Tóm tắt Luận án The factors affecting audit quality of audit firms in Vietnam oriented to strengthen competitive capability in international integration conditions

The research result showed that starting from the characteristics of the economic - social environment and characteristics of the Independent auditing operations in Vietnam, the factors impacting Audit quality and Competitive capability of Audit Firms in Vietnam are different from research results of other countries. In addition, research results also explored and measured the impact of these factors on the Audit quality and the Competitive capability of Audit Firms in Vietnam. Apart from the theoretical contributions, the research result of the thesis also has essential significance in practice, therefore Auditing management agencies, professional associations, Auditing firms can plan a policy, present specific solutions to enhance either the Audit quality or the Competitive capability of Audit Firms in Vietnamin the stage of world economic integration.

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ning the effects of Audit quality to Competitive capability of audit firms such as competitive theory, competitive theory on anticipatory future; Competitive theory based on enterprise’s resources; The theory based on the enterprise’s capacity, to introduce the concept Audit quality, Competitive capability and determine models used in the research. 2.1. Overview and theoretical basis related to factors affecting Audit quality 2.1.1. Some general issues on Auditing and Audit quality  Definition of auditing  Characteristics of auditing  The quality and characteristics of quality  The Audit quality According to DeAngelo (1981), Audit quality is the evaluation of the market on the possibility of an auditor to detect essential misstatements and report them. According to Titman & Trueman (1986), Beatty (1989), Davidson & Neu (1993), Audit quality is the accuracy of information provided by the auditor. Meanwhile, According to Dopuch & Simunic (1982), Simunic & Stein (1987), Audit quality is a degree of assuring a probability that the Financial statement which is audited will not contain omissions or misstatement. According to the International Auditing Standards Committee: Audit quality is a complex issue. Up to now, there is no definition or analysis that is commonly recognized. 8 Audit quality terminology includes the key elements to create an environment that maximizes the ability that Audit quality is made based on a consistent basis (IAASB, 2011). According to Defond & Zhang (2014), due to Audit quality being a multidimensional concept, Audit quality should be observed under many different aspects, as well as a combination of methods, different criteria to measure levels of Audit quality. Based on the definitions of Audit quality from previous studies, combined with economic characteristics and management requirements for Audit Firms in Vietnam Audit quality, according to the author, Audit Firms in Vietnam’ Audit quality is the degree of compliance with Auditing standards and degree of insurance to detect errors, report them in the Financial statement.  International Standard of Quality Control (ISQC1)  IAASB about Audit quality 2.1.2. Basic theories of factors affecting Audit quality 2.1.2.1. Agency theory and factors affecting to Audit quality According to Healy & Palepu (2001), the audit is an essential element in monitoring relations of authorization and disclosure of information arising from the asymmetry of information and conflicts of interest between the principal and The agent. Starting from disagreement over the authorization, the higher the conflict of authorization, the higher the demand on levels of guarantee for third parties, Audit quality requirements will also be higher, this requirement is an important direction for the needs of customers on Audit quality showed via choosing auditing firms who are large, reputable, with qualified, experienced and highly specialized auditors. In response to this need, audit fees also have an impact on the selection of auditors who are qualified and professional, planning and performing work to detect critical errors in the Financial statement, especially also affect the independence of the auditor in reporting errors (Wooten, 2003). The above statement shows that the Agency theory not only explains auditing needs, it also is a basis for explaining the need for Audit quality as well as research on the factors that affect Audit quality. 9 2.1.2.2. Theory of Supply and Demand and factors affecting Audit quality The Impact of relationship of demand and supply in Audit quality between auditing firms and customers has set out a requirement for audit firms must improve Audit quality to satisfy customer needs and the ability to provide of the Auditor, auditing firms. Needs and abilities influenced by factors both on the supply side (Auditing firms and Auditor) and demand side (customers). 2.1.3. Research model of factors affecting Audit quality used in thesis Authors select Globe Model of factors affecting Audit quality of Tritschler (2013). This model was developed based on research model of Wooten (2003) explains quite adequate and reasonably about the factors affecting Audit quality. + Audit Quality Industry/client/ audit experience Accounting and audit knowledge Audit firm size Independence Audit tenure Learning & Education Non – audit Services Audit methodology & tools Audit effort & resource mix Legal liability Audit fees + + + + + + + + + + + + + + + + + - - - Figure 2.2: Globe of Audit quality Source: Tritschler (2013) 10 The choice of Globe of Audit quality model of factors impacting Audit quality is from the fact that the model can give an overview of all factors affecting Audit quality which were identified in previous researches. This outlines the directions of different factors affecting Audit quality of Auditing firms. This will help to observe and enhance Audit quality for better outcomes. In addition, the model shows the sources of factors impacting Audit quality, and this will help to analyze, evaluate the roles of each factor in a series of factors that can make an impact on Audit quality. 2.2. Overview and theory basis relating to factors affecting to Competitive capability of Auditing firms 2.2.1. Overview relating to Competence and Competitive capability  Definition of Competence  Characters of Competence  Competitive capability According to Henricsson et al (2004), the concept of Competitive capability is still much debated among policy planners, the economists, and the researchers in many countries. Although there are many different views, but it can be understood that the Competitive capability is the ability to maintain and expand market share in order to achieve high profitability of the auditing firms. Peters defined Competitive capability ans an integration of capabilities and internal resources to maintain and grow market share, profitability and positioning the competitive advantage of firms in the market (Peters, 1995). According to Sanchez & Heence (1996, 2014), Competitive capability of an auditing firms is the ability to combine the resources. Derived from the definition of Competitive capability of previous studies and combined with practical work independent auditing in Vietnam, according to the author, the Competitive capability of auditing firms is an ability to use and combine resources effectively, capture and respond promptly to the needs of customers with high efficiency and high quality. 2.2.2. Theoretical basis related to the impact on the Competitive capability and their impact to Competitive capability of auditing firms In the market economy, competition is a common phenomenon with important implications for economic development in the world. The research of the phenomenon of 11 competition is long-standing and competition theory also appeared very early with many different views. Within the scope of the thesis, the theoretical basis for the research includes: Competitive theory, Competitive theory on anticipatory future; Competitive theory based on enterprise’s resources (RBV); The theory based on the enterprise’s capacity (CBV). 2.2.3. Model of factors affecting Competitive capability used in thesis The author selects Model APP of Flanagan et al (2005) as a research model for the research of factors affecting the Competitive capability of auditing firms. This model is shown in Figure 2.6: Figure 2.6: Main factors of APP Model Source: Flanagan et al. (2005) 2.2.4. Research model in Audit quality and factors affecting Competitive capability The Author selects Motive-Capacity Model of Teece (2014) as research model in Audit quality and factors affecting Competitive capability of the thesis. Figure 2.7: Model of Motive-capacity Source: Teece (2014) 12 Conclusion of Chapter 2 Chapter 2 presents a number of general issues and theoretical basis related to the Audit, Audit quality and Competitive capability of Auditing firms: the necessity, objective and role of the audit, the concept and characteristics of auditing, audit quality and Competitive capability. Therein, the author has focused on analyzing the relationship between the Agency theory, theory of demand and supply with needs on Audit quality and factors affecting Audit quality, Competitive theory, Theory of Competition anticipatory future with Competitive capability and factors affecting Competitive capability, competitive theory based on enterprise resources (RBV), competitive theory Based on business capabilities (CBV) with the impact of Audit quality and factors of Audit quality affecting Competitive capability, as the basis for determining the factors affecting Audit quality and Competitive capability of Auditing firms. Besides researching the theories, the research platform requires the provisions on principles, framework and Audit Standards for Audit quality also mentioned to clarify the role and importance of Audit quality and Competitive capability. From the results of analyzing theoretical platform combining with the results from previous studies in experimental models which are published in conjunction with economic characteristics, management requirements and characteristics of the Audit Firms in Vietnam, author gave definition of Audit quality, Competitive capability, effect of Audit quality to the Competitive capability of Audit Firms in Vietnam. Findings in this chapter are basis for building models and research methods in Chapter 3: "Research Method". 13 CHAPTER 3: RESEARCH METHOD This chapter describes the chosen research method which is presented in acknowledgment. Firstly, this chapter introduces research methods and sources to select research methods. Next, this chapter presents process of data collection and data analysis in step of qualitative and quantitative research. Finally, introducing models and generalized regression equation which will be applied in the research. 3.1. Research method and process 3.1.1. Research method Research method used in the thesis is discovery mixed method; the first approach is qualitative research to explore factors of Audit quality and Competitive capability, then quantitative research to measure the impact of factors of Audit quality and Competitive capability. 3.1.2. Research process On the basis of discovering mixed methods, research process in the thesis includes the following steps: Step 1: Review of previous studies related to Audit quality, Competitive capability Step 2: Qualitative research methods using in-depth interviews in the form of one-on-one interviews with experts Step 3: Check the results of qualitative research Step 4: Collect data and perform quantitative research 3.2. Data sources and methods of collecting and analyzing data in qualitative research  Data for research includes secondary data and primary data: - Secondary data: from the final reports, journals, thesis, scientific studies published. - Primary data: from analysis, synthesis, results obtained through in-depth interviews with experts specialized in auditing who are divided into 4 groups: State Management Agency, vocational association, Directors of Auditing firms/ Auditor and researchers, teachers in the field of auditing. 14  Process of analyzing qualitative data Step 1: Arrange and prepare data Note, analyze data collected from interviews.  Step 2: Re-read all data This process should be done many times. Then, plan idea formed from interviews.  Step 3: Encode data Arrange data in paragraph as per idea and connect to a concept, term. Arrange concepts, terms to each theme similar with factors in the applied research model. These factors will be encoded and arranged to column appropriate with degree of general: a factor explain for a factor or a group of factors.  Step 4: Synthesize factors Synthesize all encoded data.  Step 5: Connect all factors Present all interviewed ideas appropriate with each group which is encoded in step 3 to connect all discovered factors to make model.  Step 6: Analyze and explain factors in model Compare all discovered factors with previous studies and results obtained in actual research.  Step 7: Test the reliability of result Test the reliability of quantitative research by a questionnaire related to discovered factors and assess via statistics method with large sample and vary objects. Figure 3.2: Process of analyzing qualitative data Source: Author’s development  Method of analyzing qualitative data Analytical format method is used to determine the level of factors that have an impact on Audit quality and Competitive capability. Depending on the information of data provided and the nature of these factors, the data will be sorted to extract, classify and encrypt to three levels: Group of factors (level 1), Factor (level 2), and elements constituent factor (level 3). In which, each level encrypted will be detailed by the lower level. 3.3. Database and data collection methods in quantitative research Database used in quantitative research: the data are collected directly, via letter or email from the survey has been cleaned. Processes and methods of quantitative data analysis: Step 1: Design a questionnaire Step 2: Select survey samples and determine surveys’ format Step 3: Send questionnaire and get answers Step 4: Handling of raw data Step 5: Accredit size (Cronbach's alpha) Step 6: Explore factors Analysis EFA Step 7: Recommend research model and method for multiple regression analysis Step 8: Model regression Assessment (MRA) 15 3.4. Research model and generalized regression equation 3.4.1. Research model  Research model of factors affecting Audit quality Audit quality Factor Audit quality Factor Audit quality Factor Audit quality Factor Audit quality Factor Audit quality Factor Auditor Audit firms Outside factors Audit quality Figure 3.4: Research model of factors affecting Audit quality of Audit Firms in Vietnam  Research model of factors affecting Competitive capability Competitive capability factor Competitive capability factor Competitive capability factor Competitive capability factor Competitive capability factor Competitive capability factor Auditor Audit firms Outside factors Competitive capability Figure 3.5: Research model of factors affecting to Competitive capability of Audit Firms in Vietnam 16  Research model of Audit quality and factors of Audit quality affecting to Competitive capability Audit quality factor Audit quality factor Audit quality factor Audit quality factor Audit quality factor Audit quality factor Auditor Audit firms Outside factor Audit quality Competitive capability Figure 3.6: Research model of Audit quality and factors of Audit quality affecting to Competitive capability of Audit Firms in Vietnam 3.4.2. General regression equation Linear regression equation shows the impact of these factors on the dependent variable: Y = β0 + β1X1 + β2X2+ β3X3 + + βiXi Conclusion of Chapter 3 In this chapter, the author went deeply into analyzing research method and establishment to select research method. In this research, it was applied mixed research method combining between qualitative research and quantitative research. All steps and methods applied in the collection and processing of data have been presented in this Chapter, in which, qualitative research method is a method of in-depth interview through one-on-one interview with qualified and experience Experts in the field of auditing. Resulting in discovering factors affecting Audit quality, Competitive capability, the impact of Audit quality and audit quality factors on Competitive capability which are tested by statistics. For quantitative research, The process of data processing is done through a software named IBM SPSS Statistics 22. The method of Exploratory factor analysis (EFA) was used in this research to extract the factors. The result of multiple regression model used to estimate the research model, this model after being determined will be assessed the level of appropriateness, multi-collinearity phenomenon, the phenomenon of self-correlation and covariance of the changed remainder. Research method selected and researched sequence designed as well as data processing methods selected in this chapter will be important grounds to do actual research in order to achieve practical research results presented in Chapter 4: "Research result and inference". 17 CHAPTER 4 RESEARCH RESULT AND INFERENCE This chapter presents the research results achieved on the basis of research objectives set out in the Introduction and research method defined in the previous chapter. The research results include: (i) Results of research on status and assessment of Competitive capability and Audit quality of Audit Firms in Vietnam; (ii) qualitative research results and (iii) quantitative research results on factors affecting Audit quality, Competitive capability, and the impact of these factors of Audit quality to the Competitive capability of Audit Firms in Vietnam in the context of international integration. Then, the inference problems will be given on the basis of research results. 4.1. Research results on the activity status of Independent auditing, Audit quality and Competitive capability of Audit Firms in Vietnam 4.1.1. Situation of Audit quality and Competitive capability of Audit Firms in Vietnam In this section, the author focuses on analyzing the environmental factors affecting Audit quality and Competitive capability of Audit Firms in Vietnam through statistical tables for the period from 2010 to 2015. 4.1.2. Evaluation of Audit quality and Competitive capability of Audit Firms in Vietnam  About Audit quality: In general, the Audit quality of audit firms is still low and has not reached regional and international level. An audit quality firm is not synchronized and has large differences compared to foreign auditing firms.  Competitive capability of Audit Firms in Vietnam is still limited, management and administration capabilities has not yet reached the level of management in regional countries. Many auditing firms don’t have any long-term business strategy and corporate culture aimed at developing a sustainable business. Audit Firms in Vietnam need to overcome these limitations, especially in the period of world economic integration. 4.1.3. Reasons of this actual situation Because of the transition to a market economy under socialist orientation, it should not avoid the initial difficulties, legal systems of Independent auditing not being synchronized, the size of the auditing market not being consistent with the potential of economic development, auditing firms being less focused on developing strategies and improving Audit quality and Competitive capability,etc. 4.2. The results of qualitative research to explore the factors impact on Audit quality and Competitive capability of Audit Firms in Vietnam 4.2.1. Method and process 18 4.2.2. Result of qualitative analysis By means of Grounded Theory method, through the Outline of inference with experts by form analytical method according to King (2004) and analysis process of Cresswell (2003). Qualitative research results are as follows:  There are 13 factors that affect Audit quality of Audit Firms in Vietnam in the period of economic integration in the world, are shown in Table 4.7.  There are 12 factors that affect Competitive capability of Audit Firms in Vietnam in the period of economic integration in the world, are shown in Table 4.8.  The result of qualitative research also explored Audit quality and factors of Audit quality which impact on Competitive capability of Audit Firms in Vietnam. This is also the main objective of the research. The author has discovered four new elements on Audit quality and 12 factors of Competitive capability are shown in Table 4.7 and Table 4.8: Table 4.7: Factors affecting to Audit qualityof Auditing firmsin Vietnam No. Code Factors affecting to Audit quality Properties 1 CLCK Business strategy New findings 2 CLCP Audit cost New findings 3 CLQM Size, professional level of auditing firms Inherit 4 CLPP Auditing methodology Inherit 5 CLNT Perceptions of auditor, directors of auditing firms Inherit 6 CLCM Professional degree in auditing Inherit 7 CLĐL Independence Inherit 8 CLNK Auditor’s tenure Inherit 9 CLGP Audit fees Inherit 10 CLBT Internal quality control New findings 11 CLBN External quality control New findings 12 CLPL Effect of legal liability Inherit 13 CLĐT Learning & education Inherit Table 4.8: Factors affecting to Competitive capability of Auditing firms in Vietnam No. Code Factors affecting to Competitive capability Properties 1 CTQT Management capacity New findings 2 CTQM Size of auditing firms New findings 3 CTCL Business strategy of auditing firms New findings 4 CTTC Financial capacity New findings 5 CTLĐ Quality of human resources and managers New findings 6 CTVH Enterprise Culture New findings 7 CTCN Applied technology and information technology New findings 8 CTDV Service quality New findings 9 CTGI Competitive capability on fees New findings 10 CTTH Business’s brand New findings 11 CTNL Human resource New findings 12 CTQH Capacity of relationship development New findings 19 4.2.3. Check the results of qualitative research To ensure the objectivity of qualitative research results, result of statistical test showed that all factors identified in the qualitative research have reached consensus over 50%. This shows the considerable objectivity and reliability of research results. 4.2.4. Inference of qualitative research results  For factors affecting Audit quality: Compared with the Globe of audit quality model of Tritschler (2013) used in the research, there are four new factors affecting on Audit quality detected include: business strategy, auditing cost, internal quality control, external quality control. Besides from that, there are two factors that affect Globe of Audit quality model of Tritschler not appear in the results of research: Factor of non-audit services, Audit effort & resource mix. This shows that starting from the characteristics of the market economy under Socialist orientation in Vietnam, the State consider independent auditing as a tool to directly manage independent auditing operations, due to limitations on management capacity and sense of assurance in Audit Firms in Vietnam, it should have led to tighter controls on the audit from the State management and the auditing firms. Moreover, due to the size and capacity of the enterprise still being limited, non-audit services in Vietnam are almost little attended. The support of other related industries such as the expansion of market size from the State and VACPA is still limited; the supply of manpower for independent auditing in Vietnam has yet met with high demand on Audit quality.  For factors impacting Competitive capability of Audit Firms in Vietnam, in knowledge of the author, there hasn’t any no qualitative research results on factors impacting Competitive capability been announced. Therefore it can only refer to the publishment of the World Economic Forum - WEF (2004) on factors affecting Competitive capability of the businesses in general. Although the primary objective of the research was to determine the factors affecting Audit quality of Audit Firms in Vietnam to strengthen Competitive capability, but the findings of the factors affecting the Competitive capability identified in the thesis can be considered as the basis for the next research step. Factors of Competitive capability of Audit Firms in Vietnam are explored in the qualitative research results which are consistent with the recommendations of the WEF (2004), and the research results of the author Doan Xuan Tien (2006). 20  Under the condition that Vietnam is affected by the audit quality and Audit quality factors on Competitive capability. This shows that there is a correlation between Audit quality factors and Competitive capability of Audit Firms in Vietnam such as audit firm size, business strategy of the audit firms, Audit fees, human resources and the correlation between the explanatory factors of Audit quality and Competitive capability such as technological applicability, technology, financial capacity, degree of intimacy with customers, ... and classified into different groups including Audit quality, Competitive capability of Audit Firms in Vietnam due to approaches between Audit quality and Competitive capability of Audit Firms in Vietnam. There are some factors of Audit quality that directly impact on Competitive capability, some others affects indirectly on the Competitive capability. The results of this research may explain the impact of factors of Audit quality and factors of Audit quality impact on Competitive capability of Audit Firms in Vietnam.  Perception to role of Audit quality and Audit quality factors impact on Competitive capability of Audit Firms in Vietnam has shown clearly. This perception will be a force for Audit Firms in Vietnam to compete on market fairly by increasing Audit quality rather than unfair competition by reducing the cost, ... Since then, create sustainable Competitive capability for Audit Firms in Vietnamin world integration process. 4.3. Result of quantitative research and inference 4.3.1. Research Hypothesis 4.3.2. Develop size 4.3.3. Research Sample 4.3.4. Measurement result of factors impact on Audit quality  Through the assessment analysis as per Cronbach's Alpha showed that the 14-size models ensure good quality with 56 specific variables.  The result of explored factor analysis (EFA): Testing the suitability of EFA, Testing correlation of observed variables in representative measure, testing the level of explanation for observed variables on factors, results in line with the parameters defined in quantitative research.  Analysis of multivariate regression exploration (Multiple Regression Analysis-MRA): The real factors directly impacting on Audit quality is expressed through linear regression equation: 21 Audit quality = 1,137E-16+ 0,494 (Methodology and perception of auditor) + 0,348 (External Quality control and auditing laws system) + 0,174 (Independence) + 0,254 (Business strategy) + 0,181 (Auditing fees) + 0,205 (Audit cost)  Result of Hypothesis Testing about factors impact on Audit quality Table 4.11: The assessment result of hypothesis about factors impacting on Audit quality of Audit Firms in Vietnam No. Hypothesis Result 1 H’1.1: Positive effect of methodology and perception of auditor to Audit quality of Audit Firms in Vietnam Accepted 2 H’1.2: Positive effect from External Quality control and auditing laws system on Audit quality of Audit Firms in Vietnam Accepted 3 H’1.3: Positive effect of the Independence of auditor to Audit quality of Audit Firms in Vietnam Accepted 4 H’1.4: Positive effect of Business strategy of Audit Firms in Vietnam to the Audit quality of them Accepted 5 H’1.5: Positive effect of Audit fees to Audit quality of Audit Firms in Vietnam Accepted 6 H’1.6: Positive effect of Auditing cost to Audit quality of Audit Firms in Vietnam Accepted Research result showed that through 5 tests, it can confirm that the factors affecting the audit quality in order of importance as follows: Table 4.12: The importance of the factors impact on quality of Audit Firms in Vietnam Independent variable Density (%) Affect order Absolute value Methodology and perception of auditors (X1) 0,494 29,83 1 External Quality control and auditing laws system (X2) 0,348 21,01 2 Independence (X3) 0,174 10,51 6 Business strategy (X4) 0,254 15,34 3 Auditing fees (X5) 0,181 10,93 5 Auditing cost (X6) 0,205 12,38 4 Total - 100 - 4.3.5. The research result of factors impact on Competitive capability  Through assessment analysis of Cronbach's Alpha showed a 13-size model to ensure good quality with 52 unique variables.  Results of explored factor analysis (EFA): Testing the suitability of EFA, Testing correlation of observed variables in representative measure, Testing explanation degree 22 of observed variables for factors, result in line with the parameters defined in quantitative research.  Analysis of multivariate regression exploration (MRA): The real factors directly impact on Competitive capability showed through linear regression equation: Competitive capability = -2,497*E-16 + 0,364 (Capacity of Information technology) + 0,468 (service quality) + 0,327 (Size of auditing firms) + 0,378 (culture of auditing firms) + 0,291 (Capacity of Development and Business relationship)  Hypothesis Testing Result of factors affecting Competitive capability Table 4.13: Hypothesis Testing Result of factors affecting Competitive capability of Audit Firms in Vietnam No. Hypothesis Result 1 H’2.1: Positive effect of applied technology, Information technology on the Competitive capability of Audit Firms in Vietnam Accepted 2 H’2.2: Positive effect of Service quality on the Competitive capability of Audit Firms in Vietnam Accepted 3 H’2.3: Positive effect Business Size on the Competitive capability of Audit Firms in Vietnam Accepted 4 H’2.4: Positive effect of Auditing firms’s Culture on the Competitive capability of Audit Firms in Vietnam Accepted 5 H’2.5: Positive effect of Development Capacity on the Competitive capability of Audit Firms in Vietnam Accepted  Inference the above result Research result showed that through 5 tests, it can confirm that the factors affecting Competitive capability in order of importance as follows: Table 4.14: The importance of the factors affecting Competitive capability of Audit Firms in Vietnam Independent variable Absolute value Density (%) Affect order Capacity of information technology (X1) 0,364 19,91 3 Service quality (X2) 0,468 25,60 1 Size of enterprise (X3) 0,327 17,89 4 Culture of auditing firms (X4) 0,378 20,68 2 Capacity of development and business relationship (X5) 0,291 15,92 5 Total - 100 - 23 4.3.6. The research result of the impact of Audit quality on the Competitive capability of Audit Firms in Vietnam  Multivariate regression analysis (MRA): Audit Quality Factors directly impact on Competitive capability, as per the linear regression equation follows: Competitive capability = -2,497E-16 + 0,798 (Audit quality)  Inference of above result Through 5 testing, it can confirm that Audit quality factors positively impact on the Competitive capability of Audit Firms in Vietnam. H3: Positive effect of Audit quality to the Competitive capability of Audit Firms in Vietnam is accepted. 4.3.7. Findings of Audit quality factors impact on the Competitive capability  Multivariate regression analysis (MRA): The audit quality factors directly impact on the Competitive capability, as expressed through the linear regression equation follows: Competitive capability = -1,536E-16 + 0,448 (methodology and perception of the auditors) + 0,472 (External quality control & auditing laws system) + 0,237 (Independence) + 0,258 (Business strategy)+ 0,238 (Audit fees) + 0,195 (Audit cost)  Result of Hypothesis Testing about factors impact on the Competitive capability of Audit Firms in Vietnam Table 4.15: Result of hypothesis testing about factors impact on the Competitive capability of Audit Firms in Vietnam No. Hypothesis Result 1 H4.1: Positive effect of Methodology and Perception of the auditors on the Competitive capability of Audit Firms in Vietnam. Accepted 2 H4.2: Positive effect of External quality control & auditing laws system on the Competitive capability of Audit Firms in Vietnam Accepted 3 H4.3: Positive effect of the Independence on the Competitive capability of Audit Firms in Vietnam Accepted 4 H4.4: Positive effect of Business strategy on the Competitive capability of Audit Firms in Vietnam Accepted 5 H4.5: There is a positive impact of auditing fees to Competitive capability of Audit Firms in Vietnam. Accepted 6 H4.6: Positive effect of auditing cost on the Competitive capability of Audit Firms in Vietnam Accepted 24  Inference the above result: Through 5 testing, it can confirm that the Audit quality factors impact on the Competitive capability in order of importance as follows: Table 4.16: The importance of Audit quality factors inpact on Competitive capability of Audit Firms in Vietnam Independent variable Density (%) Affect order Absolute value Methodology and perception of the auditors (X1) 0,448 24,24 2 External quality control and auditing laws system (X2) 0,472 25,54 1 Independence (X3) 0,237 12,82 5 Business strategy (X4) 0,258 13,96 3 Auditing fees (X5) 0,238 12,88 4 Auditing cost (X6) 0,195 10,56 6 Total - 100 - Conclusion of Chapter 4 Research results on the status and evaluation of Audit quality, Competitive capability of Audit Firms in Vietnam, and the auditing market in Vietnam in the recent years, has developed significantly in the regulatory environment, the size and the performance. However, Audit quality and Competitive capability of Audit Firms in Vietnam is still limited. Auditing firms are not really interested in the Competitive capability and new effects of the integration process, the competition among auditing firms. Compared with the previous research models, there are four Audit quality factors that newly discovered with 16 criteria to measure. Compared with Audit quality factors under the framework of IAASB (2014) there are three new factors with 12 criteria to measure. There are 6 factors with 24 observed variables, really impact on the Audit quality in order of importance as follows: (i) Methodology and perception of Auditor; (ii) External quality control and auditing laws system; (iii) business strategy; (iv) Auditing cost; (v) Audit fees; (vi) Independence. There are 5 factors with 16 observed variables, really impact on the Competitive capability in order of importance as follows: (i) quality of service; (ii) Culture of auditing firms; (iii) capacity of information technology; (iv) Size of auditing firms; (v) Capacity of development and business relationship. Audit quality impacts on the Competitive capability of Audit Firms in Vietnam, in which, there are 6 Audit quality factors really impact on the Competitive capability of the Audit Firms in Vietnam in order of importance as follows: (i) External quality control and auditing laws system; (ii) Methodology and perception of Auditor; (iii) Business strategy; (iv) Audit fees; (v) Independence; (vi) Audit cost. 25 CHAPTER 5 CONCLUSION AND POLICY IMPLICATION Firstly, this chapter will make a conclusion drawn from the process and the result of the above researches, then present new contributions of the thesis, therefore presenting points of views, orientation, and resolution to improve Audit quality, enhance the Competitive capability of auditing firmsduring the period of economic integration. Finally, this chapter will present scientific meanings, reality of research, limitation of research and suggest the next direction. 5.1. Conclusion Audit quality is a complex and multifaceted concept, many researchers had attempted to define, measure and identify the Audit quality through representative factors. There are many views on Audit quality based on different aspects. However, up to now there isn’t any definition of Audit quality, as well as methods of measurement and representation factors that are widely accepted, so there isn’t any system of factors impacting on the Audit quality that is reputedly complete. Thus continuing research of Audit quality and factors impacting Audit quality in Audit Firms in Vietnam to suggest the view, definition of Audit quality, also finding, exploring and measuring factors impacting the Audit quality and Competitive capability which were shown in the thesis if necessary. In the context of the market economy in the period of world economic integration, Audit quality, Competitive capability is one of the most important issues deciding the survival and development of the auditing firms. Researching on the Competitive capability and competitive factors impact on Competitive capability the Audit Firms in Vietnam is a necessary step in order to identify the core elements. Thereby implementing the necessary solutions in order to constantly improve the competitive advantages of Audit Firms in Vietnam in the economy of international integration market with many opportunities and challenges. The research results showed the correlation relationship between Audit quality factors and the Competitive capability. Researching the impact of Audit quality and Audit quality factors on the Competitive capability of Audit Firms in Vietnam is oriented to the business goals of audit firms. Thereby offering solutions to improve the Audit quality, improve business performance through enhanced the Competitive capability. This represents an outlook based on performance and business goals of auditing firms in the research of Audit quality. One of the causes of the differences in the research result often starts with the role of socio-economic characteristics, the legal position, the position of the object in research market. Therefore, based on specific conditions of each country, each form of auditing firms, there will be certain differences. The new findings create these differences and diversity, and it will also create a colorful picture of the independent auditing activities. 26 5.2. View and orientation to improve the Audit quality, increase the Competitive capability of Audit Firms in Vietnam term of world economic integration 5.2.1. View on improving Audit quality and the Competitive capability of Audit Firms in Vietnam  Firstly, establish consistency with the development strategy of the State in the process of international integration, as well as long-term development strategy of Auditing industry.  Secondly, propose solution based on the identification of opportunities and challenges in the economic integration process and based on the findings made in the thesis.  Thirdly, the proposed solution must meet the target to approach management degree, advanced technologies, leverage the experience, and learn from the experience of international Auditing firms as well as the increasing requirements of Accounting - Auditing organizations in the world where Vietnam has joined. 5.2.2. Orientation of improving the Audit quality, increasing the Competitive capability of Audit Firms in Vietnam  About Audit quality: Improving the professional capacity, quality of provided services to minimize occupational risk, completing the independent auditing Law system, organizing management, investment in engineering technology such as the process of auditing technology, controlling quality of provided services, enhancing the State’s management capacity, strengthening support ofbusiness management organizations for Auditing activities, implementing internationalized professional staff, quickly integrate the Independence Auditing industry of Vietnam into the regional market as well as international market, under the recognition of the regional and international level.  About the Competitive capability: Developing accounting services market, continue to improve the number of Auditor and auditing firms; expand market of accounting – auditing services; improve the quality of accounting - audit services; diversify products of accounting - audit services to meet the requirements of the national economy; strengthen the Competitive capability of Audit Firms in Vietnam. 5.3. Orientation of solutions to raising Audit quality and the Competitive capability of Audit Firms in Vietnam  Orient solutions to enhance Audit quality of Audit Firms in Vietnam on the factor of auditing laws system; External quality control; Business strategy; Methodology and perception of Auditor; The independence of the auditor; Audit fees and audit cost.  Orient solutions to enhance the Competitive capability of Audit Firms in Vietnam on factors of service quality; Size of Auditing firms; Capacity of Information technology; Culture of Auditing firms; Capacity of development and business relationship.  Conditions to implement the solutions toward the State, VACPA, Auditing firms and training facilities. 27 5.4. Scientific - practical significance, limitations of the research and direction of next research - Scientific and Practical significance + Scientific significance: The thesis has fully synthesized all factors impacting the Audit quality, Competitive capability to create an impact model of these factors on Audit quality, Competitive capability of auditing firms, the thesis also identified impact model of Audit quality to the Competitive capability of Audit Firms in Vietnam. Thus creating conditions for the further studies on aspects of target-oriented research. Moreover, the proposed research model will be a reference to develop and build all models relating to the Audit quality, Competitive capability of auditing firms. + Practical significance Firstly, the research result has contributed to the State management agency for establishing and planning development strategy and implementation control over audit activities quality. Secondly, the research contributes to Auditing firms and Auditors to propose specific measurement to enhance Audit quality, Competitive capability of auditing firms in general and capacity of the Auditor in particular. Thirdly, it helps in researching and training institutions could base on the results of this research to perform next research and development, implement and update the curriculum and teaching content.  Limitations of the research and subsequent research In addition to achieved results, this research has many limitations, the problems that still exist in the thesis research will be continued in the future, including: + Auditing is more specialized than other activities. Therefore, all theories involving Audit quality, Competitive capability as well as factors impacting Audit quality and Competitive capability are not much, some concepts haven’t been agreed. Therefore, the establishment of the theoretical basis for research goals remain limited. It lays out a follow- up research of the theoretical basis related to factors affecting Audit quality, Competitive capability as well as the impact of Audit quality to the Competitive capability of Audit Firms in Vietnam. + In the scope of the research, the essential object of this research was the Audit Firms in Vietnam. Therefore, the findings may not generalize the overall independent auditing industry of Vietnam, including Vietnam Audit Firms and foreign audit firms. The research results should be viewed from a starting point for further studies in this area and the interpretation of result should weigh these limitations. Any further research will expand the object to enhance the generalization of the research result. 28 + In addition to the achieved results, about research degree, the research result only stops at exploring and measuring the impact of Audit quality factors, Competitive capability, not examining the internal elements of these factors. Based on the result of this research, it could open up many new research on the effects of intrinsic factors in each factors, including Audit fees, auditor's capacity, audit tenure, Brand of enterprise + The objective of the research is mainly focused on the exploring and measuring the impact on the Audit quality and Competitive capability based on the enterprise’s dynamic capabilities resources theory to create competitive advantage. However, it doesn’t make in-depth research on the process of forming the source of enterprise’s dynamic capabilities as what has been done in many countries. On the other hand, the research about the Competitive capability factors impact on the Audit quality has yet to be specified. It should be researched further to make a model of dynamic capability forming of competitive advantage of Auditing firms as well as in- depth research on the impact of the Competitive capability on the Audit quality. CONCLUSION Although there are still many different views about Audit quality and the Competitive capability of Auditing firms but it’s undeniable that Audit quality is always a competitive advantage. The purpose of this research is to explore the auditing quantity factors, as well asCompetitive capability and measure the impact degree of audit quality factors on the Competitive capability of Auditing Firms, thereby making appropriate solutions in order to improve Audit quality andthe Competitive capability of Audit Firms in Vietnam.That is a critical requirement of Audit Firms in Vietnam in the current period and that is also the objective of this research. The research result showed that starting from the characteristics of the economic - social environment and characteristics of the Independent auditing operations in Vietnam, the factors impacting Audit quality and Competitive capability of Audit Firms in Vietnam are different from research results of other countries. In addition, research results also explored and measured the impact of these factors on the Audit quality and the Competitive capability of Audit Firms in Vietnam. Apart from the theoretical contributions, the research result of the thesis also has essential significance in practice, therefore Auditing management agencies, professional associations, Auditing firms can plan a policy, present specific solutions to enhance either the Audit quality or the Competitive capability of Audit Firms in Vietnamin the stage of world economic integration. In summary, although it inevitably has some certain restrictions, but the result obtained in this thesis has contributed to improving the Audit quality, the Competitive capability of Auditing firms in particular and the Independent auditing in general. At the same time it opens up many new ways of research in viewpoint of improving Audit quality by strengthening the Competitive capability of enterprises. The authors hope that the contents and results of the research will become a reference which can contribute to the wealth of auditors’ knowledge, as well as a basis for subsequent researches. LIST OF RESEARCH PROJECTS HAVE BEEN PUBLISHED BY AUTHOR RELATED TO THE THESIS 1. (2010) Enhancing legal framework for Vietnam Association of Auditors meeting the regional and international standards. An article published on Auditing Journal No. 33 (07/2010) (ISSN – 1859 – 1671). Page 26 - 30. 2. (2010) Law on independent auditing and auditing enterprises. An article published on the magazine of VACPA. 3. (2010) VACPA enhances value for members. An article published on the summary book of 5 year anniversary of VACPA. Page 51 - 52. 4. (2010) Authority to issue Certificate of Business Registration of auditing enterprises: Should it be Ministry of Finance? An article about policies and regulations. Enterprise Forum Newspaper – Vietnam Chamber of Commerce and Industry (VCCI), No. 98 (1372) date 8/12/2010. Page 13. 5. (2012) PAOs Support efficient development of small and medium sized Audit Firms in Vietnam. An article published in a book on an international conference. The vital role of professional accountancy organizations, VACPA_CAPA conference Hanoi 16, August 2012. Page 70 - 72. 6. (2013) Improving legal framework on accounting – Enhance quality of accounting – auditing for global integration. An article published on a journal. Journal of development and integration No. 12 (22) September - October/2013, University of Economics and Finance Ho Chi Minh City (ISSN 1859 – 428 X). Page 70 - 77. 7. (2014) Auditing Firm’s operation quality competitive capacity and international integration in Vietnam. An article published on a book for an international conference. International conference on finance and economics – ICFE – Ho Chi Minh City 2014. Page 566-581. 8. (2014) Enhance quality and capacity of auditing activities of enterprises for global integration. An article published on magazine Development and Integration No. 17 (27) July - August/2014, University of Economics and Finance, Ho Chi Minh City (ISSN 1859– 428 X). Page 61 - 72. 9. (2014) Improve the legal framework of Accounting and Auditing – enhance quality and activities of training and education of accounting and auditing, an article published on magazine of Accounting and Auditing No. 08/2014 (131) ISSN 1859-1914. Page 11 - 14.

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