Tóm tắt Luận án tiến sĩ Kinh tế: Nghiên cứu đánh giá rủi ro có sai sót trọng yếu trong kiểm toán Báo cáo tài chính của Doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam

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Luận án gồm 5 chương được trình bày như sau: Giới thiệu đề tài; Cơ sở lý luận đánh giá rủi ro có sai sót trọng yếu trong kiểm toán báo cáo tài chính của doanh nghiệp niêm yết; Phương pháp nghiên cứu; Kết quả nghiên cứu ảnh hưởng của các nhân tố đến kết quả đánh giá rủi ro có sai sót trọng yếu trong kiểm toán báo cáo tài chính của các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam; Giải pháp hoàn thiện đánh giá rủi ro có sai sót trọng yếu trong kiểm toán báo cáo tài chính của doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam.

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Nội dung Text: Tóm tắt Luận án tiến sĩ Kinh tế: Nghiên cứu đánh giá rủi ro có sai sót trọng yếu trong kiểm toán Báo cáo tài chính của Doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam

CHAPTER 1. INTRODUCTION subjected to time constraint when conducting auditing listed enterprises. This 1.1. The importance of research topic requires auditor to be capable of judging with great specialist knowledge In today's market economy, auditing have gained considerable public throughout the audit process to properly assess risks of material misstatement interest and trust , thereore the demands for auditing are increasingly high, in audited financial statements. which require auditors and auditing companies to improve both their professional capabilities and audit services. The audit report is the foundation In addition, the competition between auditing firms to maintain and increase for the third party to seek information and make investment decision. In the the number of customers leads to these firms have to reduce their price. Audit current market economy, securities is a relatively new investment form in approach based on material misstatement risk assessment is the key to help Vietnam, laws and policies on securities are still limited thus, the audit report auditor to ensure the effectiveness and efficiency of the audit. of listed enterprises is a matter of great concern to the public when they intend For these reasons, the author has boldly selected the PhD thesis " Assessing the to invest in stocks on the stock market. risk of material misstatement in financial statement auditing of enterprises Globally, the collapse of Enron Energy (2001), Worldcom (2002), Tyco listed on Vietnam securities market " International (2004), Peregrine Systems, Olympus (2012) , US Health South 1.2. Overview of Related Researchs (2003)... were caused by fraudulent financial statements, however the auditor did Globally: not detect material misstatement due to fraud. Audit firm Arthur Anderson, who Study of Norman & Associates shows the effect of internal control on conducted the audit of Enron Energy Group, did not properly evaluate a $ 51 the reliability of financial statements, errors in financial reporting (Norman et million deviation (of $ 105 million in total profits), which was considered non- al., 2011). The potential for material misstatement might be caused by control material, therefore the bankruptcy of Enron also led to the bankruptcy of Arthur risk and audit risk. Technically, material misstatement may be due to errors or Anderson. In Vietnam, listed companies who defrauded their financial statements fraud. Early study of frauds in financial report includes the work of Rommey & such as Eastern Pharmaceutical Company or SME Securities Company, Bach Associates (1980), which issued 87 Red Flags for predicting fraud. Then, Tuyet Cotton Company ... However, when auditing, auditor and auditing company Albrecht & Rommey used the predictive signs to study study about fraud. did not detect material misstatement in the financial statements of these Studies have concluded that these signs are significant in predicting fraud and companies. integrity of the Board of Manangement. A study by Loebbecke et al. (1989) In addition, during the auditing process, auditor often encounters difficulties provides a predictive model for the risk of errors due to fraud. A study by Bell in applying procedures to detect material misstatements in financial statements & Carcello (2000), Nieschwitz et al. (2000), Wilks & Zimbleman (2004) shows (Dikmen, 2010; Porter & Cameron, 1987; Coderre, 1999). As a consequence, that the Loebbecke & Associates model is quite effective in detecting fraud in when conducting the audit of financial statements, material misstatement risk fianancial statement. assessment of auditors still have certain limitations. The study of material misstatements in fianancial statement is common listed enterprises manager must make sure that the financial statements are to the indicators in balance sheet. Outstanding representatives of this field are truthful and fair without material misstatement (APB; FASB). Nonetheless, Mock and Wright, 1993; Kreutzfeldt and Wallace, 1986; Wright and Ashton, mistakes are often hidden by the manager or the information released to the 1989; Albrecht & Zimbleman, 2009; Beclard, 1989; waller, 1993; Schultz, shareholders and investors is incomplete in order to maintain the stock price, the Bierstaker & O'Donnell, 2010; Brazel et al., 2009. These studies have showed reputation of the business (Jensen & Meckly, 1976). that the frequency of material misstatement in revenue target, receivables from According to the VSA 200, the purpose of financial statement auditing is customers and inventories and commodities is higher than other indicator on to increase the credibility of the financial statement, based on the auditor’s the balance sheet. opinion as to whether the financial statements are written with a material One of the causes of risk in material misstatement is the management of respect in accordance with the framework of writing and presenting a financial the company. Intentionally concealed to make it difficult to detect material statement. [VSA 200] misstatement (Jensen & Meckling, 1976) since managers consistently seek With the responsibility to do so, auditor and auditing firm are also measures to avoid damage to personal property and reputation of the manager 1 2
(Kothari Shu & Wysucki, 2009) or material misstatement were discovered of auditor also influence the material misstatement risk assessment results when firms went bankrupt (Ettridge et al., 2010; Palmrose, Richardson, Scholz, (Oentland, 1993). 2004; Anderson & Yohn, 2002; Kinney & McDaniel, 1989; Srinivasan, 2005). Furthermore, auditor violates the principle of independence in the Management model is also one of the causes of MATERIAL process of audit when auditor conducts material misstatement risk assessment MISSTATEMENT (Behn and Riley, 1999; Lundholm & McVay, 2008; Riley, through business risk assessment, on the other hand, auditor becomes Preason & Trompeter, 2003). consultant of the customer(Zeff,2003). This is a problem for auditor when the Study of Marsha Kay Bradford Keune,2010 assessed the risk of material customer thinks that auditor is increasing the profitability of the unit and misstatement due to fraud and focused on signs of fraud in revenue accounts , interfere when auditor formulates opinion on audited financial statements. receivable accounts and inventory accounts. Compared with previous studies which only investigate one account which is prone to material misstatement In Vietnam resulting from fraud, this study expanded to a range of possible frauds. Material misstatement is discussed but mainly in the audit planning stage. Research on financial fraud forecasting are case studies using accrual model as Doan Thanh Nga(2011), Nguyen Thi My (2012), Bui Thi Thuy (2012) studied studied by DeAngelo (1986), followed by Friedlan (1994), Healy (1985), Jones the factors that influence the quality of audit through financial statement (1991). Studies using adjusted models based on accrual standards and auditing, according to survey in reality, auditors have not paid due attention to regulations, adjusted accrual models are instrumental in detecting potential material misstatement risk assessment, hence, there are stll many errors in the fraud in financial statements if there is any unusal deviation between reported audiors’ audit opinion. and projected numbers. The research by DeAngelo (1986), Friedlan (1994) and Phan Thanh Hai (2013) examines the quality of auditing from a new Jones (1991) focuses on how managers adjust revenue by adjusting accrued perspective on the organizational model of independent auditing, including two accounting variables. elements: structure and operating mechanism on the micro and macro level Beneish's (1999) study is the first study about building a model affecting the quality and effectiveness of the audit. In structure aspect: the level predicting possibility of finanacial statement fraud (named M-Score rate), of influence of each factor varies. The most influential is the size of the which aims to help auditor, investors assess the possibility of fraudulent auditing firm, the internal administration of the auditing firm, the quality of the financial statements of enterprises. The Beneish model of detecting companies manager staff and the auditor. On operational mechanism aspect: the basis of capable of fraudulent financial reporting has a precise probability of up to 76%. the customer, the auditor, the third party using the results of the audit. Research The Beneish model has helped Cornell students detect Enron fraud a year solution for assessing the quality of audit based on the point of view of before the company went bankrupt when even the auditor did not detect any detecting and reporting material misstatement in the financial report. Research errors. on the risk of material misstatement by Man Dinh (2010) proposed solutions to F-sore study model of Dechow and associates (2011) studied 2190 listed improve the quality of auditing for listed enterprises is internal control and companies in the 1982-2005 period. The F-score model consists of 3 models. external control, besides control by the audit firm itself there should be control After systemizing studies of material misstatement risk in the financial of the state management agency. Tran Thi Giang Tan et al. (2014) assessed the statement audit, the author has concluded as follows: material misstatement in accordance with VSA 240 and applied triangular fraud The material misstatement on the balance sheet when auditing often in the detection and forecasting of material misstatement from fraud in focus on indicators such as : revenue, inventory, receivables ..., which is caused companies in Vietnam. by the characteristics of industries and business sectors of enterprises affecting Ngo Thi Thu Ha (2007), Ly Tran Kim Ngan (2011), Nguyen Thi Huong these indicators more compared with other indicators on the balance sheet. Giang (2013), Le Nguyen The Cuong (2013) studied fraudulent risk assessment When auditing and collecting auditing evidence to assess the risk of and design of financial reporting procedures , have outlined some of the basic material misstatement, the auditor has difficulty in carrying out auditing steps of auditor's fraudulent and auditor’s response to fraud risk, and evaluates procedures, difficulties in assessing whether errors are material misstatement or the sample audit program for detecting fraud. However, these studies have not not (W.Robert Knechel (2006), or the inflexible application of audit techniques conducted systematic and comprehensive studies on fraudulent risk assessment 3 4
as well as how auditor changed the audit program. Question 4: The level of influence of the factors on the results of the results of The Beneish model applied in Vietnam was conducted by Nguyen Cong risk assessment in financial statement audit of listed enterprises in 3 stages: Phuong and Nguyen Tran Nguyen Tran (2004) with 30 companies with planning, performing and reporting an audit? material misstatement in 2012 financial statements detected and released by Question 5: Which solution would help auditing company to control the factors auditors. The results indicate a precise predictive probability of 53.33% in affecting the results of risk assessment in financial statement audit of detecting material misstatements in the company's financial statements. Thus, enterprises listed on Vietnam stock market? the Beneish model can be used as a tool to assist auditors to assess the risk of 1.5. Objective and scope of the research material misstatement in the financial statements Objective: To assess the risk of material misstatement in the financial In summary, the researchs on the risk of material misstatement are statement audit of enterprises listed on Vietnam stock market in three stages: presented in the following aspects: planning audit, performing audit and reporting audit of auditors. The study provides a solution to limit material misstatement affecting Research scope: To achieve the research objectives, the thesis focuses on financial statement audits by applying material misstatement evaluation independent auditing companies which are certifiated by the State Securities models. Commission to performing audit for listed companies such as: Deloitte Material misstatement were assessed by the authors through the Vietnam Limited, Nhan Viet Auditing Company Limited, VaCo Auditing application of the VSA 240 audit standard and triangular fraud, or risk Company, Sao Viet Auditing Company Limited. assessment in the internal control system. 1.6. New contributions of the thesis The fact that independent auditing firms has not paid due attention to the (1) Determining the influence of factors on the results of material assessment of material misstatement affects the quality of auditing, but the misstatement risk assessment in audit planning stage including the control studies have not presented any identification that may affect the material environment of the enterprise, information system, industry characteristics, statement risk assessment in financial statement audit. On the other hand, major economic environment, third-party pressure, in the performing stage, studies assess material misstatement primarily in the planning stage without influencing factors: auditor's pressure, accounting capacity, objective factors, paying much attention to material misstatement throughout the entire audit in the ending stage, influencing factors: sum up the auditing results and assess process. the effect of errors detected in the ending stage. 1.3. Research Objectives (2) The thesis finds that independent auditor firms perform risk The main objective of the study is to examine the relationships among assessment of material misstatement in the audit planning stage, but has not factors affecting the results of material misstatement risk assessment in paid due attention to the performing and reporting stages. financial statement of listed enterprises on the stock market of Vietnam in all 1.7. Structure of the thesis three stages: planning, performing and reporting audit. This thesis is structured into 5 chapters: 1.4. Research Question: Chapter 1: Introduction In order to achieve the objectives mentioned above, this research Chapter 2: The theoretical basis for material misstatement risk focused on the following questions: assessment in the audit of financial statements of listed companies. Question 1: The theoretical basis for material misstatement risk Chapter 3: Methods of studying the factors influencing the results of risk assessment in financial statements audit of listed enterprises in 3 stages: how assessment with material misstatement in financial statement audit of to plan, perform and report an audit? enterprises listed on Vietnam stock market. Question 2: What factors influence the results of risk assessment in financial Chapter 4: Results of study on the impact of factors on risk assessment statements audit of listed enterprises in 3 audit stages? results in financial statement audit of enterprises listed on the stock market in Question 3: What is the direction of impact factors affecting the results of risk Vietnam. assessment in financial statement audit of listed enterprises in 3 stages: Chapter 5: Solutions to complete the material misstatement risk planning, performing and reporting an audit? assessment in financial audit of enterprises listed on Vietnam stock market. 5 6
CHƯƠNG 2 disadvantageous result. THEORETICAL BASIS OF MATERIAL MISSTATEMNENT RISK Definition of material misstatement risk in financial statements are risks ASSESSMENT IN FINANCIAL STATEMENT AUDIT OF LISTED that have a spillover effect on many items on the financial statements and COMPANIES potentially affect to multiple data bases. These risks represent situations that 2.1 Characteristics of financial statement of listed companies and may increase the risk of material misstatement at the primary data level. requirements on reliability of information Evaluating the risk of material misstatement is a very important matter 2.1.1 Characteristics of financial statements of listed enterprises affecting the design of technical method, timing, staffing and content of First, the financial statements of listed enterprises need to ensure high financial report when make auditing plan. reliability and financial statements of listed enterprises are counted. 2.4 Material misstatement risk assessment in financial statement audit of Secondly, the financial statements provide the indicators of profitability. listed enterprises Thirdly, the financial statement summarize a number of arising operations. 2.4.1. Relationship of Auditing risks Fourth, the financial statements of listed enterprises must comply with the strict 2.4.2 Significant material misstatement in audit planningstage regulations of the stock market, which require mandatory auditing. As defined in IAG 25, Materiality and Risk of Auditing, "Auditing Risks 2.1.2 Requirements on the reliability of information are risks that auditor may encounter when making inaccurate remarks 2.2 Sai sót và sai sót trọng yếu trong báo cáo tài chính Errors and material concerning financial information which are serious errors. " misstatement in the financial statements Auditing risk on account level is represented by the model: 2.2.1 Missatement in financial statements AR ≡ f (IR, CR, DR) (1) 2.2.1.1 Definition of error Where: 2.1.1.2 Factors cause the error to arise and develop AR: auditing risk 2.2.1.3 The errors in financial statement of enterprises IR potential risk Firstly, false evenue recognition (state higher revenue) CR: control risk Secondly, false accounting year recognition DR: detection risk Thirdly, concealed liabilities and costs In this stage, the auditors assess the possibility of material misstatements, make Fourthly, mispriced assets initial assessment of the materiality and conduct analytical procedures to Fifthly, incomplete information disclosure determine the time required to perform the audit and other audit procedures. 2.2.1.4. Features of the errors in accounting 2.4.3 Material misstatement risk assessment in performing stage According to Nguyen Quang Quynh & Ngo Tri Tue (2006), the 2.2.2. Material misstatements in financial statements performing phase of audit plan to collect evidence to ensure the credibility of The material misstatements in financial statements may be caused by the internal control system. Therefore, the satisfactory test is called a control error or fraud, or may be the result of: (a) inaccuracy in the collection or test or a control quiz. Performing audits depends on the reliability of the processing of the data relevant to the financial statements due to the lack of internal control system at various levels. discretion in documents collecting, data entry leads to inaccurate data affecting 2.4.4. Material misstatement risk assessment in the ending stage of audit the financial statements of enterprises; The pressure of management or According to Nguyen Quang Quynh and Ngo Tri Tue (2014), in the accountants in deficit leads to pressure leading to material misstatement in the ending stage, auditor should assess the materiality and risks for the last time. financial statements; Misuse of the accounting system due to limitations in First, auditor should first gather all evidence collected during the audit to carry accounting qualifications or new professional operations. out a final assessment of materiality and risk for the entire audit. The auditor 2.3 Risk of Material Misstatement in Financial Statements also needs to determine the cumulative number of all errors that have not been When referring to risk from a simple point of view, risk is an indication adjusted to their material value. If the cumulative number of all unadjusted of an event that is unintended and when it occur it would lead to a errors is material, auditor should consider decreasing the audit risk by 7 8
extending the scope of its audit or by requiring manager to adjust the financial Secondary data: statement. The thesis collects secondary data from the following sources: Regarding the risk of undetected material misstatement, auditor (1) Based on the current status of financial statements of companies considers implementing necessary audit procedures to obtain the final audit listed on the stock market of Hanoi Stock Exchange and Ho Chi Minh City evidence, eg, the guarantee by the board of management regarding questionable Stock Exchange, SSC , information on securities websites ..... matter. (2) Summary of research results of previous studies. (3) Gathering actual evidence and performed audit procedures; collecting CHAPTER 3 materials related to auditor activities ..... METHODOLOGY OF MATERIAL MISSTATEMENT RISK Primary data: ASSESSMENT IN FINANCIAL STATEMENT AUDIT OF The author sent survey questionnaires to eligible auditor of listed enterprisess ENTERPRISES LISTED ON on Vietnam stock market. The author base on the the list of auditors eligible for VIETNAM SECURITIES MARKET auditing listed enterprisess on the website of Vietnam Association of Certified Public Accountants (VCAs) over the years to send questionnaires. 3.1. Overview of research process 3.3 Qualitative research 3.3.1 Research model introduction Researh Establish research model, the author has studied document, current situation, qualitatively implemented the method of expert interview, synthesis and analysis. 3.3.1.1 Document review Identify research Review previous purpose The author has made a generalized system of theoretical backgrounds of researchs previously studied documents on: Review (1) Characteristics of financial statement of listed enterprises and quantitative model information reliability requirements; (2) Errors and material misstatement in the financial statements; (3) Risk of material misstatement in financial statements; Discuss, analyse (4) Assess the risk of material misstatement in the financial statement Model and research subject hypotheses audits through 3 stages of planning, performing and conclusion of audit. (5) Conditions for listing on Vietnam stock market; (6) Characteristics of an independent auditing firm eligible to perform auditing for listed enterprises; Analyse data Collect data Design (7) The current status of the risk of material misstatement in financial questionnaire statements of listed enterprises. and sample Documentation methods help the author identify: variables in the research model and representative scales, research hypotheses 3.3.1.2 Practical research Hình 3.1. Research process The author conducted a material misstatement risk assessment in Source: Author Collected financial statement of enterprises listed in Vietnam and in the world, the 3.2 Data sources method of risk assessment in: planning, performing and ending audit, websites The thesis uses two sources of data in the research process: secondary of auditing management organizations, websites on current situation of data and primary data. securities market. 9 10
3.3.1.3 Methods of expert interviews 3.4 Quantitative research Prior to identifying the research model, variables in the research model, 3.4.1 Research model and hypothesis questionnaire, the author interviewed experts who had many years of ] The author based on VSA 315 to conduct quantiative survey and build experience in the field of accounting, auditing, finance, stock market. Thereby, research model with the following factors: information is collected about: (1) the difference between material misstatement due to errors and due to Control enviroment fraud, indicators to distinguish; (2) Factors affecting the results of risk assessment with material Risk assessment process of H1- misstatement; enterprises (3) The method of material misstatement risk assessment in audit of H2- financial statements through stages of audit. Control activities 3.3.1.4 Synthesis, analysis Through documentary research methods, practical research, expert H3- Information system interviews. The author conducted an analysis of the overall assessment of material misstatement risk in financial statements of companies listed on H4- Vietnam stock market. Accordingly, the author has defined the content the Control supervisor H5- thesis: Material misstatements First, the reasoning system of material misstatement in financial report risk assessment - auditing; H6 Brand Second, the potential risk and control risk to assess the risk of material H7- misstatement in financial statement audit; Third, material misstatements risk should be assessed through all three H8- Sector characteristic phases of the audit and assessment method. H9- Economic enviroment Third party pressure Figure 3.3. Study model of audit planning process From the model, the athor put forward the following hypotheses: H1: Control environment has the direct impact on the results of the assessment of material misstatement in the audit of financial statements. H2: process of enterprises has the direct impact on the results of material misstatement in the audit of financial statements. H3: Control activities have the direct impact on the result of material misstatement in the audit of financial statements. 11 12
H4: Supervision of controls has the direct impact on the result of material misstatement risk assessment in the audit of financial statements. Assessment model of material misstatement risk at the end of the audit period H5: Information system has the direct impact on the result with serious as following: misstatement in the audit of enterprise financial statements. H6: Brand name of the audited company has the inverse impact on the result of material misstatement risk assessment in auditing the enterprise financial statement. H7: Sectoral characteristics have the direct impact on the result of material misstatement risk assessment in the audit of financial statements. H8: Economic environment influences the results of material misstatement risk assessment in the audit of financial statements. H9: Third party pressure on auditors affects the results of material misstatement risk assessment in the audit of financial statements. Study model of audit’s performing and reporting stage Figure 3.5. Study model of reporting stage of audit H14: Consolidating audit results has an impact on the results of material misstatement risk assessment in the audit of financial statements. H15: Evaluating the impact of misstatement detected at reporting period of auditing has an impact on the material misstatement of the financial statements. From the model and hypotheses given, the author estimated the regression equations as follows: Results of material misstatement risk assessment(R) = β0 + β1*CE + β2*RA + β3*AC + β4*MO + β5*IS + β6*TR + β7*DD + β8*MTKT + β9*AL+ β10*HD+ β11*NL+ β12*KQ +β13*PR+ β14*TH + β15*RSTT. 3.5 Survey methodology 3.5.1 Survey forms and scales development Figure 3.4. Study model of performing stage 3.5.1.1. Design scales From the model above, the author came up with the following assumptions: 3.5.1.2. Design questionnaire and methods of collecting questionnaires H10: The intervention of board of directors in accounting activities affects the 3.5.2 Research sample and procedure results of material misstatement in the audit of financial statements. 3.6 Data Analysis Methods H11: The capability of accountants affects the results of material misstatement 3.6.1. Collect data from survey questionnaire assessment in the audit of financial statements. 3.6.2 Descriptive statistics analysis H12: The objective factor affects the results of the of material error in the audit 3.6.3 Reliability of scale analysis of financial statements. 3.6.4 Explorations of factor analysis H13: The pressure factor of the auditor affects the result of material 3.6.5 Correlational regression method analysis misstatement assessment in the audit of financial statements. 3.6.6 Analyze differences among groups of auditors 13 14
CHAPTER 4 RA2 .821 STUDY RESULTS OF IMPACTS OF FACTORS ON THE RESULTS OF RA1 .785 MATERIAL MISSTATEMENT RISK ASSESSMENT IN THE AUDIT AL1 .922 OF FINANCIAL STATEMENTS OF ENTERPRISES LISTED ON AL3 .861 VIETNAM SECURITIES MARKET. AL2 .839 MTKT3 .823 4.1 Auditing financial statements of enterprises listed on the Vietnam MTKT2 .804 securities market. MTKT1 .795 4.1.1 Conditions of listing enterprises on Vietnam securities market. TR4 .790 4.1.2. Characteristics of the independent auditing firms approved to audit TR1 .742 financial statements of listed enterprises. TR3 .731 4.1.2.1 Formation and development of independent audit in Vietnam TR2 .675 4.1.2.2 Legal basis of independent audit activities on financial statements of CE3 .868 listed enterprises. CE1 .813 4.1.3 Vietnamese Auditing Standards on material misstatement risk assessment CE2 .726 in auditing financial statements of listed companies. DD1 .881 4.2 Results of material misstatement risk assessment in auditing financial DD2 .873 statement of listed on the Vietnam securities market. DD3 .723 4.2.1 Describe the subject of the survey IS1 .830 4.2.2 Verify scale reliability IS2 .800 4.2.2.1 Test groups of factors at the audit planning stage IS3 .671 4.2.3 Test groups of factors at the audit performing stage KMO 0.744 4.2.4 Test groups of factors at the audit reporting stage p-value of Bartlett 0.000 4.2.5 Test dependent variable R factors. Average Variance Extracted 70.23% 4.3 Analyze the discovery of EFA factor Source: Author collected 4.3.1 Analyze groups of factors at the audit planning stage Table 4.22 Analysis of factors for independent variables 4.3.2 Analysis of factors at the performing stage Table 4.23 Analysis of factors for independent variables at the MAIN COMPONENTS performing stage 1 2 3 4 5 6 7 8 MAIN COMPONENTS MO3 .794 1 2 3 4 AC3 .785 PR2 .889 AC4 .781 PR1 .878 MO4 .748 PR4 .808 MO1 .743 PR3 .795 AC1 .733 KQ1 .874 AC2 .731 KQ2 .866 MO2 .679 KQ3 .754 RA3 .880 HD1 .855 RA4 .844 15 16
MAIN COMPONENTS 4.4 Correlation Analysis 1 2 3 4 4.5 Regression analysis HD2 .796 Coefficients a HD4 .788 Unstandardized Standardized Collinearity HD3 .729 Model Coefficients Coefficients T Sig. Statistics NL1 .920 B Std. Error Beta Tolerance VIF NL2 .744 (Constant) 2.855 .416 6.863 .000 NL3 .669 - KMO 0.704 ACMO -.094 .038 -.094 2.49 .013 .789 1.268 p-value of Bartlett 0.000 4 Average Variance Extracted 73.91% - Source: Author collected CE -.101 .030 -.129 3.32 .001 .744 1.343 4.3.3 Analysis of factors at the reporting stage 4 Table 4.24 Analysis of factors for independent variables at the reporting RA .001 .035 .002 .042 .966 .785 1.275 stage DD .149 .032 .166 4.625 .000 .868 1.152 Main components 1 2 AL .125 .037 .142 3.340 .001 .613 1.631 TH2 .923 - TH1 .914 IS -.350 .040 -.362 8.72 .000 .647 1.546 TH3 .881 1 6 RSTT3 .877 TR -.025 .043 -.020 -.579 .563 .932 1.073 RSTT2 .873 MTKT .095 .031 .128 3.056 .002 .630 1.586 RSTT1 .850 - KMO 0.670 NL -.102 .034 -.129 3.04 .003 .616 1.622 p-value of Bartlett 0.000 Average Variance Extracted 79.49% 6 Source: Author collected KQ .139 .041 .143 3.342 .001 .605 1.654 4.3.4 Analysis of dependent variables HD .092 .031 .117 2.956 .003 .711 1.407 Table 4.25 Analysis of factors for dependent variables PR .178 .033 .206 5.441 .000 .774 1.291 Main components TH .145 .032 .211 4.475 .000 .501 1.996 1 - R3 .924 RSTT -.155 .033 -.175 4.73 .000 .815 1.226 R2 .881 8 R1 .840 a. Dependent Variable: R R4 .698 Source: SPSS Test KMO 0.782 After hypothesis testing, the regression equations are: p-value of Bartlett 0.000 Results of material misstatement risk assessment(R) = 2.855 - Average Variance Extracted 70.51% 0.094ACMO - 0.101CE +0.149DD +0.125AL - 0.350IS +0.095MTKT - Source: Author collected 0.102NL + 0.139KQ + 0.092HD+ 0.178PR + 0.145TH - 0.155RSTT 17 18
Through the standardized beta factor, it is possible to see the level of Table 4.30 Analysis of different sizes of audited enterprises impact of factors on the material misstatement risk assessment . Based on the Levene’s test for equal F test for equal Mean standardized beta of the factors used to assess the impact of factors on the variance mean value material misstatement risk assessment , it can be ordered as follows: F p-value T p-value Equal variance .807 .481 -.426 .765 Having the strongest effect on the R-rating is the IS Information System R Unequal variance factor (standardized beta coefficient--0.35); having the second strongest Source: SPSS statistics influence on R is the auditor's pressure factor (standardized beta coefficient is Table 4.31 Analysis of differences in sectors of audited enterprises 0.178); The third strong influence on the assessment of misstatement detected at the audit reporting stage RSTT (standardized beta coefficient (-55); the Levene’s test Equal mean test fourth strongest influencer on R is the characteristic of the sector DD Levene stat p-value t p-value (standardized beta coefficient -0.149); the fifth strongest influence on R is the Sector of operation - Risk .983 .403 1.070 .365 aggregation of audit results TH (standardized beta coefficient is 0.145), the Source: SPSS statistics sixth strong influence on the result is third party pressure factor (standardized CHAPTER 5 beta coefficient 0.125), the seventh strong influence on R is objective factor SOLUTIONS TO COMPLETE THE MATERIAL MISSTATEMENT KQ (standardized beta coefficient 0.139); The 8th influence on R is the RISK ASSESSMENT IN AUDITING FINANCIAL STATEMENTS capacity of accountants NL (standardized beta coefficient -0.102): the ninth one OF LISTED ENTERPRISES IN VIETNAM SECURITIES MARKET is the control environment CE (-101): the 10th strongest influence on R is 5.1. The necessity and requirement to complete the material economics environment MTKT which has a standardized beta coefficient of misstatement risk assessment of listed enterprises on the Vietnam 0.095. The 11th most powerful influence on R is the ACMO factor securities market (standardized beta coefficient 0.094). The weakest influence on R is the 5.2. Complete solution to assess the material misstatement risk in auditing management operation (unstandardized beta coefficient beta factor 0.092). financial statements of listed enterprises on the Vietnam securities market 4.6 Evaluating differences between characteristics of the survey subject As material misstatement risk assessment in the financial statement and material misstatement risk assessment auditing process is carried out according to the audit process, the author presents the groups of solution as following process: Table 4.29 Analysis of auditors' gender differences 5.2.1. Solutions in the audit planning phase Levene’s test for equal variancet test for equal mean 5.2.2. Complete solution for assessing the Internal Security Policy of listed enterprises F p-value t p-value Auditors can use business risk as a base to assess the material misstatement risk as follows: Equal variance .239 .625 .315 .375 R Unequal variance .313 .374 19 20
5.2.2. Complete solution for assessing the internal control system of listed Orient audit Study business Study response and enterprises procedure to support strategy of the control plan in 5.2.3. Completing the evaluation of material misstatement risk assessment in areas with high risk customers business the audit performing period environment of the Enhance the capacity of auditors customers On the side of the auditors: Actively approach and learn about the realities of different business areas of enterprises to gain knowledge for the audits. Improve qualifications by participating in short-term courses, workshops on auditing, accounting, tax ..... of audit associations, reputable auditing organizations. On the side of the auditing company: Create conditions for the auditors to Examine the effect of Consider the Assess business risk study in order to develop their qualifications. Have a finite supportive, business risk on audit possibility of error rewarding and sanctioning regime. Have contact with the professional the of the customer risk due to business association of auditors to update information on changes in accounting and auditing standards. Improve objectivity of auditors: Figure 5.1. Material misstatement risk assessment process In order to improve the objectivity of auditors, auditors need to To assess the material misstatement risk by using the business risk the understand the ethical standards of audit profession. Understand the auditors can follow the procedure: responsibility of the auditors with society and users of financial statements. Auditing companies should have clear and strict regulations on violations of ethical standards of auditors and auditors, if having serious violation of objectivity, must be fined and may not continue working, which depends on the level of the incident. Professional associations need to hold advanced seminars on the responsibilities and duties of the auditors as well as the regulations for auditors; if not complying, auditors will be removed from the association and the auditors' licenses will be revoked. Pressure on auditors Consolidate audit results: During the audit phase, the auditors shall consolidate audit results collected during the course of audit, which is truthful and follows prescribed forms set by the auditing company. Consolidators of auditing results are highly qualified auditors who have experience in auditing the business field of customers. Auditing company should have a manual on the process of consolidating audit results for each stage and add notes on the material misstatement as a basis for auditors' opinion formation, and it will be eassier for the auditors to recheck. Evaluate the impact of misstatement detected at the audit reporting phase: Figure 5.2. Material misstatement risk assessment process During the audit reporting phase, auditing companies should request the 21 22
supervisor to check whether the errors in this ending period is a material The author has collected data from two sources, secondary and primary misstatement or not. sources. Secondary data sources are based on the current status of financial 5.3. Some recommendations to strengthen the solution statements of listed enterprises in the Vietnam securities market from Hanoi 5.3.1. For the authorities Stock Exchange and Ho Chi Minh City Stock Exchange, SSC, information on To enhance the feasibility of these solutions, the author presents some websites of securities, study results aggregated from previous studies, the recommendations for the relevant authorities as follows: collection of actual evidence and performed procedures of the audit; documents For SSC (State Securities Commission) related to the auditor's activities. Secondary data sources through expert The SSC should have auditing requirements for subsidiaries, joint interviews help to develop an audit model and make recommendations on ventures, joint ventures of listed enterprises, public companies, companies completing of material misstatements in the audit of financial statements. having large transactions with listed enterprises. Because, according to surveys, The author has identified the factors that influence material misstatement characteristics of sectors have a great impact on the assessment of the material risk assessment by using statistical methods and correlated regression analysis misstatement risk in auditing financial statements. This provision will facilitate (through SPSS software). the audit of financial statements of listed enterprises as well as precisely assess About survey results, analysis the material misstatement in auditors' report on the financial statements. The author has sent survey to 390 auditors on the list of auditors who are For the Ministry of Finance approved to audit financial statements for businesses having public interest in The Ministry of Finance is the authority to issue auditing standards, which 2015. 169 results are obtained. The author used these results to run the software directly affects the auditing process and greatly affects the auditor. The market SPSS and obtained results on the factors affecting the of material misstatement: economy is developing and there are much more complex qualifications, so the information systems, pressure factors, consolidation of audit results , Ministry of Finance should have specific regulations and instructions assessment of the impact of errors detected at the end of audit, third party associating with changes to help the auditors conduct the audits. pressure, industry characteristics, objective factors, control environment, For VACPA (Vietnam Association of certified public accountants) economic environment, operations of board of directors. VCPA, a professional reunion which supports auditors plays an important Recommendations role However, to enhance their role, VACPA should focus on improving the Based on the analysis of the current status, results, test, the authors quality of auditors by solutions such as: holding seminars between the presented the recommendations on three stages of the audit process and make association and the auditor periodically, quarterly. .... on issues such as material recommendations to the SSC, the Ministry of Finance, VACPA. misstatement that auditors often ignore and how to handle it. VACPA should Research Limit organize more training courses on sample audit programs for all auditors. During research, the thesis just mainly obtained questionnaires results from Assessing the material misstatement risk in auditing financial statements has an auditors operating in Hanoi but not many results from auditors operating in Ho important role, affecting the audit opinions of auditors, audited companies and Chi Minh City. the users of financial statements. The scope of the study only covers the assessment of the auditor's results About reasoning but not the process of conducting a material misstatement risk assessment in the The thesis has systematized theories of errors and material misstatements audit of the financial statements. in financial statements, errors and material misstatements in the audit of Although in the process of researching, the author has taken much effort, financial statements, material misstatement risk assessment at the period actively applied research methods, the thesis can not avoid some shortcomings. planning, performing and reporting stage of an audit. The author is looking forward for the contribution of other scientists so that the The thesis has provided an overview of the material misstatement in the audit thesis would be more complete. of financial statements through research works. Sincerely! About research method 23 24