the audit function will cause some changes in the expectation from auditors addressing Going Concern.The aim of this thesis is investigating the implementation of ISA 570 in practice and to draw more attention to the signals related to Going Concern in the financial statements. In order to achieve this purpose causality relationship among Going concern, Taxation Rate, Unfavorable Ratios, The Excess of Total Debt over Total Assets, Inability to Pay Accounts Payable, Excessive of Operating Outflows than Inflows, Operating Loss, Net Liability, Negative Operating Cash Flows, Sustainable Operating Losses and Non-compliance with Capital in manufacturing companies of Turkey were studied. In related Vector auto regression (VAR) analysis, Error Correction Model (ECM), Cointegration and Granger Causality tests were performed to annual variables of 748 firms’ between2000-2017.According to the empirical results, all variables employed in this study are found stationary at first difference using Augmented Dickey Fuller (ADF) and Phillips-Perron (P.P) Unit Root tests. Also, the employed variables are cointegrated indicating the existence of long-run relationship among the variables. Therefore, it is recommended that auditors give attention to the mentioned variables while issuing going concern opinion.