OVERVIEW OF RESEARCH STUDIES ON THE FACTORS AFFECTING AUDIT OPINION ON FINANCIAL STATEMENT OF LISTED COMPANIES45455

IN TERNATIONAL CONFERENCE ON - CIFBA 2020 OVERVIEW OF RESEARCH STUDIES ON THE FACTORS AFFECTING AUDIT OPINION ON FINANCIAL STATEMENT OF LISTED COMPANIES Do Quynh Chi1*, Dinh The Hung2, Nguyen Thi Huong Lien1 Vietnam National University, National Economics University ABSTRACT Audit opinion is significantly important information and affects decision making of investors and various stakeholders Based on literature review, this paper summarizes the results of foreign and Vietnamese studies on the factors affecting external audit opinion on financial statements of listed companies These factors can be classified into three categories including auditor related factors such as audit firm size, audit term and independence of auditors; firm related factors such as financial ratios, audited firm size, growth of firms, time listed, quality of corporate governance; and other factors such as change of accounting standards, previous year audit opinion, audit report delay, etc Future research studies in Vietnam can be conducted by examining the relationship between these factors and audit opinion of external auditors on financial statements of listed firms on the Vietnamese stock market Keywords: Audit opinion, influential factors, listed firms INTRODUCTION The chapter number may be introduced if the authors prefer it The references are cited as follows: Financial statement is an important product of business Yuh (2013) identified five target groups using information from financial statements including investors, governments, employees, customers and the public Companies can use credibility auditors to assure external users about the reliability of the information presented in *Corresponding author Email address: chidoquynh@yahoo.com 640 VIETNAM NATIONAL UNIVERSITY - UNIVERSITY OF ECONOMICS AND BUSINESS the financial statements (Anderson, Kadous and Koonce, 2004) Audit reports as a powerful monitor tool is used by auditors to disclose the truth and fairness of the information presented in the financial statements According International Federation of Accountants (IFAC), “auditing is the independent auditors” examination and presentation of their opinions on financial statements", therefore, it is understandable that an auditor's opinion is an independent auditor's statement in the auditor's report on the financial position of the customer through the auditing process The target groups that use information from the financial statements will rely on the independent auditor’s opinion in the audit report to make decisions For employees, a number of studies have found that auditing is very helpful in improving the compliance procedures of companies while improving internal control systems (Knechel, Niemi and Sundgren, 2008) The type of audit opinion issued by the auditor in an audit report not only indicates whether the organization compliances accounting standards and is concerned about financial management, but is also an important factor to determine or prevent fraudulent activities (Bell and Zimmerman, 2007) For the investors and the public, independent auditors play an important role in the capital market by giving an objective opinion about the truth and fair of financial statements Accurate and reliable financial reports are very important for companies to raise capital and are the basis for investors to make informed decisions Supreme Court of the United States and Arthur Young (Big 8's auditing company) described the auditor's role as a “public supervision function”, that is “always independent of the customer and requires must be completely loyal to the trust of the public " This means that the auditor must work on behalf of investors and the public interest (Steven B Harris, Board Member, 2016) For the government and the customer, the information presented in the audit report is an evidence to evaluate the credibility of the company (Libby, 1979) Especially, according to Zimmermann and Watts (1983), the information in the audit report helps prevent tax evasion and tax fraud in a country's economy With such importance, it is possible that the audit opinion as a powerful monitor tool can influence the decisions of investors and other stakeholders (Bo & Wu, 2011) However, most studies look at only one aspect of the audit opinion, such as the market's response to poor quality comments (Feldmann & Read, 2013) and the influential financial ratios to audit opinion (Bao & Chen, 1998; Habib, 2013; Tahinakis & Samarinas, 2016) This article implements an overview of related studies This is the basis for future researchers to continue to inherit, develop and fill the gap The article is divided into parts: Part 1: Overview of research results on factors influencing audit opinion; Part 2: Pointing out gaps and future research directions OBJECTIVES - METHODOLOGY This article implements an overview of related studies This is the basis for future researchers to continue to inherit, develop and fill the gap The article is divided into parts: Part 1: Overview of research results on factors influencing audit opinion, Part 2: Pointing out gaps and future research directions 641 IN TERNATIONAL CONFERENCE ON - CIFBA 2020 RESULTS AND DISCUSSION Studies of factors influencing audit opinion may come from different sides (audit firm, audited company, market, other factors ) and from different types (financial and non-financial) However, factors discovered that have an important influence on the auditor's opinion can be grouped in two ways: Firstly, the factors that influence the audit opinion are grouped based on the characteristics of the variables, whereby: (i) Financial variables include financial ratios, firm size; (ii) Non-financial variables include: time listed, size of audit firms, % of nonexecutive members of the Board of Directors, subsidiaries or not?, non-audit service charges; (iii) Market variables: Beta coefficients, market response, etc Secondly, the factors that influence the audit opinion are grouped based on the audit subject: (i) Firm-related factors: audit firm size, audit term, etc; (ii) Audited company-related factors: financial ratios, firm size audited, profit management; (iii) Other factors: delay of audit reports, audit opinions previous year, beta The factors and dimensions is summarized through the table below: Summary, there are several factors affecting audit opinion: The audited companies-related factors: size of company, number of listed year and financial ratios The firm-related factors: firm size The other factors: audit opinion for the previous year Through research overview, the researcher realizes that there are a number of gaps that were limited in previous foreign studies as well as Vietnam, such as: (i) The foreign studies mostly focus on developed countries such as Greece, Turkey, etc, while in developing countries or in Vietnam, research or empirical evidence about the topic is still limited The audit opinion is determined to be an important component affecting both capital and debt markets In Vietnam, the factors discovered to influence are still very small and the sample size is still limited Therefore, the addition of empirical evidence on the factors affecting the audit opinion is essential (ii)The foreign studies produce a mixed result and not accurately identify the factors and dimensions that influence the opinion of the auditor, further studies are needed to identify the dimensions affect audit opinion Especially with such a mixed result, the inspection in Vietnam is very necessary to determine which factors are affecting the audit opinion as well as having positive or negative effect 642 Firm-related factors Financial ratios Liquidity analysis ratios a a1 Non-audit services and unqualified opinion + + Audit term and unqualified opinion The independence of auditors + Audit term and going concern audit opinion Audit term + Big 4, big and qualified opinion II + Audit firm size or audit quality Impact dimension Big 4, big and going concern audit opinion Auditor-related factors Factors I No Table 1- SUMMARY OF RESULTS OF THE STUDIES Ahadiat (2011) Geigher & Raghunandan (2002), Santiago Lago Penas at el (2017) - - Gosman (1973), Warren (1980), Keasey at el (1988) Anh, Lennox (2000), Reynolds and Francis (2001), Caramanis and Spathis (2006), DeFond at el (2002), Geiger at el (2006), Masyitoh at el (2010), Habib (2013), Qasim Mohammad Zureigat (2014), Santiago Lago Penas at el (2017) Lim and Tan (2010) - Impact dimension Muchler (1986), Defond at el (2002) Research studies Oliver and Wu (2012) Petro (2007), Uyar and Çelik (2009) Jose Luis Gallizo at el (2015) Research studies VIETNAM NATIONAL UNIVERSITY - UNIVERSITY OF ECONOMICS AND BUSINESS 643 644 a4 a3 a2 ROA and unqualified opinion Performance ratios + + Loss for previous year and going concern audit opinion Santiago Lago Penas at el (2017) Tsiporidou and Spathis (2014), Jose Luis Gallizo at el (2015) - Industry profit and low profits and qualified opinion Lina Rahmawati (2017) - EBT and going concern audit opinion + - EBIT/Net Revenue and qualified opinion Low profits and going concern audit opinion - Dopuch at el (1987) Aryantika and Rasmini (2015) Indonexia and Yao Liu (2010) Dopuch at el (1987), Chen at el (2001), Dopuch at el (1987), Habib (2013), Qasim Mohammad Zureigat (2014), Ha Thi Thuy at el (2016) - Profit for current year and qualified opinion Loss for current year and qualified opinion + + Leverage and going concern audit opinion Profitabilities ratios + Leverage and qualified opinion Debt ratios Liquidity analysis ratios, cash flow and qualified opinion (1973), (2003), (2007), Dopuch at el (1987) Ha Thi Thanh Thuy at el (2016) Pinches at el Spathis at el Gaganis at el Mutchler (1986) Habib (2013) Nahandi at el (2013) IN TERNATIONAL CONFERENCE ON - CIFBA 2020 + Laitinen and Laitinen (1998) Kebebasan Ahli at el (2015), Ahmet Ozcan (2016) Other factors Change of standards a Profits change minus industry average profit and qualified opinion Profits change and industry average Management Profitability and qualified opinion Management Profitability + Arens at el (2014), Abolverdi and Kheradmand (2017), Yulius Kurnia Susanto and Arya Pradipta (2017) - - Members of the Broad of Directors have no financial experience and qualified opinion Age and % outside ownership and qualified opinion - + Ahmet Ozcan (2016) The number of family members in the broad of management and qualified Quality of corporate governance Time listed and unqualified opinion Time listed Growth and low profitability with qualified opinion + - Size and going concern audit opinion Growth - Size and qualified opinion Audited company size III g f e d c b Dopuch at el (1987) Pereira (2009) Ballesta and Garcia-Meca (2005) Chan and Walter (1996), Habib (2013), Chen at el (2001), Ireland (2003), Qasim Mohammad Zureigat (2014), Pham Anh Thu (2017) Rakatenda and Putra (2016) VIETNAM NATIONAL UNIVERSITY - UNIVERSITY OF ECONOMICS AND BUSINESS 645 646 and going Good information and going concern audit opinion Bad information and going concern audit opinion Good and bad information Mitigation evidence hypothesis concern audit opinion Evidence of mitigation Actively disclose relevant information and going concern audit opinion Disclose relevant information Delay of audit report and qualified opinion Delay of audit report Litigation and qualified opinion Litigation Equity and number of employees with qualified opinion + + + + + Going concern audit opinion previous and current year Equity and number of employees + + Qualified opinion previous year in current year Audit opinion of the previous year Source Summary of literature review h g f e d c b The company changes accounting policies and qualified opinion Muchler (1985) Saeid Jabbarzadeh Kangarlouei at el (2013) Habib (2013) Spathis (2003) Muchler (1985), Ha Thi Thuy at el (2016) Keasey at el (1988), Pham Anh Thu (2017) Chan and Walter (1996) - - - Muchler (1985) Saeid Jabbarzadeh Kangarlouei at el (2013) Laitinen and Laitinen (1998) IN TERNATIONAL CONFERENCE ON - CIFBA 2020 VIETNAM NATIONAL UNIVERSITY - UNIVERSITY OF ECONOMICS AND BUSINESS In Vietnam, although there are a few studies, there are still many limitations in these studies such as: restrictions on direct relevance to the audit opinion (Bui Thi Thuy, 2014), the number of variables tested: only study financial variables (Nguyen Thien Tu, 2012), some variables have not been studied (Pham Anh Thu, 2017), some variables only involve the unqualified opinion, going concern audit opinion(Pham Anh Thu, 2017), research scope: Pham Anh Thu (2017) only researches companies listed on HOSE, Ha Thi Thuy at el (2016) only researches the accepted audit opinion the part with captioning ability to work continuously limited in terms of research time: Pham Anh Thu (2017) only studied the period from 2014-2016, Ha Thi Thuy at el (2016) only studied from 2011-2014 In order to gain better empirical evidence, it is necessary to study a sample expansion, addition of variables, further development of the model, and an increase in testing time CONCLUSIONS Audit opinion is significantly important information and affects many kind of markets and stakeholders This article summarizes the results of the foreign studies and Vietnamese studies associated with audit opinion The Vietnamese studies can follow the international step and focus on the Vietnamese context Audit opinion ensures the truth and fairness of the financial statements Different stakeholders have different expectations from the auditor's opinion (Litt et al, 2014) The public companies, or capital mobilized from the public need the third party, or independent auditor to give opinion on whether firm’s financial statements are fairly presented and contain no material misstatements The public companies have an incentive to achieve unqualified audit opinion even if they cannot present true and fair financial statements to the market Therefore, for auditors, they must comply with auditing standards and other relevant regulations In addition, they should strive to improve the quality and professional skills Policymakers are responsible for ensuring the fairness in market operations They are willing to find issues in the auditing process to ensure the audit opinion is fair Therefore, they can use the research results to improve the quality of audit opinion by making policies related to the audit Future research in Vietnam may continue to conduct the test of the influence of factors on the audit opinion and add several variables that can be measured by survey questionnaires and expanding the sample in the period of economic recession or growth On the other hand, the impact of the audit opinion on the market still needs to be examined in depth using the appropriate sample size within specific periods 647 IN TERNATIONAL CONFERENCE ON - 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