Abstract
This study examines the relationship between going concern and independent audit opinions. The research utilises data from companies operating in the manufacturing sector listed on Borsa Istanbul between 2018 and 2022. The going concern status of companies is measured using financial indicators such as the Altman Z-score, Ohlson score, Zmijewski score, and leverage ratio. The relationship between these indicators and the audit opinion is analysed using Logistic Regression. The findings indicate that as indicators of financial distress increase, auditors are more likely to issue a qualified opinion, an adverse opinion, or a disclaimer of opinion. Additionally, an Instrumental Variable model is applied to address potential endogeneity concerns, and the results are consistent with the main findings. Supplementary analyses based on audit firm size indicate that smaller audit firms tend to consider going-concern risk a more decisive factor. In contrast, larger audit firms may take other risk factors into account.
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