Limitations of the Study and Future Research Directions

In addition to professional knowledge, soft skills and information technology skills are essential. Therefore, training institutions need to create conditions for students to develop communication skills, presentation skills, teamwork skills, computer skills, information technology skills and foreign language skills.

Training units also need to participate more in drafting boards of laws, accounting and auditing standards and guidance documents; innovate training programs, methods and materials, and foster staff, students and professional titles related to accounting and auditing.

Strengthening the connection between training institutions and real businesses is extremely necessary and useful for students to increase practicality and application in training.

5.3.6 Limitations of the study and future research directions

5.3.6.1 Limitations of the study

In terms of theory, the thesis has inherited previous research works and supplemented theoretical research when building models and determining influencing factors. The research results presented above have been reinforced by quantitative methods with specific evidence. However, the study still has limitations due to the fact that the topic of audit time is an internal audit factor and is relatively sensitive to auditing firms and it is not required for auditing firms to announce the number of hours for each specific client. In addition, this is a topic that has not been studied in Vietnam, so in the process of implementing the thesis, there are still many difficulties in building a domestic overview.

The research of the Thesis has only been carried out in exploring factors and measuring the level of influence of factors on the time of auditing financial statements performed by independent auditing firms in Vietnam. Therefore, in terms of data for the research of the Thesis, it has only been carried out in researching documents, major foreign works and interviewing experts in the field, collecting survey questionnaires with factors measured on a 5-point Likert scale.

5.3.6.2 Future research directions

In the future, if the recommendations of the thesis are implemented such as the development of the Audit Quality Index and the inclusion of the number of audit hours as an indicator of audit quality and recommendations for professional associations and auditing firms themselves, further research on the time for auditing financial statements performed by independent auditors in Vietnam will still be an interesting topic with many implications in terms of policy and corporate governance for auditing firms as well as management agencies and contribute to the theoretical basis to promote the audit quality control activities in Vietnam to be truly effective and have objective evidence when assessing the audit quality of the firms.

Vietnamese auditing firms contribute to building a Vietnamese auditing market that develops strongly in both quality and quantity, thereby creating trust among users, experts, analysts, researchers,... in the transparency, honesty, and reasonableness of audited financial information in Vietnam.

CONCLUDE

The thesis has provided evidence on factors affecting the time of auditing financial statements by independent auditors in Vietnam, a topic that very few studies have been conducted in Vietnam up to the time this thesis was completed. LATS has tested a theoretical issue that has many current views among scientists in the world and implemented in the context of Vietnam. The topic has raised how to determine the current audit time for each audit contract and the audit time is determined by the number of audit hours. The theoretical issue is whether or not there is a linear relationship between factors and audit time. Specifically, the research results have demonstrated:

The greater the complexity in the structure, size and scope of the client, the longer the audit time (positive relationship);

The more complex the client's financial statement preparation process is, the longer the audit time will be (positive relationship);

The higher the risk of litigation related to the auditing firm/audit when performing a client audit, the longer the audit time will be (positive relationship);

The weaker the client's internal control process, the more time the auditor must spend auditing the client (control risk is positively related to audit time);

The greater the experience and professionalism of the auditor and the auditing firm, the shorter the audit time (inverse relationship);

The higher the capacity of the auditing staff of the auditing firm, the shorter the audit time.

To obtain the above results, the thesis has studied an overview of works in the world and Vietnam to develop a research model and test the model. These contents have been presented and tested specifically in chapters 2,3,4 of LATS.

Through in-depth interviews, discussions and thorough exchanges with experienced experts in the field, the thesis has assessed the current situation of determining, allocating and managing audit time and boldly made recommendations to manage audit time more effectively.

Thus, the research results of the thesis have contributed partly to the academic aspect as well as practical significance in resource management and resource allocation in auditing firms so that the audit is performed effectively and with high quality. Through the process of research and practical assessment at auditing firms and the auditing market, the thesis has made comments and suggestions to improve the independent auditing activities in Vietnam, contributing to improving the quality of financial statement audits performed by independent auditors in Vietnam.

LIST OF PUBLISHED WORKS OF THE AUTHOR

1. Nguyen Thi Thanh Mai (2018), "Overview of research on the impact of risk of material misstatement on audit time in financial statement audit", Journal of Banking Science and Training , No. 194 - July 2018.

2. Nguyen Thi Thanh Mai (2019), "Research on the Audit Quality Index of countries around the world", Journal of Banking Science and Training , No. 204

- May 2019.

3. Nguyen Thi Thanh Mai (2020), “Application of data analysis and big data in auditing financial statements – benefits and challenges for auditing firms”, Journal of Banking Science and Training, No. 218 – July 2020.

4. Nguyen Thi Thanh Mai (2020), “The trend of applying IFRS in the world and the roadmap for applying IFRS in Vietnam to improve the transparency of financial information”, Scientific Workshop: “Accounting - Auditing with transparency of corporate information in the process of economic integration in Vietnam” , Faculty of Accounting - Auditing, Banking Academy.

5. Nguyen Thi Thanh Mai (2016), "Impacts of Circular 200/2014/TT-BTC on accounting and auditing activities of financial statements for the 2015 operating period", Scientific Workshop: "Innovation in the Vietnamese accounting system - Impacts on enterprises" ', ISBN: 978-604-59-6116-2.

6. Nguyen Thi Thanh Mai (2018), "Determining business activities and business consolidation according to international accounting standards", Scientific workshop: "International financial reporting standards system and applicability in Vietnam" ', 978-604-971-227-2, Labor Publishing House.

7. Nguyen Thi Thanh Mai (2016), Nguyen Thi Khanh Phuong and Nguyen Thi Le Thanh, "Auditing revenue and costs to limit loss and waste in construction enterprises in Vietnam: The need for research", Asia Pacific Economic Journal , 476.

8. Nguyen Thi Thanh Mai (2018), Phan Thi Anh Dao and Nguyen Thi Binh, "Harmony trends in the accounting profession in the world", Journal of Banking Science and Training , No. 191 - April 2018.

9. Nguyen Thi Thanh Mai (2019), Le Thi Huong Tra and Nguyen Phuong Nhung, "Research on factors affecting student satisfaction with accounting training according to international financial reporting standards (IFRS) at Banking Academy", Journal of Banking Science and Training , No. 205 - June 2019.

10. Nguyen Thi Thanh Mai (2017), "The need to use balanced scorecard to strengthen internal control in Vietnamese commercial banks", Scientific workshop: "Quality of financial reporting information of Vietnamese enterprises: current situation and solutions" ', 488/QD-NXBLĐ.

11. Nguyen Thi Thanh Mai (2016) and Nguyen Bich Ngoc, "Joining TPP and AEC - Opportunities and challenges for human resources in the field of Accounting and Auditing in Vietnam", Journal of Banking Science and Training , No. 166 - March 2016.

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