NHANDl£NGI»NlAN8A0CA0lAlCKlNHTAItACroANHNGHlEPNltMVfrCIVltTNAM
Nhan dien gian lan bao cao tai chmh tai cac doanh nghiep niem yet d Viet Nam
Nguyin Tien Hung"* Vo Hong Bufc"
Ngay nhan bai-11/5/2016 I Bien tap xong: 02/3/2017 I Duyet dang: 10/3/2017
TOM TAT: Nghien ctJu nay nham kiem dinh SLT phij hdp cua mo hinh do lu'c(ng gian lan bao cao tai chinh (BCTC) tai cac doanh nghiep niem yet c( Viet Nam dtUa tren ly thuyet Tam giac gian lan du'dc de cap trong chuan mi/c kiem toan VSA240. Mau diT lieu nghien ciJu bao gom 88 cong ty niem yet tren SdGiao dich ChiJng khoan TP. Ho Chi Minh (HOSE) trong nam 2014. Vdi viec sil dung hoi^quy Logistic, ket qua nghien ciJu cho thay, mo hinh du'dc xay di/ng difa tren yeu to Oong cd (di/dc dai dien bdi Suat sinh Idi tren tai san va Don bay tai chi'nh), yeu to Cd hpi (du'dc dai dien bdi Nd phai thu tren doanh thu) va yeu to Thai dp (di/dc dai dien bdi SUthay doi kiem toan vien dpc lap va Y kien ciJa kiem toan vien dpc lap ve BCTC) kha nang dtf bao chi'nh xac den 68% cac cong ty thupc mau nghien ciJu, trong do kha nang dii bao chi'nh xac den 75% doi vdi cac cong ty gian lan va 61% doi vdi cac cong ty khong gian lan. Tren cd sd dd, nghien ciJu dya ra nhang khuyen nghi doi vdi cac ben siJ dung BCTCva cd quan quan ly nha nJdc nhSm giam thieu hanh vi gian lan BCTC trong cac doanh nghiep.
TCTKHOA: gian lan, Tam giac gian lan, bao cao tai chi'nh, dong cd, cd hoi, thai do, VSA 240.
1. Gidi thieu
Nhflng nam gan day, dac biet sau sti Iden iiang loat cac cong ty liang dau the gicfi hi pha san. gian Ian BCTC la mot trong nhflng van de nong va thudng xuyen dupc nhic tdi. Trong so nhieu cong ty bi pha san dfloc xem la co gian Ian BCTC, CO the ke den Lucent, Xerox, Rite Aid, Waste Management, Micro Strategy, Raytheon, Sunbeam, Enron, Worldcom, Global Crossing, Adelphia va Qwest (Tran Thi Giang Tan, 2009;
Kranacher va ctg, 2010). Cac nha quan ly cao cap Clia cac cong t;- nay (giam doc dieu hanh va giam doc tai chinh) deu dfloc xem la co lien quan den viec che bien so lieu dan den gian lan BCTC.
Tai Viet Nam, ty le sai lech vi tinh hinh boat dong cua doanh nghiep trUtifc va sau kiem toan rat cao da xay ra tai cac doanh nghiep niem yet tren thi trudng chflng khoan.
Xet rieng ve chi tieu lpi nhuan nhu mpt vi dtt minh hpa, theo so lieu thong ke cua Vietstock,
11) Nguyen Tien Hiing - Tri/cing Bai hoc Kinh te Cong nghiep Long An; 938, Quoc 16 6S1A, Phi/ctng Khanh Hau, TP. Tan An, Tinh Long An; Email: nguyen.hung@
daihoclongan.edu.vn.
i!i Vo Hong Du'c ~ Liy ban Quan ly Kinh te Uc; Perth Australia 6000; Email: [email protected].
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tli nam 2012 den 6 thing dau nam 2015, ty le doanh nghiep niem yet co dieu chinh \ai nhuan sau kiem toan deu tr^n radc 70%, con trong 6 thang dau nam 2015, ty le nay dat hotn 52% (Minh An, 2015). Sti chenh lech 6 quy mo lofn nay la mot canh bao ve chat hiang BCTC va dp minh bach ve so lieu ke toan do doanh nghiep tti lap.
De thu hiit nha dau til, nhieu doanh nghiep thiidng sii dung cac ky thuat gian lan trong qua trinh lap BCTC nham lam "dep" BCTC nhii:
khai tang doanh thu, ghi nhan sai nien dp ke toan, khai giam cong n p va chi phi, khong cong bo day du thong tin tren BCTC (Ha Thi Thuy Van, 2016). Dieu nay dan den do lilcfng gian lan BCTC rat kho thiic hien trong thiJc te va trd nen kho khan trong dieu kien bien dpng hien nay cua thi trildng. Vi vay, viec xay dilng va cung cap mpt mo hinh do lUcfng gian lan BCTC cf thdi diem hien tai cho Viet Nam ta rat can thiet. Mpt mo hinh do liidng gian lan BCTC phii hpp se giiip cac ben sii dung BCTC dat diipc ky vpng trong tiing dieu kien thi tnidng va trong viec dUa ra cac quyet dinh cua minh. Do do, nghien ciiu nay diloc thUc hien nham cung cap mo hinh do liidng gian lan BCTC diJa tren nen tang ly thuyet Tam giac gian lan cua Cressey (1953) diipc de cap trong chuan mile kiera toan VSA 240.
2. Ctf sd ly thuyet va bang chuTng thifc nghiem
2.1. C d s d Iy thuyet
Theo VSA 240 (Bp Tai chinh, 2012), gian lan la hanh vi co y lam sai lech thong tin kinh te, tai chinh do mpt hay nhieu ngiidi trong Hpi dong quan tri (HDQT), Ban giam doc (BCD), nhan vien hoac ben thii ba thilc hien, lam anh hudng den BCTC. Gian lan BCTC dupc dinh nghia la hanh \T CO y hay bo sot, lam sai lech trpng yeu BCTC (National commission on fraudulent financial reporting, 1987).
Hanh vi gian lan co the dilpc giai thich thong qua ly thuyet Dai dien cua Jensen va Meckling (1976), ly thuyet Cac doi tdpng lien quan ciia Freeman (1984) va ly thuyet Quan ly
ciia Donaldson va Davis (1991).
Jensen va Meckling (1976) cho rang ngUdi dieu hanh khong phai liic nao ciing hanh dpng vi lpi ich cao nhat cua ong chu. Theo ong thi co Sll tach biet giiia quyen sd hflu va quyen dieu hanh cong ty, dac biet la cong ty c6 phan, vi vay nhiing nha quan ly c6 the vi Ipi ich cua minh ma thUc hien hanh vi til lpi, dac biet la gian Ian tren BCTC, thay vi phuc vu Ipi ich cho ngiidi diipc uy quyen (co ddng).
Trong khi do, theo ly thuyet Cac doi tilpng lien quan cua Freeman (1984), H D Q T phai dam bao lpi ich cho co dong. Tuy nhien, each tiep can nay dan dilpc thay the. Tii quan diem cho rang H D Q T phai hiidng den lpi ich cua cac nhom lien quan khac nhau (Freeman, 1984; Donaldson va Preston, 1995; Freeman va ctg, 2004), Freeman (1984) de xuat, ngoai nhdng doi tiJpng co dong, nha quan ly va chu np, Sll ton tai va phat trien cua cong ty cdn phu thupc vko cac doi tilpng khac nhil nha cung cap, khach hang va nha niidc. Nhii vay, hanh vi gian lan co the diipc thiic hien de true lpi trong raoi quan he vdi nhflng doi tilpng lien quan.
Them vao do, ly thuyet Quan ly cua Donaldson va Davis (1991) cho rang nha lanh dao cung giong nhii "ngiidi quan ly" trong cae cdng ty Clia hp, hp thiic day sil quan tam cua co ddng theo lpi ich rieng cua minh. Ly thuyet nay cd mpt cai nhin khae vdi ly thuyet Dai dien ma trong dd, cae nha lanh d^o dil kien hoat dpng vi lpi ich rieng cua hp va gay thiet hai cho co dong.
Hanh vi gian lan thiidng dilpc nghien cdu dUa tren Iy thuyet Tan>giac gian lan do Cressey (1953) dda ra. Thdng qua khao sat, Cressey tap trung phan tich sd gian lan diidi gdc dp tham d va bien thu nhSm tim ra nguyen nhan dan den cac hanh vi vi pham phap Iuat. Nam 1953, ong da dda ra md hinh Tam giac gian lan (Fraud Triangle) ve cac nhan to dan d^n eae hanh vi gian Ian ma ngay nay, trd thanh mpt trong nhdng mo hinh chinh thong ddpc sd dung de nghien edu hanh vi gian lan trong nhilu nghe nghiep khac nhau. Theo Cressey, gian lan chi phat sinh khi hoi du ba nhan to: (i) ddng co/ap lpc; (ii) CP hpi; (iii) thai dp.
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2.2. Tong quan cac nghien cdu ve gian lan bao cao tai chinh
Tren the gidi da xuat hien rat nhieu cdng trinh nghien cdu ve gian lan BCTC dddi cac goc dp khac nhau. Gian lan BCTC ddpc xem xet d khia canh khao sat thdng qua bang cau hdi, khia canh kiem toan ndi bp \'a dae diem cua BGD, khia canh hieu suat cong ty, sd hflu hieu cua cac chuan mile kiem toan, moi quan he gifla cac yeu td cua Tam giac gian lan...
Tuy nhien, eo the khang dinh, chda cd mpt ly thuyet hay md hinh tong hpp nao co the ddpc van dung trong viee phat hien gian lan tren BCTC.
Mpi trong nhflng nghien cdu dau tien ve gian lan BCTC dilpc thdc hien bdi Romney va ctg (1980). Nghien cdu nay da dda ra cac dau hieu bao dpng do (Red Flag) de dd bao gian lan (Romney va ctg, 1980). Sau do, Albrecht va ctg (1986) sd dung 87 dau hieu dd de nghien edu gian lan va da chi ra 1/3 sd dau hieu tren ed y nghia trong dd doan gian lan va mdt so Idpng ldn cac bien so co i'ch khac trong dd bao tinh chinh tnic cua BGD. Phdong phap nghien cdu cua Albrecht va ctg (1986) la khao sat thdng qua bang cau hoi. Nhd do, cac tac gia nay da thiet lap cae bien so lien quan den gian lan va xay dling danh sach 50 dau hieu do ve chi dan gian lan, lam dung vdi muc dich giup xac dinh cae dau hieu quan trpng eua gian lan de ngddi quan ly c6 the phat hien va ngan ngda chung.
Cac bien sd nay tap trung vao hai van de chinh:
(i) dau hieu doi vdi nhan vien; (ii) dac diem lien quan den to chdc.
Mpt trong nhdng nghien cdu noi bat trong viec danh gia hieu qua cua chuan mdc kiem toan la cdng trinh cua Skousen va ctg (2009).
Nghien cdu dat dat muc tieu danh gia tinh hdu hieu cua Tam giac gian lan va phat hien gian Ian BCTC theo chuan mde kiem toan SAS sd 99 cua My. Ket qua nghien cdu xac dinh nam yeu td cd moi quan he co y nghia thdng ke vdi kha nang xay ra gian Ian BCTC: (i) toe dp tang trfldng tai san; (ii) sd gia tang nhu cau tien mat va nhu cau huy dpng von td ben ngoai; (iii) viec nam gifl co phieu ben trong va ben ngoai doanh nghiep; (iv) dac diem HDQT; (v) so
Iflpng thanh vien dpc lap trong i ' ''^ >'^ kiem toan.
Nghien cdu cua Lou va Wang (2011) xem xet moi quan he gida eae yeu td cua Tam giac gian lan, danh gia kha nang gian Ian trong BCTC. Ket qua cho thay, hanh vi gian lan cd mdi tdPng quan vdi cae bien dai dien cua Tam giac gian Ian: (i) ddn bay tai ehinh; (ii) ty le doanh thu cho cac ben Hen quan; (iii) so lan dieu chinh BCTC; (iv) sd lan thay doi kiem toan vien; (v) ty le co phieu cua BGD va HDQT bi cam co; (vi) sai sdt trong dti bao cua chuyen gia phan tich tai chinh.
Tai Viet Nam, nghien cdu tieu bieu sd dung m6 hinh tdPng td Skousen va ctg (2009) la cdng trinh cua Tran Thi Giang Tan va ctg (2014) vdi muc dich danh gia tinh hHu hieu eua Tam gi^c gian lan va phat hien gian lan BCTC dda tren chuan mdc VSA 240. Cac tac gia nay xac dinh ba yeu to Dpng cd, mOt yeu to Cd hdi va hai yeu td Thai dp cd moi quan he vdi kha nang xay ra gian lan trong BCTC: (i) ty le doanh thu tren n p phai thu; (ii) ty trpng hing tdn kho tren tdng tai san; (iii) ddn can np; (iv) kiem toan vien thudc Big 4; (v) y kien kiem toan vien ddc lap ve BCTC; (vi) ti^'n sd gian lan.
2.3. Do Iddng cac bien trong md hinh vh gia thuydt nghien cdu
Dda theo chuan mdc VSA 240 (B6 Tai chinh, 2012, Phu luc 01), nghien cdu tien hanh xay ddng cac bien dpc lap dai di$n cho cdc y^u td cua Tam giac gian lan. Ddng thdi xay ddng eac bien kiem soat mac du sd ket hpp nay khdng nam trong cac yeu to cua Tam giic gian lan.
2.3.L Yiu to Dgngca/Ap life
• Sd on dinh tai chinh
Tinh hinh tai chinh khdng on dinh cua doanh nghiep van ludn la nguyen nhan quan trpng nhat khien doanh nghiep thdc hi?n cac thao tung tren BCTC. Thdng thddng, nha quan Iy phai doi mat vdi ap Iflc gian Ian BCTC khi sd dn dinh tai chinh hoae loi n h u i n dang hi de dpa bdi eac di^u kien kinh te (Tran Nguyin Nguyen Tran, 2014). Cac nghien
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cdu ciia Loebbecke va etg (1989), Bell va ctg (1991) deu cho rang, khi mdt cdng ty dang tang trddng dfldi mdc trung binh, nha quan ly cd the dieu ehinh sd lieu BCTC de cai thien tinh hinh cdng ty. Sau giai doan tang trddng nhanh chdng, nha quan ly cd the chi phdi BCTC nham duy tri muc tieu tang trddng on dinh ddpc the hien qua ty le lai gdp (GPM) (Beasley, 1996; Summers va Sweeney, 1998;
Beneish. 1999; Skousen va ctg, 2009; Tran Thi Giang Tan va ctg, 2014).
Tdpng td, gian lan cd the cd quan he vdi cac tv sd tai chinh. Spathis (2002) trong mdt nghien cdu dd bao gian lan BCTC cho rang, ty le lpi nhuan rdng tren doanh thu (NPSAL) CO y nghfa trong viec xac dinh gian lan BCTC.
TdPng td, Albrecht (2002), Wells (2011), Person (1995), Skousen va ct^ (2009) deu chi ra, chenh lech lpi nhuan va ddng tien td hoat dpng kinh doanh (CATA) va ty le doanh thu tren tong tai san (SALTA) dae biet hflu ich trong viec phat hien gian lan. Ben canh dd, Lou va Wang (2011), Tran Thj Giang Tan va ctg (2014) cdn nhan dinh rang ap ldc tai ehinh xuat hien khi cdng ty thua Id va ddng tien td hoat ddng kinh doanh am (NCFO).
Gid thuyet H^: Ton tai mot tiidng quan giUa sif on dinh tdi chinh vd hdnh vigian ldn BCTC.
• Muc tieu tai chinh
Suat sinh Idi tren tai san thfldng dflpc sd dung trong viec danh gia hieu qua quan ly va xac dinh cac khoan tien thfldng cung nhfl viec tang IflPng. Summers va Sweeney (1998), Skousen va ctg (2009), Tran Thi Giang Tan va ctg (2014) chi ra rang, suat sinh ldi tren tai san (ROA) rat khae nhau gida eac cdng t)" gian lan va khdng gian lan.
Gid thuyet H^: Sudt sinh ldi tren tdi sdn c6 moi tUcfng quan nghich vdi hdnh vi gian ldn BCTC.
• Ap ldc td ben thd ba
Thdng thddng, cdng ty muon nhan ddpc vdn dau td td ben thd ba thi cdng ty dd nhat ihiet phai cd BCTC hpp ly va chdng minh sdc khde tai chinh tdt. Chinh vi dieu nay ma Ban giam ddc du mudn hay khdng van ed xu hddng thao tung BCTC de nhan dflpc sfl iing
hd td ben thd ba. Dechow va ctg (1996) chi ra rang cac doanh nghiep cd ddn bay tii chinh (LEV) cao eung vdi eac dieu khoan dam bao an toin np vay thddng cd ddng ca thdc hien gian lan. Ngoai ra, cac nha quan ly cam thay ap ldc de ddpc vay np them va mdc vay np cang cao, doanh nghiep cang cd xu hddng thoi phdng Ipi nhuan thdng qua cac ddc tinh ke toan (DeAngelo va ctg, 1994; Lou va Wang, 2011; Skousen va ctg, 2009; Persons, 1995).
Ben canh do, Dechow v i ctg (1996) cho rang nhu cau ve tai chinh ben ngoii lien quan den ddng tien tao ra td hoat ddng kinh doanh va dau td (FREEC) (Skousen va ctg, 2009).
Gid thuyet H^t Ap lUc tii ben thii ba co moi quan he vdi hdnh vigian ldn BCTC.
2.3.2. Yeu to CO hgi
• Dac diem nginh
Sfl can doi eac khoan phai thu dfla tren chu yeu eae fldc tinh \'a phan doan mdt each chu quan. Summers va ctg (1998) cho rang np phai thu khd ddi thfldng dflpc xac dinh mpt each chu quan nham tac dpng den BCTC. Hp chl ra rang, nha quan ly cd the tap trung vio nhiing khoan phai thu khi thfle hien BCTC. Tflpng td, Loebbecke va ctg (1989) cho rang, cic gian lan lien quan den cac khoan np phai thu tren doanh thu (RECE1\ABLE).
Gid thuyet H^: Ton tai moi quan hi thuan giSa cdc khodn phdi thu vd hdnh vi gian lan BCTC.
• Giam sat hoat ddng cua Ban giam ddc khdng hieu qua
Loebbecke v i ctg (1989), Beasley (1996), Beasley va ctg (1999), Skousen vi ctg (2009), Lou va Wang (2011) deu nhan dinh rang, khi giam doc dieu hanh nam gifl nhieu chdc vu thi hp ehi phdi qua trinh ra quy^t dinh cua doanh nghiep. Ndi mdt each khac, viec kiem nhiem giam ddc dieu hanh va chu tich HDQT (CEO) l i cd hdi de hp thdc hien h i n h vi gian lin. Cd eau to chdc phdc tap hoac khong on dinh cd the dtiac nhan biet thdng qua mdc thu n h i p cao cua cac t h i n h vien quin ly cao cap hoac HDQT. Loebbecke v i ctg (1989), Beasley (1996), Skousen v i ctg (2009) lap luan rang viec
S013Z Thang3.2017 i TAP CHI C6NGNGHe NGAN HANG 6 1
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thay ddi giam dde dieu h i n h (TOTALTURN) tao ra mpt mdi trddng cho phep nha quan iy gian lan BCTC.
Gid thuyet H^: Ton tai moi quan he giUa viic gidm sdt hoat dgng cda BGD khong hieu qud vdi hdnh vigian ldn BCTC.
Hien nay, khong cd nhieu nghien cdu ve tam quan trpng cua trinh dp hpc van cua HDQT (Yermack, 2006; Vd Hdng Dde va Phan Bui Gia Thuy, 2014). Mdt sd nghien cdu cho ring day la rapt yeu td quan trpng trong viec tao ra gia tri eho cdng ty khi HDQT thdc thi vai trd quan ly (Carpenter v i Westphal, 2001;
Vd Hdng Ddc va Phan Bui Gia Thuy, 2014). Vi vay, nghien edu gia dinh trinh dp hpc van cua HDQT (EDU) cd moi quan he vdi hanh vi gian lin BCTC.
Gid thuyet H^ Trinh do hgc vdn cita HDQT CO moi tiidng quan vdi hdnh vigian ldn BCTC.
Ngoii ra, theo ket qua nghien cuu cua Farber (2005), Tran Thi Giang Tan v i etg (2014), Amara va etg (2013) thi viec sd dung kiem toin vien ddc lap nhd cdng cu giam sat BGD v i quan tri doanh nghiep yeu kem cd moi quan he vdi vice it sd dung kiem toan vien nhdmBig4(BIG4).
Gid thuyet HJ Ton tai moi quan he nghich giiia viec sH dung hem todn vien nhom Big 4 vd hdnh vigian lan BCTC.
2.3.3. Yeu to thdi do hoac sU bien tninh cho hdnb dgng
Thai dp la chang thd ba eua Tam giac gian lan vi do Iddng gian lan la viee l i m khd khan nhat (Skousen va ctg, 2009). Nhieu nghien cdu cho thay, kha nang kien tung tang Ien ngay khi mdt doanh nghiep n i o dd thay ddi kiem toan vien (Stice, 1991; Loebbecke v i ctg, 1989).
Tddng td, Skousen va ctg (2009), Tran Thi Giang Tan va ctg (2014) deu cho ring, viec thay ddi kiem toan vien ddc lap (AUDCHANGE) vi y kien cua kiem toan vien dpc lap khdng phai ddpc chap nhan hoin toan (AUDREPORT) la dau hieu dang nghi ngd ve sd trung thdc nha quan ly
• Gid thuyet H^: Cd moi tUdng quan giUa yeu to thdi do vd hdnh vi gian ldn BCTC.
2.3.4. Bien kiem sodt
Cac nghien edu cua Beasley -; -tg ( 1 " ^ ) ' Tran Thi Giang Tan v i ctg (2014) clui rang quy md doanh nghiep (SIZE) cd moi quan he vdi h i n h vi gian Ian. Cac cdng ty ldn thddng cd he thdng kiem soat ndi bd tdt hdn so vdi cac doanh nghiep nhd (Montgomery v i O'Reilly, 1998; Lou v i Wang, 2011). Ben canh dd, Beneish (1999), Stice va ctg (1991) chl ra dpng Iflc d€ nha quan Iy gian lan la phai duy tri sd tang trddng doanh thu (SALGRTH). Cac cdng ty khdng the dat ddpc ket qua tddng td nhd nam vda qua cd the tham gia v i o boat dpng gian I^n de duy tri sd tang trddng.
Gid thuyet H^: Co moi quan he giUa bien kiem sodt vdi hdnh vigian lan BCTC.
3. Md hinh, phUtfng phap va duT lieu 3.1. MSu nghiSn cdu
Mau nghien edu ddpc sd dung la 88 doanh nghiep niem yet, trong do cd 44 doanh nghidp khdng gian lan v i 44 doanh nghiep cd gian lan (mau doi dng). Mau ddi dng dddc sd dung trong nghien cdu la cac doanh nghi?p cd cdng nganh nghe v i quy md hoat ddng. Them vio dd, mau ddi dng l i eac doanh nghiep cd mdc chenh lech lpi nhuan trddc v i sau kiem toan li khdng dang ke (dddi 1%).
M5u nghidn edu d d d c thu t h i p td BCTC, bao cao thddng nien cua cac doanh nghiep niera yet tren HOSE nam 2014, khdng bao gdm cac dinh che tai chinh (ngin hang, quy dau td, cac cdng ty tai ehinh v i bao hiem). L^
do cua viec Ioai trd cac doanh nghiep niy Ii ngoai viec tuan thu Luat Chdng khoan, cic cdng ty hoat ddng trong linh vdc t i i chinh cdn phai boat ddng theo Luat Cac td chdc tin dung v i nhflng luat lien quan khac. Ben c?nh do, ty so tai ehinh cua cac cdng ty hoat dOng trong ilnh vdc tren rat Idn do dac thu nginh nghe. Vi vay, ket qua nghien edu se bi sai l?ch neu mau nghien cdu bao gdm n h d n g cdng ty tren.
Mau nghien cdu bao gora cae cdng ty gian lin va khdng cd gian lan. Theo phflPng phip niy, tie gia sd dung md hinh de xac dinh sd
6 2 T A P C H ' C O N G N G H I N G A N H A N G I ThaP93.2017 | So 132
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sai lech bing each ddi chieu BCTC cd sai lech da ddpc phat hien trong thdc te vdi eic BCTC khdng cd sai lech cda cac doanh nghiep cimg nginh nghe v i quy md. Td dd, xac dinh cac ty sd de nhan dang sti sai lech trong BCTC (Skousen vi ctg, 2009; Lou v i Wang, 2011; Persons, 1995;
Beneish, 1999; Amara va ctg, 2013).
Cdng ty cd gian lan ddpc gia dinh la cd sti chenh lech Ipi nhuan trddc v i sau Idem toan td 5% trd Ien.
Chenh lech Ipi nhuan |{(Lpi nhuan sau kiem toan - Lpi nhuan trddc kiem toan) xlOO%}/Lpi nhuan trddc kiem toan|
Nghien cdu gia dinh lpi nhuan sau Idem toan l i Idi nhuan diing vi ddpc Idem toan vien chap nhan. Nghien cdu sd dung gia tri tuyet ddi VI khdng phan biet chenh lech dddng (khai eao hdn Idi nhuan thdc te) va chenh lech am (che giau lpi nhuan) (Skousen va ctg, 2009;
Lou v i Wang, 2011; Persons, 1995; Beneish, 1999; Amara va ctg, 2013).
Ben canh dd, nghien cdu dddc thdc hien dda theo bing danh sach phan nginh cac doanh nghiep niem yet tren HOSE nam 2014, bao gom 15 nhdm nganh ddpc trinh bay trong Phan B. Bing 1.
Bang 1: 00* lieu nghien CIJ'U Phan A. Mau nghien cdu
Gial thi'ch mau nghien cdu
1. So lu'dng mau co chenh lech ldi nhtf^n tri/dc va sau kiem toan tir 5H trd len 2. So li/dng mau khong co mau doi L^ng cb day dii diiT lieu
3. S6 li/dng mau gian lan s(t dgng nghien cij'u (3 = 1-2) 4. S6 li/dng mSu doi dng vdi mau nghien cdu 5. Tong s6 mau sd dung trong nghien cdu {5 = 3+
Phan nganh Vit li^u xay dflng Thi/(Jng mai Thuy san Thfle pham Caosu
Cong nghe vien thong Du f jch
Di/dc pham Thep
San xuat kinh doanh NSngli/dng, khi', ga Khoansan Oau khi' Xay di/ng Bat dpng san
Tong
J)
So lilting cong ty gian lan 3 1 4 3 1 1 1 1 2 4 2 2 1 3 15 44
S6 li/^ng 75 31 44 44 88
Ty i? (%) 6,8182 2,2727 g,0S09 6,8182
2,2727 i 2,2727
2,2727 2,2727 4,5454 9,0909
4,5454 ' 4,5454
2,2727 6,8182 34,0912 100 Nguon: Nhdm tac gii tong hdp
S6132 Thang3.2017 ; TAPCHICdNGNGHeNGANHANG 6 3
trnkH Dli«OIAN L»NB*0CAOTAICHiNHlAi CSC iO*™ NGHiSPNItMVftdVltlNAM
3.2. Phuong phap va mo hinh nghien ciSu Nghien cilu sil dung phuang phap dinh luong vdi mo hinh hoi quy Binary Logistic.
Sau khi khao lUOc CO sd ly thuyet, xay dUng gia thuyet nghien cflu, nhom tac gia thiet lap mo hinh nghien cUa DUa vao mot so nghien cUu thuc nghiem d phan tren, nghien cUu sU dung mo hinh tuong tu nhU cua Skousen va ctg (2009), Lou va Wang (2011), Tran Thi Giang Tan va ctg (2014) dong thcri thay doi, bo sung va chinh sila mpt so bien cho phu hop v6i dieu kien cac doanh nghiep tai Viet Nam ve moi quan he gifla hanh vi gian lan BCTC vfli cac yeu to ciia Tam giac gian lan. Mo hinh nghien cflu dUpc de xuat nhU sau:
FRAUD, = Po + PilTNPR, + |5,Z0PP, + PjlATT, + li |Ic:0\TROL, + E,
Trong do: Bien phu thupc: FP ' . ^ nang gian lan BCTC vcti gia tri bSn^ i ' " ' * " ' hoac 0 (khong gian lan); Bien dpc ISp: 1 rNPR, - tap hpp cac bien the hien yeu to i K>"S '=<''^P luc; lOPP, - tap hpp cac bien the h i e n ; ^u t6 Co hpi;'S;ATTi - tap hpp cac bien the hien yeu to Thai'cip; Bien idem soat: XCONTROL, - nhom bien kiem soat; E, - sai so c'ija m6 hinh.
Khai niem, each thfle do lU6ng va ky vpng dau cua cac bien so dflpc the hi?n trong Bang 2.
4. Ket qua nghien cuTu va thao luan 4.1. Xac dinh da c6ng tuyen va kiem dinh mo hinh Theo so lieu cua Bang 3, he so tflong quan cua cac bien deu dflfli 0,75 (ldn nhat la 0,6674) va dau hieu nay cho thay co hien tflpng da cpng tuyen nhflng khong dang k^ trong mo hinh Uflc lupng (Neter vi ctg, 1990). NgUpc lai, hien Bang 2: Mo ta cac bien c3o li/dng du'dc sLf dung trong nghien ciJu'
TSnb en
Kyvong 1 Dinh nghTa Cachdoli/dng - 1 Bien phu thupc
FRAUD Gian lan BCTC Bien dinh tfnh, FRAUD bSng 1 neu gian lan, ngi/dc lai bSngO.
Bien doc lap
• Oong cd 6n djnh tai chm GPM NPSAL
CATA
SALTA
NCFO h
Ty le lai gop Ty le l^i nhuan rong tren doanhthu
Chenh lech Idi nhuan va dong tien ti^ hoat dong kinh doanh Ty le doanh thu tren tong tai san
Dong tien tii ho^t dong kinhdoanh
(Doanh thu thuan - Gia vfin hang ban/(Doanh thu thuan) (Ldi nhuan r6ng)/(Doanh thu thuan)
(Ldi nhuan rong - dong tien tu' hoat dpng kinh doanh)/
(long tai san)
(Doanh thu thuan)/(T6ng tai san)
Bien dinh tmh. NCFO bang 1 neu doanh nghiep co dong tien am ti/ hoat dpng kinh doanh trong hai n3m tru'dc lien ke, bang 0 trong tri/tJng hdp ngi/dc lai.
+/- +/-
+/-
+/-
+/-
Cac bien CATA. SALTA. ROA. LEV. FREEC. SIZE Irong nghien ciiu iCl dung tSng ldi sdn W sScuSi nim thay vi so hinh qudn nhii cdc nghiien ciiu tnfdc vi cudi nam Id ihdi gian doi t Mng ihudng ibUc hiin hdnh vigian idn, vd do dd giiip phdl hiin gian Mn BtTTC Idt han
6 4 U^CHiCANGhfGHENGANHANG I Thang3.2017 I So 132
NGUYEN TIEN HiING • vo H 6 H C Dtfc
Muc tieu tai Chmh
ROA j Suat sinh ldi tren tai san j {Ldi nhuan sau thue)/(T6ng tai san) [ - Apli/c tLf ben thtfba
LEV FREEC
Don bay tai chmh Kha nang t u tai trd
(Tong nd)/(T6ng tai san)
(Dong tten tif hoat dong krnh doanh - Tien mua sSm tai san co dinh binh quan ba nam lien tn/dc nam gian lan)/{T6ng tar san).
+ / - '•
+/-
• Cdhoi Sac diem nganh
RECEIVABLE 1 " * <"''' " " ' "^" "'""*' j thu
(Nd phai thu cuoi nam t)/{Doanh thu thuan nam t) - (Nd phai thu cuoi nam t - 1)/(Doanh thu thuan nam t -1).
+
Giam sat hoat dpng BGD khong hieu qua
CEO
TOTALTURN EDU BIG 4
Kiem nhiem giam doc dieu hanh va chu tich HDQT
Thay doi giam doc dieu hanh
Trinh do hpc van Kiem toan vien thupc BIG 4
Bien dinh tfnh, CEO bang 1 neu giam doc dieu hanh kiem chu tjch Hpi dong quan trj, bang 0 trong trUdng hdp ngu'dc l^i.
So lU^ng cac giam doc dieu hanh ma rcfi khoi cong ty trong hai nam tn/dc khi gian lan.
Trung binh so nam di hpc cua Hpi dong quan trj.
Bi^n dinh ti'nh, BIG 4 bSng 1 neu dii^c kiem toan bcTi cong ty khong thupc nhom BIG 4, bSng 0 trong trUcfng h^p ngu'tj'c lal.
+/-
+/- +
Thai do
AUDCHANGE
AUDREPORT
Thay d6i kiem toan vien dpc l^p
"^ kien cua kiem toan vien doc lap ve BCTC
Bi^n djnh tfnh, AUDCHANGE bSng 1 neu doanh nghi|p c6 thay doi kiem toan vien doc l^p trong vong hai n i m tri/dc khi CO gian l|n, ngi/^c lai bang 0.
Bien djnh ti'nh, AUDREPORT b^ng 1 neu doanh nghidp nh|n di/dc y kien khong phai la chap nhan hoan toan BCTC, ngi/dc lai bangO.
+/-
+/-
Bign kiem soat SIZE SALGRTH
Quy mo doanh nghiep Ty 1^ tcing tri/dng doanh thu
Logarit tong tai san sau kiem toan.
(Doanh thu nSm t)/(Doanh thu nSm t -1)
+
*
Nguon: Nhom tac gia tong h(fp
tifcJng da cong tuyen trd nen nghiem trong neu he so nay Idfn hcfn 0.75.
Ben canh do, Bang 3 cung trinh bay chi so VIF (Variance Inflation Factor). Day la chi so quan trong de nhan biet kha nang xuat hien da cong tuyen trong mo hinh. Neu cbi so nay Idn hon 5, do la dau hieu cbo biet co hien tUOng da cong tuyen cao. Neu cbi so nay gan bang 10, CO hien tiiang da cpng tuyen nghiem trong (Gujarati. 2009). Chi so VIF Idn nhat trong Bang 5 co gia tri la 6,95 va ket qua nay chi ra, hien tiiong da cong tuyen la khong dang ke.
Theo s6 li^u ciia B i n g 4, ket qua kiem dinh Paired t-test va Wilcoxon signed-rank
test cbo tbay, pban Idn cac bien doc lap co y nghia t h o n g ke giiia bai nhom cong ty gian lan va khong gian lan. Trong kiem dinh Paired t-test, cac bien AUDREPORT, ROA va SALTA cd y nghia thong ke lan Iiigt la 1%, 5%, 10%. Doi vdi kiem dinh Wilcoxon signed-rank test thi cac bien SALTA, ROA, AUDREPORT co y nghia thong ke la 5%, va RECEIVABLE cd y nghia thong k6 la 10%.
Ben canh dd, phan tich boi quy dcfn bien vdi gian Ian (FRAUD) cbo ket qua bon bien cd he so P-value n h d h o n 0,15. Dd la SALTA, ROA, RECEIVABLE va AUDREPORT (Hosmer va Lemeshow, 2004).
S6132 Thang3.2017 TAP CHl C6NGNGH| NGAN HANG 6 5
NHANDItN GIAN l*NB*OC*OrAlC«lNH IAI c f c DOANH N C H I E P N I E M v f l Cl VIST NAM
i '
6 6 TAPCH CONG NGHE NGAN HANG i TTiang 3.2017 | So 132
NGUYEN TifN HUNG • VO H 5 N G DUc
Bang 4: Kiem cJjnh Paired t-test, Iciem (5jnh Wilcoxon signed-ranic test va ket qua hoi quy ddn bien
Dong cd GPM NPSAL
CATA SALTA
! NCFO ROA LEV FREEC
:B
0,2408 -0,3061 0,9583 -1,9277 -0,8134 -2,1424 -0,6225 0,3456
t-test
0,8108 0,7510 0,3433 0,0605—'
0,4205 0,0379-*
0,5369 0,7313
-0,3150 -0,8870 -0,1980 -2,0190 -0,8160 -2,4040 0,7000 0,5840
ned-ranktest Hoi quy ddn bien
0,7527 0,3751 0,8427 0,0435"
0,4142 0,0162"
0,4838 0,5596
0,2200 -0,2800 0,8800 -1,6800 0,7300 -1,9800 -0,5600 0,1700
IBSH
0,7810 .ASB^IO 0,0930*"
0,4630 0,0480**
0,5780 0,8630 jcdh?)
RECEIVABLE CEO TOTALTURN
EDU aiG4 Thai do 1 AUDCHANGE j AUDREPORT
1,0875 -0,8924 -1,0935 -0,7202 -0,4431
-0,4043 -2,7054
0,2829 0,3772 0,2803 0,4753 0,6599
0,6880 0,0097*
1,7390 -0,8940 1,3320 -0,4840 -0,4470
-0,4080 -2,5300
0 , 0 8 2 1 " ' 0,3711 0,1828 0,6282 0,6547
1,5200 -0,9000 0,9700 -0,7200 0,6700
C - '•' 0,6831
0,0114**
-0,4300 2,2300 •
0,1060 0,3690 0,3300 0,4730 0,5040
0,6700 0,026"
Bien kiem soat SIZE SALGRTH
0,6428 1,2189
0,5238 0,2295
1,3450 0,5480
0,1758 0,5833
0,2300 -0,9500
0,8150 0,3400 ', • " CO cac miycy nghTa thong ke lan IWdt la l%,5%, 10%.
4.2. Phan tich h6i quy Logistic va mo hinh toi tiu Ket qua hoi quy Logistic dtigc trinb bay trong Bang 5. Trong Bang 5, md binh 1 dtiac xay dUng diia tren lat ca cac bien, til md hinh 1 cac bien cd Pr>|z| ldn {kbdng cd y nghia thdng ke) lan lUdt se dtiac loai trii de nhan cac md hinh 2, 3 va 4.
N'hin chung, tat ca cac md hinh deu cd he so LR Chi2 cao til 22.6700 den 28,6400, ddng thdi vdi Prob>cbi2 (P-value) la rat thap (til 0,0009 den 0,0380) va dieu nay cbo thay, cac md hinh phii hdp trong viec do liidng gian lan BCTC. Ben canh dd, he so Pseudo R' trong cac nio hinh 1 va 2 cao han miic toi thieu 0,2 theo veu cau cua McFadden (1974),
cac mo binh cdn lai tuy cd sai lech nhting kbdng dang ke.
Trong cac md binb tren, md binh 4 dilOc xem la toi ilu nhat trong viec dil bao gian lan BCTC \ i cd it bien nen thuan tien cbo ngUdi sti dung ma van dam bao Prob>chi2 rat thap (0,0009 hay 0,09%) va he so Pseudo R^ kba cao (0,1858). Md binb 4 dildc trinb bay Iai nhU sau:
FRAUD=-7.4869 -16,9472 ROA - 3,2489 LEV -I- 0,6611 RECEIVABLE - 0,6276 AUDCHANGE + 2,6197 AUDREPORT + 0,8209 SIZE + E
De danh gia kha nang ciia md binh, ngbien cijfu tien hanh phan tich hdi quy Postestimation (Postestimation Classijfication statistics after logistic) nham pban loai mau nghien ciiu thanb
g 3.2017 TAPCi-' CONGNGHg N G A N HANG
NHAN D I E N G I A N U N S A O CAO T A I C H I N H T A I Ciic DOANH NGHlfP NIEM YCTISVIET NAU
Bana S: Ket qua Dhan ti'ch hoi ouv Loqistic va so sanh cac mo hinh
•
FRAUDGPM NPSAL
CATA SALTA NCFO ROA LEV FREEC RECEIVABLE
CEO TOTALTURN
EDU SIGd AUDCHANGE AUDREPORT SIZE SALGRTH
_C0NS LR chi 2(17)
Prob>chi2 Pseudo R'
1
+/- +/- +/- +/- +/-
+ / • +/-
+/- +/- +/-
*l-
*l-
* ! •
*/-
Coef 0,7025 -1,0823 2,9615 0,0829 -0,9137 -20,9380 -3,6957 0,8761 1,3109 -0,4408 0,3794 -0,0291 0,3927 -0,7149 2,6300 1,6820 0,5988 -18,7142 28,6400 0,0 3S0 0,2348
Pr>iz|
0,7850 0,7800 0,3060 0,8770 0,4100 0 , 0 5 7 0 " * 0 , 0 5 7 0 - "
0,1710 0,1110 0,4360 0,4910 0,6360 0,5310 0,2110 0 0 3 8 0 - ' 0 , 0 7 2 0 — 0,2960 0,0950 25,8700 0,0021 0,2120
mm
Coef
2,9486
-19,7657 -2,9493 0,8510 1,1935
-0,7665 2,7116 1,0691 0,4933 -11,4768 22,9500 0,0017 0,1881
P r > ] : |
0,2950
0,0070*
0 , 0 6 5 0 — 0,1670 0,1230
0,1470 0 , 0 2 3 0 * '
0,1160 0,3500 0,1580 22,6700 0,0009 0,1858
Coef
-17,8590 -3,3232 0,1957 0,6682
-0,6671 2,6212 0,9226
-8,6797 P r > | i |
0,0100*
0 , 0 3 8 0 "
0,5900 0 , 0 9 7 0 " '
0,1890 0 , 0 2 3 0 "
0,1560
0,2490 Coef
-15,9472 -3,2489
0,6611
-0,6276 2,6197 0,8209
-7,4869 Pr>|z|
0,0100*
0 , 0 3 9 0 "
0 , 1 0 0 0 ' "
0,2110 0 , 0 2 2 0 "
0,1860
0,2970
'"'1 D cjcmi^cynghJa thong ke lan li/ai la 1%,S%, 10%;tVTi:/m6h'inh I,
0,4; (2) Ti/mo hinh 2, loai bo cac bien co Pr>lzi ldn hdn 0,2; (3)
loai bo cac bien c6 Pr>\zl tdn hdn Tif mo hinh 3, lo^i bo bien FREEC.
bai nhom cong ty gian lan va khdng gian lan.
4.3. Ket luan va ham y cbinh sach Vdi mau dit heu bao gom 88 cdng ty niem yet tren HOSE nam 2014, ket qua nghien cdu cho thay hai yeu to dai dien Dpng ca (suat sinh Idi tren tai san va Ddn bay tai chinh), mgt yeu to dai dien Ca bdi (nd phai tbu tren doanh thu), hai yeu to dai dien Thai d o (sU thay ddi kiem toan vien dpc lap va Y kien cua kiem toan vien dpc lap ve BCTC) dUdc de cap trong chuan miic kiem toan VSA 240 cd mdi quan he cd y nghia t h o n g ke vdi kha nang xay ra gian Ian BCTC. Ben canh dd, ket qua phan tich hoi quy Logistic la phii hdp vdi ky vpng
Bang 6: Ket qua mu'c dp chmh xac cac cong ty t h u p c mau n g h i e n cifu
MSU nghien CIJ'U
So lirgng Di^bao
" I dung
Mau gian lan
Mau khong gian lan (doi li'ng) Ty le du" bao dung mau nghien cifu
Ty le diy bao diing mau khong nghien cu'u J'i le du" bao dling binh quan
4 4 4 4
-
33 27
75,00%
61,36%
68,18%
Ngudn: KSt qi/d ph&n tich dC lieu SPSS 20
•Cl-'CONG NGHi NGAN HANG ! Thafig3.2017 • So 132
NGUY£NTIEHHUNC*VdHdNGDl}C
ban dau dildc xay dilng. Trong dd, md hinh 4 (md hinh do lUdng gian Ian BCTC) dilpc xem ia md hinh tdi ilu va cd kha nang dti bao cbinh xac den 68% cac cdng ty thupc mau ngbien ctiu (dli bao chinh xac 75% ddi vdi cac cdng ty gian lan va 61% ddi vdi cac cdng ty khdng gian lan).
Ket qua nay la phii bdp vdi cac ngbien ciiu ciia Skousen va ctg (2009), Lou va Wang (2011), Tran Thi Giang Tan va ctg (2014) va deu cbo ring, ba yeu td ciia Tam giac gian Ian cd mdi quan he vdi banh vi gian lan BCTC. Thiic te hien nay, hanh vi gian Ian thiidng rat khd bi phat bien bdi nd ludn dildc che giau. Tuy nhien, til ket qua nghien ciiu chiing ta cd the phat hien ra chiing thdng qua cac dau bieu cua ba yeu td: ddng cd/ap liic, ca hpi, thai dp. Cu the:
• Yeu to Dpng cd: ngadi sii dung BCTC can chu y den sii bien ddng m d c do sinh ldi tren tai san, ddn bay tai chinh qua cac nam bay so vdi sd binh quan cua nganh. Sii bien dpng bat thiidng nay cho tbay tinh hinh tai cbinh cong ty la bat on dan den ap liic til ben ngoai hay ndi each khac la sii ky vpng cua ben thd ba dan den gian lan BCTC. Trong nghien cdu nay, mdc dp sinb ldi tren tong tai san va ddn bay tai chinh ty Ie nghich vdi mdc dp gian lan BCTC.
• Yeu to Cd hdi: sU bien ddng cua cac khoan phai thu qua cac nam can dildc chu trpng. Mdc dp gian lan cang cao khi khoan phai thu cang nhieu. Dieu nay cho thay, de dap dng muc tieu lpi nhuan, cac doanh nghiep thiidng chi phoi cac khoan phai thu mdt each chu quan nham tac dpng den BCTC.
• Yeu td Thai dd: diia vao sii tbay doi kiem loan vien ddc lap cua doanh ngbiep qua cac nam dong thdi can diia vao kinh nghiem til cac cupc kiem toan tmdc day de danh gia sii trung thiic Clia nha quan ly trong viec cdng bd thdng tin.
Ket qua nghien cdu gdp phan cung cap them bing chdng thiic nghiem trong viec do Iddng gian lan BCTC cung nhU lam bildc dem va khuyen khich cac nha nghien cdu quan tam den Hnb \'uc ngbien cdu nay, mdt hnh viic nghien cdu mdi tai Viet Nam dang tilng biidc
hoan thien. Ben canh do, nghien cdu cung dila ra nhiing khuyen nghi doi vdi cac ben sd dung BCTC, cu the:
• Doi vdi cac cdng ty niem yet: can xay dling mpt he thong Idem soat hdu hieu, nhan thdc dung dan va day du ve tam quan trpng va Ipi ich cua viec xay diing he thong kiem soat ndi bd vdng manh.
• Doi vdi nha dau tU: nha dau td can tang cildng kien thdc ca ve kinh te, tai cbinb va ke toan nham muc dicb han che rui ro khi dau tii.
Hien nay, viec lam "dep" BCTC la bien tilpng kbdng cdn xa la doi vdi chung ta, vi vay nha dau td can canh giac. Ben canh dd, bien tddng dieu phoi lpi nhuan td cac cdng ty me, cdng ty con, cdng ty hp hang ngiy cang pho bien vdi nhdng tbu thuat thddng dddc dung de lam dep BCTC cuoi nam.
• Ddi vdi ngan hang va cac to chdc tin dung: kbi cap tin dung cho doanh nghiep, ngan hang can phai hieu rd tinb hinh kinh doanh, kha nang va thien chi tra nd cua khach hing de quy^t dinb xem nen hoac khdng nen cbo vay. V^
kien cua Idem toan vien se giup ngan hang va cac td chdc tin dung Iam dildc nhiing viec tren.
• Doi vdi ca quan quin Iy nha niidc: can tang cddng xd phat gian lan BCTC. Hien nay, viec bat can xdng trong viec tiep n h i n thdng tin Cling nhu cham cdng bo thdng tin cua cac cdng ty Ii rat nghiem trong. Vi vay, Bd Tai chinh can dda ra nhieu binb thdc xd phat nghiem khic hdn.
S5132 Thang3.2017 ' TAP CHl CONG NGHi N G A N HANG 6 9
NHAK DIEN GIAK U N BAO CAOTAI C K I N H TAI CAC D O A N H NGHIEP N I E M Y ^ d V l E T NAM
Tai lieu tham khao
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An analysis of firms subject to enforcement actions by the SEC. Contemporary accounting research, 13(1), pp 1-36.
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mku DICK OIAH U N 8A0 CAO TAI CHlNH TAI CAC DOANH NGHlEP N l f M r f T d V l C T NAM
Detection of fraud in financial statements at listed enterprises in Vietnam
Nguyen Tien Hung"' Vo Hong Due"!
Received: 11 May 2016 ] Revised: 02 March 2016 I Accepted: 10 Marcll 2017
ABSTRACT: This research aims to test the suitability of the measurement model in financial reporting fraud of listed enterprises in Vietnam, based on the fraud triangle mentioned in the audit standards VSA 240. The research sample included 88 listed enterprises on the Ho Chi Minh City Stock Exchange (HOSE) in 2014. Logistic regression was used in this research. The results showed that the model based on factor of Motivation (This is represented by account return on assets and financial leverage), and Opportunity (receivable on revenues) and Attitude (change of auditors and independent auditor's opinion on the financial statements). This model is capable of accurately predicting 68% of enterprises in the sample, including 75% fraudulent enterprises and 61% non-fraudulent enterprises. Based on the findings, the study makes rec- ommendations for parties to use financial statements and State regulators to minimize fraudulent financial statements of enterprises.
KEY WORDS: fraud, fraud triangle, financial statements, motivation, opportunity, attitude, VSA 240
Nguyen Tien Hung
Email: [email protected].
Vo Hong Due
Email: [email protected].
m Long An University of Economics and Industry.
938, Highway IA, Khanh Hau Ward, Dist. Tan An, Long An Province.
171 Economic Regulation Authority.
Perth, Australia 6000.
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