Research on factors affecting organizational structure, operating mechanism and audit quality: An empirical study in Vietnam
Abstract
This research aims to determine factors affecting and the level of their influence on organizational structure, operating mechanism and audit quality in the Vietnamese market. In this paper, the methodology used by the authors is mixed method. Combination of the qualitative research method and the quantitative research method on the basis of meta-analysis and synthesis of existing information from various sources and results of interviews carried out in early 2018 using a questionnaire for 270 auditors who now work at audit firms in Vietnam. The results of the research showed that factors affecting the operating mechanism of audit firms include the legal system, quality control and internal corporate governance. Factors affecting the audit quality are the organizational structure and the operating mechanism of audit firms. Among these factors, the operating mechanism has the greatest impact on and plays a decisive role in the audit quality. In addition, the research showed that factors affecting the organizational structure of audit firms in Vietnam are unobvious.
Keyword : independent audit, organizational structure, operating mechanisms, audit quality, audit firms, SEM, Vietnam
How to Cite
Hai, P. T., Tu, C. A., & Toan, L. D. (2019). Research on factors affecting organizational structure, operating mechanism and audit quality: An empirical study in Vietnam. Journal of Business Economics and Management, 20(3), 526-545. https://doi.org/10.3846/jbem.2019.9791
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bollen, K. A. (1989). A New Incremental Fit Index for general structural equation models. Sociological Methods & Research, 17(3), 303-316. https://doi.org/10.1177/0049124189017003004
Bonner, S., & Lewis, B. (1990). Determinants of auditor expertise. Journal of Accounting Research, 28, 1-20. https://doi.org/10.2307/2491243
Chadegani Aghaei, A. (2011). Review of studies on audit quality. International Conference on Humanities, Society and Culture, 20, 312-317. https://doi.org/10.2139/ssrn.2227359
Chen, Q., Kelly, K., & Salterio, S. E. (2012). Do changes in audit actions and attitudes consistent with increased auditor scepticism deter aggressive earnings management? An experimental investigation. Accounting, Organizations and Society, 37(2), 95-115. https://doi.org/10.1016/j.aos.2011.11.001
Chen, X., Dai, Y., Kong, D., & Tan, W. (2017). Effect of international working experience of individual auditors on audit quality: Evidence from China. Journal of Business Finance and Accounting, 44(7-8), 1073-1108. https://doi.org/10.1111/jbfa.12257
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DeFond, M., & Zhang, J. (2014). A review of archival auditing research. Journal of Accounting and Economics, 58(2-3), 275-326. http://doi.org/10.1016/j.jacceco.2014.09.002
DG Internal Market. (2007). Ownership rules of audit firms and their consequences for audit market concentration. Prepared for DG Internal Market Services. Retrieved from http://ec.europa.eu/in-ternal_market/auditing/docs/market/oxera_report_en.pdf
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Dye, R. A. (1993). Auditing standards, legal liability, and auditor wealth. Journal of Political Economy, 5, 887-914. https://doi.org/10.1086/261908
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Francis, J. R. (2011). A framework for understanding and researching audit quality. Auditing: A Journal of Practice & Theory, 30(2), 125-152. https://doi.org/10.2308/ajpt-50006
Ghosh, A., & Moon, D. (2005). Auditor tenure and perceptions of audit quality. Accounting Review, 80(2), 585-612. https://doi.org/10.2308/accr.2005.80.2.585
Gao, P., Zhang, G. (2017). Auditing standards, professional judgment, and audit quality. Working paper. University of Chicago and University of Minnesota. Retrieved from http://faculty.chicagobooth.edu/pingyang.gao/research/papers/ProfessionalJudgement.pdf
Ha, H. T. N. (2012). Membership, benefits and responsibilities when becoming a member of the International Audit Organization and lessons learned for Vietnam. Vietnamese Auditing Journal, 1, 45-48 (in Vietnamese).
Hai, D. H., & Trung, N. S. (2015). The factors affect the quality of financial statements audit in Vietnam businesses. Asian Social Science, 11(27), 172-181. https://doi.org/10.5539/ass.v12n1p172
Hai, P. T. (2014). Setting up the model of independent auditing in Vietnam to improve the quality and efficiency of operations in the context of integration (PhD Thesis). University of Economics Ho Chi Minh City, Vietnam (in Vietnamese).
Hai, P. T. (2016). The research of factors affecting the quality of audit activities: Empirical evidence in Vietnam. International Journal of Business and Management, 11(3), 83-94. https://doi.org/10.5539/ijbm.v11n3p83
Hai, P. T. (2017). Solutions to improve quality and effectiveness of independent auditing activities in Vietnam. International Journal of Economic Research, 14(15), 113-124. Retrieved from http://serialsjournals.com/articlesview.php?volumesno_id=1399&article_id=22169&volumes_id=1068&journals_id=41
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2006). Multivariate data analysis (6th ed.). Analysis. Englewood Cliffs, NJ: Prentice Hall.
Hoseinbeglou, S., Masrori, R., & Asadzadeh, A. (2013). The effect of corporate governance mechanisms on audit quality. Journal of Basic and Applied Scientific Research, 3(1), 891-897. Retrieved from https://www.textroad.com/pdf/JBASR/J.%20Basic.%20Appl.%20Sci.%20Res.,%203(1)891-897,%202013.pdf
Hu, L., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1-55. https://doi.org/10.1080/10705519909540118
Kasim, N., Hashim, N. A. B., & Salman, S. A. (2016). Conceptual relationship between corporate governance and audit quality in Shari’ah compliant companies listed on Bursa Malaysia. Modern Applied Science, 10(7), 106-114. https://doi.org/10.5539/mas.v10n7p106
Lam, T. K. (2011). Setting up a quality control mechanism for independent auditing activities in Vietnam (PhD Thesis). University of Economics Ho Chi Minh City, Vietnam (in Vietnamese).
Lee, C.-C. (2008). Effects of size on operating result of audit firms with strategic alliances: An empirical study. International Journal of Management, 25(4), 706-721, 779. Retrieved from https://search.proquest.com/openview/978a176c0c64167b5502240f45c46f88/1?pq-origsite=gscholar&cbl=5703
Lennox, C. (2005). Management ownership and audit firm size. Contemporary Accounting Research, 22(1), 205-277. https://doi.org/10.1506/K2CG-U6V0-NPTC-EQBK
Mautz, R. & H. A. S. (1961). The philosophy of auditing, American Accounting Association, Madison.Pham, H., Amaria, P., Bui, T., & Tran, S. (2014). A study of audit quality in Vietnam. International Journal of Business, Accounting & Finance, 8(2), 73-110. Retrieved from https://web.a.ebscohost.com/abstract?direct=true&profile=ehost&scope=site&authtype=crawler&jrnl=1936699X&AN=99771210&h=inhEa4qbiAiJtYcHYcNwttYMD1wB%2blCOEu5hBmM%2biY8NIOZKU%2bLe0JEUWUu8WrBqzJ%2fgRvRJcmExJPPPkq672w%3d%3d&crl=c&resultNs=AdminWebAuth&resultLocal=ErrCrlNotAuth&crlhashurl=login.aspx%3fdirect%3dtrue%26profile%3dehost%26scope%3dsite%26authtype%3dcrawler%26jrnl%3d1936699X%26AN%3d99771210
Pham, N. K., Duong, H. N., Pham, T. Q., & Ho, N. T. T. (2017). Audit firm size, audit fee, audit reputation and audit quality: The case of listed companies in Vietnam. Asian Journal of Finance & Accounting, 9(1), 429-447. https://doi.org/10.5296/ajfa.v9i1.10074
Rahmina, L. Y., & Agoes, S. (2014). Influence of auditor independence, audit tenure, and audit fee on audit quality of members of capital market accountant forum in Indonesia. Procedia – Social and Behavioral Sciences, 164, 324-331. https://doi.org/10.1016/j.sbspro.2014.11.083
Schumacker, R. E., & Lomax, R. G. (2004). A beginner’s guide to structural equation modeling (2nd ed.). Lawrence Erlbaum Associates, Publishers, Mahwah, New Jersey, London. https://doi.org/10.4324/9781410610904
Seyed M. H. (2014). Effects of corporate governance on audit quality (MA Thesis). Universidade de Aveiro. Retrieved from https://ria.ua.pt/bitstream/10773/13423/1/Efeitos%20do%20governo%20das%20sociedades%20na%20qualidade%20da%20auditoria.pdf
Suseno, N. S., & Nofianti, L. (2018). Empirical evidence of audit firm size toward audit quality and reputation of public accounting firm. Advanced Science Letters, 24(5), 3327-3331(5). https://doi.org/10.1166/asl.2018.11367
Tan, T. T. G. (2009). External quality control of independent auditing activities [Kiểm soát chất lượng từ bên ngoài đối với hoạt động kiểm toán độc lập] (1rst ed.). Financial Publishing House, Ho Chi Minh City, Vietnam (in Vietnamese).
Thuy, B. T. (2014). Study the factors affecting the quality of auditing the financial statements of enterprises listed on the Vietnam securities market (PhD Thesis). National Economics University, Vietnam (in Vietnamese).
Tran, P., Tran, V. T., Dinh, T. C., & Pham, T. K. A. (2018). Auditors’ behavior impact on the quality of auditing – experimental research in Hochiminh city. In Proceedings of the International Conference on Finance, Accounting and Auditing (ICFAA 2018). Hanoi, Vietnam (pp. 528-539). Retrieved from https://drive.google.com/drive/u/0/folders/10r9MlWVothJxGPagYv_Cfez5K19OwU3a?fbclid=IwAR29bq3yZlfBmjArMADYVr7dpyxDLJNmXciTp_cILrbfWaRkk_ymBYRl3Gw
Tuan, N. A. (2014). Quality control audit of independent audit – current situation and complete solution (PhD Thesis). Academy of Finance, Vietnam (in Vietnamese).
VACPA. (2010–2017). Review report of 2010–2017 activities and direction of operation in 2011–2018 by independent auditors (in Vietnamese).
Zhan Shu, S. (2000). Auditor resignations: Clientele effects and legal liability. Journal of Accounting and Economics, 29(2), 173-205. https://doi.org/10.1016/S0165-4101(00)00019-7
Zureigat, Q. (2011). The effect of ownership structure on audit quality: Evidence from Jordan. International Journal of Business and Social Science, 2(10), 38-46. Retrieved from http://www.ijbssnet.com/journals/Vol.%202_No._10%3B_June_2011/6.pdf
Aldhizer III, G. R., Miller, J. R., & Moraglio, J. F. (1995). Common attributes of quality audits. Journal of Accountancy, 179(1), 61. Retrieved from https://search.proquest.com/openview/3369c7c4350d5506770cd2b4ee543523/1?pqorigsite=gscholar&cbl=41065
Aladdin, D., Zeena, M., & Islam, A. (2018). Corporate governance and auditor quality choice: Evidence from Palestinian corporations. International Journal of Economics and Financial Issues, 8(2), 47-53. Retrieved from http://www.econjournals.com/index.php/ijefi/article/view/6071
Amahalu, N. N., & Beatrice, O. E. (2017). Determinants of audit quality: Evidence from deposit money banks listed on Nigeria stock exchange. International Journal of Academic Research in Accounting, Finance and Management Sciences, 7(2), 117-130. https://doi.org/10.6007/IJARAFMS/v7-i2/2877
Gacar, A. (2016). Relationship between AuditQuality and corporate governance: An empirical research in Borsa Istanbul. IOSR Journal of Business and Management, 18(11), 84-88. Retrieved from http://www.iosrjournals.org/iosr-jbm/papers/Vol18-issue11/Version-6/K1811068488.pdf
Anh, N. T. M., & Tam, N.T. (2019). Auditing financial statements in insurance enterprises: The case of Vietnam. Management Science Letters, 9(2019), 313-324. Retrieved from http://www.growingscience.com/msl/Vol9/msl_2019_21.pdf
Bollen, K. A. (1989). A New Incremental Fit Index for general structural equation models. Sociological Methods & Research, 17(3), 303-316. https://doi.org/10.1177/0049124189017003004
Bonner, S., & Lewis, B. (1990). Determinants of auditor expertise. Journal of Accounting Research, 28, 1-20. https://doi.org/10.2307/2491243
Chadegani Aghaei, A. (2011). Review of studies on audit quality. International Conference on Humanities, Society and Culture, 20, 312-317. https://doi.org/10.2139/ssrn.2227359
Chen, Q., Kelly, K., & Salterio, S. E. (2012). Do changes in audit actions and attitudes consistent with increased auditor scepticism deter aggressive earnings management? An experimental investigation. Accounting, Organizations and Society, 37(2), 95-115. https://doi.org/10.1016/j.aos.2011.11.001
Chen, X., Dai, Y., Kong, D., & Tan, W. (2017). Effect of international working experience of individual auditors on audit quality: Evidence from China. Journal of Business Finance and Accounting, 44(7-8), 1073-1108. https://doi.org/10.1111/jbfa.12257
Chen, Y.-S., Hsu, J., Huang, M.-T., & Yang, P.-S. (2013). Quality, size, and performance of audit firms. The International Journal of Business & Finance Research, 7(5), 89-105. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2262503
DeAngelo, L. (1981). Auditor independence, “low-balling”, and disclosure regulation. Journal of Accounting and Economics, 3(2), 113-127. https://doi.org/10.1016/0165-4101(81)90009-4
DeFond, M., & Zhang, J. (2014). A review of archival auditing research. Journal of Accounting and Economics, 58(2-3), 275-326. http://doi.org/10.1016/j.jacceco.2014.09.002
DG Internal Market. (2007). Ownership rules of audit firms and their consequences for audit market concentration. Prepared for DG Internal Market Services. Retrieved from http://ec.europa.eu/in-ternal_market/auditing/docs/market/oxera_report_en.pdf
Duc, V. H. (2002). Establishing the system of auditing standards in Vietnam (PhD Thesis). University of Economics Ho Chi Minh City, Vietnam (in Vietnamese).
Dung, P. Van. (2015). The factors affecting audit quality of audit firms in Vietnam oriented to strengthen competitive capability in international integration conditions (PhD Thesis). University of Economics Ho Chi Minh City, Vietnam (in Vietnamese).
Dye, R. A. (1993). Auditing standards, legal liability, and auditor wealth. Journal of Political Economy, 5, 887-914. https://doi.org/10.1086/261908
Favere-Marchesi, M. (2000). Audit quality in ASEAN. The International Journal of Accounting 35(1), 121-149. https://doi.org/10.1016/S0020-7063(99)00049-7
Francis, J. R. (2011). A framework for understanding and researching audit quality. Auditing: A Journal of Practice & Theory, 30(2), 125-152. https://doi.org/10.2308/ajpt-50006
Ghosh, A., & Moon, D. (2005). Auditor tenure and perceptions of audit quality. Accounting Review, 80(2), 585-612. https://doi.org/10.2308/accr.2005.80.2.585
Gao, P., Zhang, G. (2017). Auditing standards, professional judgment, and audit quality. Working paper. University of Chicago and University of Minnesota. Retrieved from http://faculty.chicagobooth.edu/pingyang.gao/research/papers/ProfessionalJudgement.pdf
Ha, H. T. N. (2012). Membership, benefits and responsibilities when becoming a member of the International Audit Organization and lessons learned for Vietnam. Vietnamese Auditing Journal, 1, 45-48 (in Vietnamese).
Hai, D. H., & Trung, N. S. (2015). The factors affect the quality of financial statements audit in Vietnam businesses. Asian Social Science, 11(27), 172-181. https://doi.org/10.5539/ass.v12n1p172
Hai, P. T. (2014). Setting up the model of independent auditing in Vietnam to improve the quality and efficiency of operations in the context of integration (PhD Thesis). University of Economics Ho Chi Minh City, Vietnam (in Vietnamese).
Hai, P. T. (2016). The research of factors affecting the quality of audit activities: Empirical evidence in Vietnam. International Journal of Business and Management, 11(3), 83-94. https://doi.org/10.5539/ijbm.v11n3p83
Hai, P. T. (2017). Solutions to improve quality and effectiveness of independent auditing activities in Vietnam. International Journal of Economic Research, 14(15), 113-124. Retrieved from http://serialsjournals.com/articlesview.php?volumesno_id=1399&article_id=22169&volumes_id=1068&journals_id=41
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2006). Multivariate data analysis (6th ed.). Analysis. Englewood Cliffs, NJ: Prentice Hall.
Hoseinbeglou, S., Masrori, R., & Asadzadeh, A. (2013). The effect of corporate governance mechanisms on audit quality. Journal of Basic and Applied Scientific Research, 3(1), 891-897. Retrieved from https://www.textroad.com/pdf/JBASR/J.%20Basic.%20Appl.%20Sci.%20Res.,%203(1)891-897,%202013.pdf
Hu, L., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1-55. https://doi.org/10.1080/10705519909540118
Kasim, N., Hashim, N. A. B., & Salman, S. A. (2016). Conceptual relationship between corporate governance and audit quality in Shari’ah compliant companies listed on Bursa Malaysia. Modern Applied Science, 10(7), 106-114. https://doi.org/10.5539/mas.v10n7p106
Lam, T. K. (2011). Setting up a quality control mechanism for independent auditing activities in Vietnam (PhD Thesis). University of Economics Ho Chi Minh City, Vietnam (in Vietnamese).
Lee, C.-C. (2008). Effects of size on operating result of audit firms with strategic alliances: An empirical study. International Journal of Management, 25(4), 706-721, 779. Retrieved from https://search.proquest.com/openview/978a176c0c64167b5502240f45c46f88/1?pq-origsite=gscholar&cbl=5703
Lennox, C. (2005). Management ownership and audit firm size. Contemporary Accounting Research, 22(1), 205-277. https://doi.org/10.1506/K2CG-U6V0-NPTC-EQBK
Mautz, R. & H. A. S. (1961). The philosophy of auditing, American Accounting Association, Madison.Pham, H., Amaria, P., Bui, T., & Tran, S. (2014). A study of audit quality in Vietnam. International Journal of Business, Accounting & Finance, 8(2), 73-110. Retrieved from https://web.a.ebscohost.com/abstract?direct=true&profile=ehost&scope=site&authtype=crawler&jrnl=1936699X&AN=99771210&h=inhEa4qbiAiJtYcHYcNwttYMD1wB%2blCOEu5hBmM%2biY8NIOZKU%2bLe0JEUWUu8WrBqzJ%2fgRvRJcmExJPPPkq672w%3d%3d&crl=c&resultNs=AdminWebAuth&resultLocal=ErrCrlNotAuth&crlhashurl=login.aspx%3fdirect%3dtrue%26profile%3dehost%26scope%3dsite%26authtype%3dcrawler%26jrnl%3d1936699X%26AN%3d99771210
Pham, N. K., Duong, H. N., Pham, T. Q., & Ho, N. T. T. (2017). Audit firm size, audit fee, audit reputation and audit quality: The case of listed companies in Vietnam. Asian Journal of Finance & Accounting, 9(1), 429-447. https://doi.org/10.5296/ajfa.v9i1.10074
Rahmina, L. Y., & Agoes, S. (2014). Influence of auditor independence, audit tenure, and audit fee on audit quality of members of capital market accountant forum in Indonesia. Procedia – Social and Behavioral Sciences, 164, 324-331. https://doi.org/10.1016/j.sbspro.2014.11.083
Schumacker, R. E., & Lomax, R. G. (2004). A beginner’s guide to structural equation modeling (2nd ed.). Lawrence Erlbaum Associates, Publishers, Mahwah, New Jersey, London. https://doi.org/10.4324/9781410610904
Seyed M. H. (2014). Effects of corporate governance on audit quality (MA Thesis). Universidade de Aveiro. Retrieved from https://ria.ua.pt/bitstream/10773/13423/1/Efeitos%20do%20governo%20das%20sociedades%20na%20qualidade%20da%20auditoria.pdf
Suseno, N. S., & Nofianti, L. (2018). Empirical evidence of audit firm size toward audit quality and reputation of public accounting firm. Advanced Science Letters, 24(5), 3327-3331(5). https://doi.org/10.1166/asl.2018.11367
Tan, T. T. G. (2009). External quality control of independent auditing activities [Kiểm soát chất lượng từ bên ngoài đối với hoạt động kiểm toán độc lập] (1rst ed.). Financial Publishing House, Ho Chi Minh City, Vietnam (in Vietnamese).
Thuy, B. T. (2014). Study the factors affecting the quality of auditing the financial statements of enterprises listed on the Vietnam securities market (PhD Thesis). National Economics University, Vietnam (in Vietnamese).
Tran, P., Tran, V. T., Dinh, T. C., & Pham, T. K. A. (2018). Auditors’ behavior impact on the quality of auditing – experimental research in Hochiminh city. In Proceedings of the International Conference on Finance, Accounting and Auditing (ICFAA 2018). Hanoi, Vietnam (pp. 528-539). Retrieved from https://drive.google.com/drive/u/0/folders/10r9MlWVothJxGPagYv_Cfez5K19OwU3a?fbclid=IwAR29bq3yZlfBmjArMADYVr7dpyxDLJNmXciTp_cILrbfWaRkk_ymBYRl3Gw
Tuan, N. A. (2014). Quality control audit of independent audit – current situation and complete solution (PhD Thesis). Academy of Finance, Vietnam (in Vietnamese).
VACPA. (2010–2017). Review report of 2010–2017 activities and direction of operation in 2011–2018 by independent auditors (in Vietnamese).
Zhan Shu, S. (2000). Auditor resignations: Clientele effects and legal liability. Journal of Accounting and Economics, 29(2), 173-205. https://doi.org/10.1016/S0165-4101(00)00019-7
Zureigat, Q. (2011). The effect of ownership structure on audit quality: Evidence from Jordan. International Journal of Business and Social Science, 2(10), 38-46. Retrieved from http://www.ijbssnet.com/journals/Vol.%202_No._10%3B_June_2011/6.pdf