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ÖzetFinansal tabloları denetime tabi tutulacak kuruluşlarda uygulanacak denetim stratejileri denetçiler tarafından öngörülecek denetim riskinin düzeyine göre belirlenmektedir. Denetim riski ise denetlenecek kuruluşun yapısal koşulları, iç kontrol ve muhasebe sistemlerinin yeterliliği, uygulanacak denetim tekniklerine karşın ortaya çıkarılamayacak hata ve hileler ile karşılaşma olasılığı birlikte dikkate alınarak belirlenmektedir. Bu çalışmada, finansal kuruluşlara ilişkin yapılacak finansal tablo denetimlerinin uygunluk denetimini de kapsayacağı görüşünden hareketle denetimlerde esas alınacak düzenlemelerin ilke bazlı ya da kural bazlı yaklaşımla hazırlanmış olmasının denetim stratejisinin planlanmasına etkisi sorgulanmıştır. Denetim riskinin alt bileşenleri olan kontrol riski ve bulgu riski arasındaki ters yönlü gelişim dikkate alınarak ilke bazlı düzenleme yaklaşımının bulgu riskini, kural bazlı düzenleme yaklaşımının ise kontrol riskini arttıracağı sonucuna varılmıştır.Anahtar Sözcükler: Denetim riski, kontrol riski, bulgu riski, ilke bazlı düzenleme, kural bazlı düzenleme. Impact of the Principle or Rule Based Financial Regulations on the External Auditing Process of the Financial Institutions' Reports AbstractAudit plans which will be implemented during the external auditing of the entities' financial reports are determined according to the level of audit risk by the external auditors. Audit risk is assessed taking into consideration the structural conditions and efficiency of the internal control and accounting systems of the entities which will be audited and also, the risk that the auditor's substantive procedures do not detect a misstatement that could be material. The purpose of this study is to evaluate the impact of the principle or rule based financial regulations on the external audit process of the financial institutions assuming that they do not include only financial reporting audits but also suitability audits in terms of the financial regulations. It has been shown that principle based regulations would increase detection risk as rule based regulations would increase control risk by using the negative relationship between the control and detection risk.

This paper aims to empirically test the impact of Turkey's sovereign credit rating downgrades by three major credit rating agencies on the Borsa İstanbul equity market prior to the official announcement, and to ascertain whether any significant impact found is due to market players' accurate forecasting or information leakages. In this paper, the effects of nine downgrade announcements between 2016 and 2018 are analyzed using the Event Study method. In eight of the nine events, statistically significant negative cumulative abnormal returns were estimated during the five trading days before the announcement. Evidence suggests that three of the eight events reflected information leakage to the market, and five indicated sound forecasting by market players alongside some information leakage. These results reveal that it is necessary to take preventive measures against information leakage before the announcement of the ratings assessments.

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