Journal of Positive School Psychology http://journalppw.

com
2022, Vol. 6, No. 6, 176 – 184

IDENTIFYING FACTORS AFFECTING AUDIT QUALITY IN

THE CONTEXT OF COVID-19 PANDEMIC IN VIETNAM:
THEORETICAL MODEL STUDY

1Dr. Nguyen Dang Huy

1
Hanoi University of Business and Technology, [email protected]

Abstract
This study aims to develop a theoretical model of factors affecting audit quality in the context of the
Covid-19 pandemic. By qualitative research method, based on the study of relevant scientific works.
The article examines the potential impact of the Covid-19 pandemic on 5 aspects related to audit
quality, such as: (i) audit fee assessment; (ii) continuous operational capability assessment; (iii) audit
evidence; (iv) audit human capital; and (v) audit personnel salaries. Thereby, the author proposes
models and hypotheses for experimental studies. At the same time, the study elicits experience and
implications for auditors and audit firms to manage the quality of audits during crises and possible
pandemics in the future.

Keywords: Audit quality; Covid- 19, influencing factors, Vietnam.

1. INTRODUCTION These have had a huge impact on audits and

created unprecedented challenges for auditors
The Covid-19 pandemic has had very serious
in many areas and many companies may go
impacts on all aspects of the socio-economic
bankrupt or start manipulating earnings data to
life of countries around the world (Goodell,
achieve their targets (Arnold, 2020).
2020). The rapid emergence and spread of the
Covid-19 pandemic is a shock of Although the environment has changed a lot,
unprecedented scale and nature, which has a the commitment to audit quality and
strong impact on the aspects of thinking, ways, compliance with professional standards must
methods and working environment (Poole, always be maintained (Suffied, 2020). This
2020). Economic instability has significantly requires the auditor to consider the level of
affected investors, the efficiency of financial impact of the pandemic on the business
activities of companies and thus may lead to activities of the audited enterprise to develop
difficulties in the financial situation (KPMG, appropriate audit procedures. Many questions
2020). In that context, except for a few have been asked to the auditors, such as: are the
industries with better development, many other traditional audit methods and methods still
industries are reduced in sales, productivity and suitable in terms of blocking and social
income, many factories and shops must be distancing, is the audit quality still guaranteed
closed, assuming the continuous operation of and provide the audited entity with added
the business may not be guaranteed and value?
seriously affect the accounting and financial
reporting of the business (Poole, 2020), Recognizing the importance of auditing is to
especially the limitation on the mobility of ensure the quality of information and
auditors under social distancing conditions. transparency of financial markets, in order to
177 Journal of Positive School Psychology

meet the expectations of the public (Gerged & Hong Chuong (2020);... However, studies
partner, 2020; Shahzad & partner, 2018) many exploring the impact of the Covid-19 pandemic
organizations have issued documents on on audit quality appear to be very limited.
auditing during the Covid-19 pandemic, which Therefore, this study was carried out as an
emphasize the need to maintain audit quality, attempt to compensate for research gaps and
such as: In the UK, the Financial Reporting contribute to expanding the theory of previous
Council (FRC) has issued a specific guidance studies by exploring and modeling factors
document for auditors on the impact of the affecting audit quality in the context of the
Covid-19 epidemic on audit quality (FRC, Covid-19 pandemic. At the same time, it serves
2020) or the International Federation of as a basis for empirical research in Vietnam on
Accountants (IFAC) has also issued documents this issue. On the other hand, the strains of
related to the quality control of audits in the SARS-CoV-2 Virus are constantly changing
Covid-19 pandemic environment (IFAC, 2020). and as of the end of May 2022, the World
In addition, many renowned audit firms such as Health Organization has not announced the end
PwC, EY and KPMG have developed internal of the pandemic, moreover, in the future there
plans and guidelines related to strengthening may continue to be new epidemics. Therefore,
audit quality in epidemic conditions. In the identification of factors affecting the quality
Vietnam, in the face of the complex of auditing in the context of the pandemic is a
developments of the Covid-19 pandemic, problem posed to researchers.
auditing firms and auditors have encountered
many difficulties in the process of operation as
well as professional issues. As a professional 2. Theoretical background and literature
organization of auditors, the Vietnam review
Association of Practice Auditors (VACPA) has
issued Official Letter No. 523- 2021/VACPA 2.1. Audit quality
reporting to the Ministry of Finance's Special The concept of audit quality was first
Working Group on removing difficulties for mentioned in DeAngelo's study (1981), she
auditing enterprises affected by the Covid-19 said that audit quality is the ability that auditors
pandemic. According to VACPA (2022), the can detect and report material misstatements in
difficulties encountered by auditors and the accounting system of customers.
auditing enterprises, such as: difficulties in Accordingly, the probability that auditors
moving to perform audit work at customers; detect misconduct depends on many factors,
effective online auditing is still low, extending namely the use of appropriate resources
the time of service implementation; declining effectively in the audit process (i.e., inputs and
revenue; rising costs of enterprises; difficulty to processes), while the probability of reporting
retain employees with large and difficult work misconducts involves the independence of
intensity in the context of auditing work auditors under pressure from many sides,
requiring contact with many people, high risk especially the audited business (i.e., output and
of infection. context) (DeAngelo, 1981; Francis, 2004;
The above obstacles and challenges have Knechel & partner, 2013).
caused the concerned agencies, investors and Meanwhile, the US State Audit Agency (GAO,
even auditing enterprises to be more concerned 2003) argues that, the quality of audit is
about the quality of the audit provided in the achieved when it is conducted "in accordance
epidemic conditions. Through a literature with Generally Accepted Auditing Standards
review, the author finds that, although there (GAAS) to provide reasonable assurance that
have been some recently published works in the audited financial statements and related
both the world and Vietnam highlighting the disclosures are (1) presented in accordance
impacts of the Covid-19 pandemic on socio- with Generally Accepted Accounting Principles
economic, such as: Goodell (2020); Nicola & (GAAP) and (2) not statistically misrepresented
partner (2020); Buheji & partner (2020); Pham whether by mistake or fraud".
Nguyen Dang Huy 178

According to Sutton's review (1993), the reason changes will affect the liquidity, risk and
for the lack of agreement on a definition of performance of the company, which will
audit quality is due to the conflicting roles of ultimately affect audit fees. Economic
the subjects involved in the audit market. Audit instability can lead to difficulties for
quality depends on the perception of each businesses, such as: breaching the terms of the
subject, while the perception depends greatly loan agreement and some companies may
on the judgment of each individual, leading to become bankrupt. Some studies argue that, the
the need to use different criteria to evaluate deterioration of the economy that causes higher
audit quality (Knechel & partner, 2013). levels of risk and growing concern among
creditors will force auditors to expand their
Research by Knechel & partner (2013) also
audit scope and place more emphasis on audit
reinforced that, auditing is a professional
procedures when evaluating business continuity
service and the quality of auditing depends on
assumptions (Ghosh & Pawlewicz, 2009;
the skills and knowledge of the auditors
Zhang & Huang, 2013; Chen & partner, 2019).
involved in the audit, as well as the technology
and methods used. Therefore, "the quality of In the context of the economic crisis, the
the audit depends on the quality of the auditor's growing need for transparency of information
judgment in all phases of the audit". and the growing risk of litigation by auditors
will push auditors to make more effort and
The measurement of audit quality is complex
spend more time on the job, which causes the
because the level of assurance of auditors in
cost of auditing to increase (Karim & Zijl,
their work is not observable (DeFond & Zhang,
2013; Yuen & partner, 2013). While the price
2014). Therefore, there are many metrics that
of audit fees does not increase, or is sometimes
have been used by researchers to measure audit
reduced due to the decrease in business size of
quality. Defond & Zhang (2014), review the
the audited entity. Some previous studies have
quality of audit based on the input and output
suggested that, during the global financial
of the audit process to summarize and evaluate
crisis, companies often negotiated lower audit
the research carried out, the results of the
service prices (Krishnan & Zhang, 2014; Bozec
research show that the audit process related to
& Dia, 2017; Chen & partner, 2019). Similarly,
issues such as the correctness of audit methods,
Chen et al. 's (2019) study also came to the
the effectiveness of the audit tools used, the
conclusion that, as social distancing and
adequacy of technical means and the capacity
working from home became a 'new normal'
of auditors are all oriented towards supporting
during the Covid-19 pandemic, this seemed to
the implementation of a quality audit.
add to other audit procedures that in the normal
Meanwhile, Knechel et al. (2013) proposed an
economic period auditors did not need to
audit quality index based on four factors: input,
perform, although customers could request a
process, output and context. Therefore, Gaynor
discount on audit fees. That said, the impact of
& partner (2016) argue that there is no one
the Covid-19 pandemic puts auditors and
audit quality metric suitable for all audits.
auditing enterprises under great pressure from
Therefore, this study inherits the
customers in reducing the price of auditing
recommendation of Defond & Zhang (2014) on
fees, this decrease can significantly affect the
a multidimensional approach to measuring
quality of auditing. From the above analysis,
audit quality, considered in the context of the
the author considers that:
coivd-19 pandemic.
H1: The price of audit fees has a favorable
2.2. Factors affecting audit quality in the
impact on audit quality in the context of the
context of the Covid-19 pandemic
Covid-19 pandemic.
2.2.1. Price of audit fees
2.2.2. Assessing the ability to operate
Research by Chen et al. (2019) has shown that continuously
changing economic conditions are challenging
for audit firms and their clients because these
179 Journal of Positive School Psychology

An entity is considered to operate continuously (Salehi, 2020). Based on the above insights, the
in the foreseeable near future (at least 1 year author proposes the following hypothesis:
from the end of the accounting year) when it
H2: Continuous performance assessment has a
does not intend or request to dissolve, cease
positive impact on audit quality in the context
operations, or narrow the scale of operations,
of the Covid-19 pandemic.
seeking protection from creditors in accordance
with applicable laws and regulations. 2.2.3. Audit evidence
During the audit, the auditor is responsible for The quality of audit evidence is critical to
gathering sufficient appropriate audit evidence ensuring that the auditor's conclusions are
on the reasonableness of the ongoing operation appropriate. If the audit evidence is incomplete
assumptions used by the board of directors of or lacks convincing, the risk of expressing false
the audited entity when preparing and audit opinions is very high (Rose & partner,
presenting the financial statements and 2017). The quality of audit evidence mainly
concluding whether there are any material depends on the form and origin of the evidence.
uncertainties related to the continued operation In the context of the Covid-19 pandemic,
of the entity. auditors tend to rely on evidence from external
sources, such as evidence collected directly
According to KPMG (2020), in the context of
from customers, suppliers, or banks, which is
the Covid-19 pandemic, auditors need to
more reliable than evidence obtained from the
consider the reasonableness of the unit's
audited entity (PWC, 2020). However, the
assumption of continuous operation when some
credibility of evidence obtained from customers
industries are almost decommissioned
is determined by the credibility of customers'
(passenger transport, restaurants, tourism and
internal controls (Rose & partner, 2020).
entertainment activities...), consider the
material uncertainty affecting the unit's ability The crisis caused by the Covid-19 pandemic
to operate continuously, carry out additional forced auditors to adjust the way and method of
audit procedures when noticing events or working directly to online work, using new
conditions that may lead to doubts about its audit techniques, optimizing the use of
ability to operate continuously. technology. With travel restrictions, even
lockdowns, auditors switch to home work
However, the dual health and economic crisis
mode, deploying work via an online platform,
has led businesses to change the way they
such as: Email, phone, file and screen sharing,
operate and the organizational structure in
videoconferencing (Microsoft Teams and
response to the epidemic, the risks may become
Zoom are popular platforms) to gather audit
more complex, new risks may arise, and
evidence, and initially obtained certain results
potentially disrupt the existing internal control
that allowed the auditor to perform his or her
system. Meanwhile, the ability of auditors to
role. However, the time to collect audit
predict, recognize and assess the risk becomes
evidence is long and the working efficiency is
more and more difficult due to restrictions due
low, this can come from the following reasons:
to the blockade, travel restrictions, access to
information and documents, etc. that the Firstly, when the auditor conducts remote audit,
potential effect of these restrictions is greater the assessment and identification of risks on the
for future events or conditions that may lead to financial statements side and on the items side
the possibility that the unit cannot operate becomes more difficult, not only for analytical
continuously. In that condition, many audit procedures but also for the assessment of audit
procedures must be changed, the process of evidence collected in the implementation of the
assessing the continuous performance of sample test. The samples should be considered
auditors is significantly affected by the Covid- for additional procedures such as: the
19 epidemic, which puts the auditor at risk of customer's process to ensure that the copy
auditing and degrades the quality of auditing documents for the auditor and the original
documents are the same.
Nguyen Dang Huy 180

Secondly, the auditor cannot conduct a direct (KPMG, 2020). From the above analysis, the
inventory: at that time, the auditor may have to author makes the following hypothesis:
use live cameras and videos or virtual means to
H3: Audit evidence has a positive impact on
observe the quantity of inventory, or the auditor
audit quality in the context of the Covid-19
needs to perform alternative audit procedures
pandemic.
when it is not possible to witness the inventory,
if the auditor cannot collect sufficient and 2.2.4. Audit human capital
appropriate audit evidence on the truthfulness
and reasonableness of the inventory, this Human capital is the source of habits,
problem may lead to limitations on the scope of knowledge, social attributes, and personality
impact on the auditor's report. (including creativity) expressed in the ability to
perform labor to create economic value (Goldin
Thirdly, most of the communication, & Katz, 1996). Human capital is unique and
communication with customers, sending different from any other capital. It is necessary
confirmation letters to third parties during the for companies to achieve goals, grow and
Covid-19 pandemic is done via email (KPMG, innovate. Companies that can invest in human
2020), the time for receiving and responding is capital through education and training, for
often long, even it is not possible to carry out example, allow for improved levels of quality
the confirmation procedure because the and production (Kenton, 2019).
stakeholders do not arrange enough personnel
to work in the context of the epidemic, which The FRC believes that skills, personal qualities
may affect the completeness of audit evidence. and the training of auditors are important
factors determining the quality of auditors.
In addition, access to customer records: in the Such training will aim to enhance the expertise
event of a crisis such as the Covid-19 pandemic and capacity of auditors and thus improve the
and restrictions on movement, access to quality of auditing. Francis (2011) said that the
customers' books and records can be difficult issue of training, retraining and updating
for auditors, especially for customers who keep knowledge for auditors is the focus of auditing.
records on paper, auditors must use copies of Similar to this view, some previous studies
important records, documents and documents have shown that investing in human capital can
sent by email and this reduces the reliability of improve audit quality (Aldhizer & partner,
audit evidence compared to using original 1995; Samagaio & Rodrigues, 2016).
documents. Therefore, audit human capital plays an
important role in the audit process and mainly
In addition, the limitation of contact also leads
affects audit quality.
to difficulties in the audit procedures, such as:
communication with the client's management; Qualifications and experience can be gained
discussing the changes of internal control due through indirect experiences, such as training,
to the changing business cycle; observation workshops, and in-person experiences, such as
procedures, field visits are not possible and the more interaction with customers in specific
professional intuition of auditors is not industries (Lennox & Wu, 2018).
promoted. In some cases, it is difficult to
monitor the progress and quality of the work of Although audit firms tend to arrange monthly
the members of the audit team. Furthermore, training sessions, workshops and professional
auditors and auditing enterprises may violate exchange activities to improve knowledge and
the audit contract because of delays in issuing skills for auditors, the outbreak of Covid-19 has
audit reports due to the need for direct forced audit firms to cancel all of their plans at
signatures. all levels (Deloitte, 2020). This is the response
of audit firms to cut costs and comply with the
Therefore, the strategy of working from home social distancing caused by the Covid-19
will affect the completeness and reliability of pandemic. The impacts of the government's
audit evidence and thus may affect audit quality disease response strategy (lockdown,
181 Journal of Positive School Psychology

quarantine) directly affect the effectiveness and audit personnel salaries and audit quality from
ability of auditors and can have a negative 2004 to 2013 in the United States, shows that
impact on audit quality. In addition, the work audit personnel salaries have a positive
of auditors is hard, low income due to the sharp influence on audit quality, specifically if higher
decline in revenue of auditing enterprises in the salaries help audit firms attract or retain higher
context of the pandemic, so it is difficult for quality audit personnel.
auditing enterprises to keep employees. In
In the context of the Covid-19 pandemic, some
particular, in the context of audit work that
audit firms began to refer to cuts in auditors'
requires contact with many people, the risk of
salaries or unpaid leave (Deloitte, 2020). That
infection is high, which may affect the overall
said, the Covid-19 pandemic has an impact on
operation of the audit firm, the effectiveness
the salaries of auditors, which can negatively
and quality of their audit. With the above
affect work productivity as they will have less
analysis, the author proposes the following
incentive to perform their duties in the most
hypothesis:
efficient and effective way. Therefore, any cuts
H4: Audit human capital has a favorable impact in the salaries of auditors can have a negative
on audit quality in the context of the Covid-19 impact on the quality of auditing. Therefore,
pandemic. the authors propose the hypothesis:
2.2.5. Salaries of auditors H5: Audit staff salaries have a favorable impact
on audit quality in the context of the Covid-19
The issue of audit staff salaries has become
pandemic.
important in recent years due to significant
changes in the accounting environment leading
to increasing intensity, workload and
3. Research Method
complexity of tasks and responsibilities of
auditors (Persellin et al., 2014). Furthermore, Based on the theory, the author proposes a
new accounting-related standards and research model on factors affecting audit
regulations, such as fair value accounting and quality in the context of Covid-19 pandemic
internal control reporting, require greater and the hypotheses are stated as follows:
independence in decision-making and judgment
(Laux & Leuz, 2009) that potentially require
better qualified, experienced auditors. Although
Audit
the issue of audit personnel salaries and its
evidence
relationship with audit quality is important, Assessment Audit
there are few empirical studies examining this of the ability
to operate
human
relationship, largely due to the limitations of capital
continuously
research data (Hoopes et al., 2018).
Efficient wage theories imply that higher
salaries improve auditors' productivity by Salaries of
motivating them to make greater efforts or Price of Audit
audit
attract higher quality personnel (Fehr & audit fee quality
personnel
Gächter, 2000; Chen & Sandino, 2012).
Empirical studies in different contexts provide
evidence consistent with this theory and
suggest that, higher pay encourages higher Figure 1: Proposed research model
employee effort, less avoidance, higher Source: Author of the proposed study
employee satisfaction, less staff turnover, and
more honesty (Stevens & Thevaranjan 2010; The linear equation is shown, as follows:
Chen & Sandino 2012). The study by Hoopes
CLKT = α0 + α1X1 + α2X2 + α3X3 + α4X4+
(2018), looking at the relationship between
α5X5 + ei
Nguyen Dang Huy 182

In which: CLKT: Audit quality. review’, American Journal of Economics,

10(4), 213-224.
X = {X1,…, X5}: The factors scale variables [5] Chen, C. X., & Sandino, T. (2012), ‘Can
affect the audit quality. wages buy honesty? The relationship
between relative wages and employee theft
α = {α0, …, α5}: Regression coefficient
’, Journal of Accounting Research, 50(4),
affecting audit quality. 967-1000.
ei: Error. [6] Chen, H., Hua, S., Liu, Z., & Zhang, M.
(2019), ‘Audit fees, perceived audit risk,
and the financial crisis of 2008’, Asian
Review of Accounting. VOL. 27 No. 1,
4. Conclusion pp. 97-111.
The study discussed how audit quality could be [7] DeAngelo, L. E. (1981), ‘Auditor size and
audit quality’, Journal of accounting and
affected by the Covid-19 pandemic. At the
economics, 3(3), 183-199.
same time, the theoretical model of the main
[8] Deloite. (2020), ‘Potential implications of
factors affecting the quality of auditing in the COVID-19 for the insurance sector’.
context of the epidemic in Vietnam is Accessed on the 27th of April 2020 at
developed. Future research can complement https://www2.deloitte.com/uk/en/insights/
this research by providing empirical evidence economy/covid-
on the impact of the Covid-19 crisis on audit [9] 19/impact-of-covid-19-on-insurers.html
fees, assessment of continued operation, audit [10] DeFond, M., & Zhang, J. (2014), ‘A
human capital, audit evidence, audit personnel review of archival auditing research’,
salaries, and how does that impact on audit Journal of accounting and economics,
quality? 58(2-3), 275-326.
[11] Fehr, E., & Gächter, S. (2000), ‘Fairness
The findings from the empirical study will be and retaliation: The economics of
the basis for the implications and reciprocity’, Journal of economic
recommendations for auditors and audit firms perspectives, 14(3), 159-181.
in developing audit plans to manage the crisis [12] Financial Reporting Council (2020),
and possible pandemic in the future. ‘Guidance on audit issues arising from the
Covid-19
[13] (Coronavirus) pandemic’, Available at
https://www.frc.org.uk/news/march-2020-
References [14] (1)/guidance-on-audit-issues-arising-from-
[1] Aldhizer III, G. R., Miller, J. R., & the-COVID-19. (Accessed on August 22,
Moraglio, J. F. (1995), ‘Common 2020).
attributes of quality audits’, Journal of [15] Francis, J. R. (2004), ‘What do we know
Accountancy, 179(1), 61. about audit quality?’, The British
[2] Arnold, C., (2020), ‘Summary of COVID- accounting review, 36(4), 345-368.
19 audit considerations’, International [16] Francis, J. R. (2011), ‘A framework for
Federation of Accountants. understanding and researching audit
[3] Bozec, R., & Dia, M. (2017), ‘Monitoring quality’, Auditing: A journal of practice &
function of the board and audit fees: theory, 30(2), 125-152.
contingent upon ownership concentration’, [17] Gaynor, L. M., Kelton, A. S., Mercer, M.,
International Journal of Accounting & & Yohn, T. L. (2016), ‘Understanding the
Information Management. relationship between financial reporting
[4] Buheji, M., da Costa Cunha, K., Beka, G., quality and audit quality’, Auditing: A
Mavric, B., De Souza, Y. L., da Costa da Journal of Practice & Theory, 35(4), 1-22.
Silva, S. S., ... & Yein, T. C. (2020), ‘The [18] Goldin, C., & Katz, L. F. (1996),
extent of covid-19 pandemic socio- ‘Technology, skill, and the wage structure:
economic impact on global poverty. A insights from the past’, The American
global integrative multidisciplinary Economic Review, 86(2), 252-257.
[19] Ghosh, A., & Pawlewicz, R. (2009), ‘The
impact of regulation on auditor fees:
183 Journal of Positive School Psychology

Evidence from the Sarbanes‐Oxley Act’, [31] Lennox, C. S., & Wu, X. (2018), ‘A
Auditing: a journal of practice & theory, review of the archival literature on audit
28(2), 171-197. partners’, Accounting Horizons, 32(2), 1-
[20] Government Accountability Office (2003), 35.
‘Public accounting firms: Required study [32] Nicola, M., Alsafi, Z., Sohrabi, C.,
on the potential effects of mandatory audit Kerwan, A., Al-Jabir, A., Iosifidis, C., &
firm rotation’, GAO Report No. 04-216. Agha, R. (2020), ‘The socio-economic
[21] tháng Mười 15, Washington, DC: implications of the coronavirus pandemic
Government Printing Office. (Covid-19): A review’, International
[22] Goodell, J. W. (2020), ‘Covid-19 and journal of surgery, 78, 185-193.
finance: Agendas for future research’, [33] Persellin, J., Schmidt, J. J., & Wilkins, M.
Finance Research Letters, 35, 101512. S. (2014), ‘Auditor perceptions of audit
[23] Gerged, A. M., Mahamat, B. B., & workloads, audit quality, and the audit
Elmghaamez, I. K. (2020), ‘Did corporate profession’, Digital Commons@ Trinity,
governance comply have an impact on 12, 1-51.
auditor selection and quality? Evidence [34] Pham Hong Chuong (2020), ‘The impact
from FTSE 350’, International Journal of of the covid-19 pandemic on Vietnam's
Disclosure and Governance, 17(2), 51-60. economy’, Economics & Development,
[24] Hoopes, J. L., Merkley, K. J., Pacelli, J., & 274(4).
Schroeder, J. H. (2018), ‘Audit personnel [35] Poole, V., (2020), ‘Accounting
salaries and audit quality’, Review of consideration related to coronavirus
Accounting Studies, 23(3), 1096-1136. disease 2019’, IFRS in Focus, March,
[25] Karim, A. W., & van Zijl, T. (2013), Retrieved from https://www.ifrs.com.
‘Efficiency and opportunism in auditor [36] PwC (2020), ‘Covid-19: Responding to
quality choice in emerging audit services the business impacts of Coronavirus’. At
markets: the case of Bangladesh’, https://www.pwc.com/gx/en/issues/crisis-
International Journal of Accounting & solutions/covid-19.html
Information Management. VOL. 21, No. [37] Rose, A. M., Rose, J. M., Sanderson, K.
3, pp. 241-256. A., & Thibodeau, J. C. (2017), ‘When
[26] Kenton, W. (2019), ‘Human capital’, should audit firms introduce profiles of big
Retrieved from Investopedia: https://www. data into the audit process?’, Journal of
investopedia. com/terms/h/humancapital. Information Systems, 31(3), 81-99.
asp. [38] Rose, A. M., Rose, J. M., Suh, I., &
[27] KPMG. (2020), ‘Covid-19: Potential Thibodeau, J. C. (2020), ‘Analytical
impact on financial reporting’, Accessed procedures: are more good ideas always
on the 27th of April 2020 at better for audit quality?’, Behavioral
https://home.kpmg/xx/en/home/insights/20 Research in Accounting, 32(1), 37-49.
20/03/Covid-19-financialreporting- [39] Samagaio, A., & Rodrigues, R. (2016),
resource-centre.html ‘Human capital and performance in young
[28] Knechel, W. R., Krishnan, G. V., Pevzner, audit firms’, Journal of business research,
M., Shefchik, L. B., & Velury, U. K. 69(11), 5354-5359.
(2013), ‘Audit quality: Insights from the [40] Salehi, M., Mahmoudi, M. R. F., & Gah,
academic literature’, Auditing: A Journal A. D. (2019), ‘A meta-analysis approach
of Practice & Theory, 32(Supplement 1), for determinants of effective factors on
385-421. audit quality: Evidence from emerging
[29] Krishnan, G. V., & Zhang, Y. (2014), ‘Is market’, Journal of Accounting in
there a relationship between audit fee cuts Emerging Economies. VOL. 9 No. 2, pp.
during the global financial crisis and 287-312.
banks’ financial reporting quality?’, [41] Shahzad, K., Pouw, T., Rubbaniy, G., &
Journal of Accounting and Public Policy, El-Temtamy, O. (2018), ‘Audit quality
33(3), 279-300. during the global financial crisis: The
[30] Laux, C., & Leuz, C. (2009), ‘The crisis of investors’ perspective’, Research in
fair-value accounting: Making sense of the International Business and Finance, 45,
recent debate’, Accounting, organizations 94-105.
and society, 34(6-7), 826-834.
Nguyen Dang Huy 184

[42] Stevens, D. E., & Thevaranjan, A. (2010),

‘A moral solution to the moral hazard
problem’, Accounting, Organizations and
Society, 35(1), 125-139.
[43] Suffield, M., (2020), ‘Covid-19 having
significant impact on the world auditors.
Professional insight, ACCA's, Retrieved
from https://www.accaglobal.com.
Accessed August 2, 2020.
[44] VACPA. (2022), ‘VACPA reports to the
special working group of the Ministry of
Finance on difficulties and recommends
solutions to promptly support auditors due
to the impact of Covid-19’,
http://www.vacpa.org.csPage/Detail.aspx?
newid=9359
[45] Sutton, S. G. (1993), ‘Toward an
understanding of the factors affecting the
quality of the audit process’, Decision
Sciences, 24(1), 88-105.
[46] Xu, Y., Carson, E., Fargher, N., & Jiang,
L. (2013), ‘Responses by Australian
auditors to the global financial crisis’,
Accounting & Finance, 53(1), 301-338.
[47] Yuen, D. C., Law, P. K., Lu, C., & Guan,
J. Q. (2013), ‘Dysfunctional audit
behaviour: empirical evidence on auditors'
behaviour in Macau’, International Journal
of Accounting & Information
Management.
[48] Zhang, T., & Huang, J. (2013), ‘The risk
premium of audit fee: evidence from the
2008 financial crisis’, China Journal of
Accounting Studies, 1(1), 47-61.