International Journal of Science and Research (IJSR)

ISSN: 2319-7064
ResearchGate Impact Factor (2018): 0.28 | SJIF (2018): 7.426

The Capability of Tenure Audit as a Moderation in

the Effect of Profitability, Financial Distress and
Firm Size in Audits Delay
Ni Putu Eva Ferdayani1, Ketut Budiartha2, Herkulanus Bambang Suprasto3, Gayatri4
1, 2, 3, 4
Faculty of Economic and Business Udayana University, Bali, Indonesia

Abstract: This study analyzes the tenure audit capabilities to moderate the effect of profitability, financial distress and firm size on
audit delay on manufacturing companies in the Indonesia Stock Exchange in 2014-2017. The number of samples analyzed was 364
samples of manufacturing companies listed on the Indonesia Stock Exchange (IDX) for four years. The method of determining the
sample is nonprobability with a purposive sampling technique. This study uses the test data analysis technique Moderating Regression
Analysis (MRA). The results of the analysis show that profitability has a negative effect on audit delay. Financial distress has a positive
effect on audit delay. Firm size has a negative effect on audit delay. Tenure audit strengthens the influence of profitability on audit
delay. Tenure audit weakens the effect of financial distress on audit delay. Tenure audit strengthens the influence of firm sizeon audit
delay.

Keywords: Profitability, financial distress, firm size, audit delay, tenure audit

1. Introduction the results of audited financial reports faster because the

company has many sources of information and has a good
Audit Delay is the length of time the audit is completed internal control system so that it can reduce the level of
measured from the closing date of the financial year to the errors in the preparation of financial statements that facilitate
date the independent audit report is completed. Excessive auditor in conducting financial statement audits.
audit delay will endanger the quality of financial reporting
by not providing timely information to investors and The speed in the audit process is also determined in the
reducing investor confidence in the market (Lisa, 2015). The tenure audit. Tenure audit or the length of time a company
delay in submitting this information will cause investor becomes a client in a Public Accountant Office (KAP) is the
confidence to decline, affecting the selling price of shares. time when the company or issuer uses audit services for the
same KAP for a certain period of time. Bell, et al., (2015)
Companies going public in Indonesia are required to submit found that the longer a company becomes a client from
company financial reports audited by public accountants. KAP, the shorter the audit delay. The shorter audit delay is
This is based on the Financial Services Authority (OJK) because public accountants quickly understand the
Regulation Number 29 / POJK.04 / 2016 requiring every characteristics of the company, the company's internal
public company listed on the Indonesia Stock Exchange to control system and so on from audits that have been done
submit annual financial reports to OJK. The late submission before.
of financial statements will have an impact on the company
having to pay a fine for late financial submission. This is The inconsistency of the results of previous studies shows
because there are various factors that might be the cause of that research on audit delay needs to be reviewed. This
the presentation of financial statements in a company causes the author's interest to further examine profitability,
financial distress and firm size and its effect on audit delay.
Profitability is one of the factors that influence audit delay, Tenure audit is used as a moderating variable because the
where profitability is one measure of the success of a tenure audit is the length of the auditor and client
company's performance in achieving profit. Profitability is relationship as measured by the number of years. More
the result or net income of various policies and decisions knowledge that the auditor has can facilitate the auditor in
taken by the management of the company, and can provide the preparation of audit reports so that the audit process
the final answer about the level of effectiveness of the becomes faster, and can strengthen or weaken the influence
management of the company. of profitability, financial distress and firm size in audit
delay.
Another factor that influences audit delay is financial
distress. Financial distress occurs when a company is 2. Literature Review
indicated to have difficulty repaying debts and delays
dividend payments. This indicates that the company is likely Planned Behavior Theory
to experience bankruptcy so that the auditor needs more time The theory of Planned Behavior is based on the assumption
to find out what is happening at the company. Firm size is that humans are rational beings and use information that is
also said to be one of the factors that influence audit delay. possible for them systematically (Mankato, 2014). In TPB,
Firm size is the size of a company that is measured by the attitudes, subjective norms, and behavioral control
amount of total assets or assets owned. Fodio, et al., (2015) perceptions are determined through key beliefs. The
stated that the greater the company, the company will report determinant of a behavior is the result of evaluating the
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Paper ID: ART20196865 10.21275/ART20196865 630
 International Journal of Science and Research (IJSR)
ISSN: 2319-7064
ResearchGate Impact Factor (2018): 0.28 | SJIF (2018): 7.426
beliefs of individuals, both positively and negatively. People form an assumption that there is a change in the replacement
think of the implications of their actions before they decide of KAP, but on the other hand the KAP practices
to do or not do certain behaviors. This study applies the TPB continuously on the same client. The measurement of the
model to understand the intention to behave in compliance tenure audit variable in this study uses the basis of the
behavior in the timeliness of the publication of financial number of years a KAP audits a company's financial
statements. statements in sequence (Oscar, et al., 2013).

Compliance Theory The Effect of Profitability on Audit Delay

Compliance theory is a form of discipline in carrying out Profitability is one way to measure a company's ability to
orders. The basic word of obedience is obedient which in the generate profits, both in relation to sales, certain assets and
sense of the Big Indonesian Language Dictionary (KBBI) capital shares. Companies with high profitability will expect
states that the character of discipline and obedience to rules auditors to carry out audits on time, so that financial
or orders. This compliance theory can be applied in the statements can be announced to the public as soon as
accounting field. Relation to audit delay, Law No. 8 of 1995 possible. The aim is to show investors that the company has
concerning the Capital Market and Regulations of the good performance and report on the company's current
Financial Services Authority Number 29 / PJOK.04 / 2016 conditions in accordance with the regulations imposed by
has regulated compliance with the timeliness of submitting the OJK as the financial services authority. Therefore, it can
annual financial statements of public companies in be assumed that high profitability can shorten audit delay.
Indonesia. This regulation legally regulates the compliance H1. Profitability has a negative effect on audit delay.
of every act of individuals and organizations (public
companies) that plunge in the Indonesian capital market to The Effects of Financial Distress on Audit Delay
be timely in the delivery of the company's annual financial Financial distress is a condition where a company is facing
statements. Compliance theory is able to provide a stimulus financial difficulties. When companies experience financial
for someone to meet the existing rules, as well as companies distress, financial reporting tends to be delayed to cover
that strive to be timely in the delivery of financial statements information, so stock prices will be relatively stable and
because it has become an obligation of the company and also shareholders can still take profits because the stock price is
has benefits for the users of financial statements. still stable. Therefore, it is suspected that companies that
experience financial distress tend to report financial
Audit Delay statements longer.
Audit delay is the length or time period of audit completion H2. Financial distress has a positive effect on audit delay.
measured from the closing date of the financial year to the
date of the issuance of the audit report. Audit delay is what The Effect of Firm size on Audit Delay
can affect the accuracy of the information published, so that The larger size of the company causes more attention from
it will affect the level of uncertainty based on published investors and the government. Related to this, large
information. companies have demands to speed up reporting their
financial statements. Companies with large sizes tend to be
Profitability faster in completing the audit process. This is because the
Profitability is a tool used to analyze management company has many employees and there are also high
performance. Investors in the capital market are very sanctions, so the company will avoid sanctions with
concerned about the company's ability to generate and discipline to report financial statements faster. Therefore,
increase profits, this is the attraction of investors in buying large companies report faster than small companies.
and selling shares, therefore management must be able to H3. Firm size has a negative effect on audit delay.
meet the targets set.
Tenure Audit Moderates the Effect of Profitability on
Financial Distress Audit Delay
Financial distress is a condition where a company's finances The long tenure of a KAP will increase KAP and auditor
are in an unhealthy or crisis situation, in other words knowledge about the company's business so that it can
financial distress is a condition where the company design a better audit program. Kusumah and Manurung
experiences financial difficulties to fulfill its obligations. (2017) state that a longer audit tenure has a shorter audit
While financial difficulties are a liquidity problem so the delay. The effect of profitability on audit delay can be
company is not able to carry out its operations properly. strengthened by a long tenure audit because it tends to
complete audit time more quickly so it will shorten the audit
Firm size delay range.
The size of the company is basically grouping companies H4. Tenure audit strengthens the influence of profitability
into several groups, including large, medium and small on audit delay.
companies. Company scale is a measure used to reflect the
size of the company based on the company's total assets. Tenure Audit Moderates the Effects of Financial Distress
on Audit Delay
Tenure Audit Tenure audits are expected to reduce the delay in audit
Tenure audit is the length of time a KAP engages in an reporting due to financial distress experienced by the
engagement with its client. Identification of KAP tenure company. Chan, et al., (2013) states that audit tenure is a
assessments requires careful attention to the applicable rules. probability that an auditor finds and reports about a violation
Therefore, if there is a change in the practice of KAP, it will in his client's accounting system. So with this matter
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Paper ID: ART20196865 10.21275/ART20196865 631
 International Journal of Science and Research (IJSR)
ISSN: 2319-7064
ResearchGate Impact Factor (2018): 0.28 | SJIF (2018): 7.426
accuracy, accuracy, and expertise are the requirements of a which means that profitability has negative implications on
qualified KAP, if these capabilities have been acquired then audit delay. Based on these results, the first hypothesis is
the delay will be minimized. Then a long audit tenure is accepted. The results of this study agree with Lestari and
associated with higher audit efficiency, resulting in a shorter Nuryatno (2018), Karang (2015), and Al-Tahat (2015)
audit delay. The influence of financial distress on audit delay studies which show that profitability has a negative effect on
can be weakened by tenure audits. audit delay. In this study profitability is able to shorten audit
H5. Tenure audit weakens the effect of financial distress on delay because, the company's profitability can make
audit delay. management report financial reports more quickly and on
time so that it will shorten the audit delay range.
Tenure Audit Moderates the Effect of Firm size on Audit
Delay Based on the regression test results in Table 1 shows that,
Companies that have a large size and have a long tenure financial distress variables have a regression coefficient
audit level can accelerate the audit process of company value of 0.611 with a significance value of 0.004 less than α
financial statements. This is good news so that companies = 0.05, which means that financial distress has a positive
with this condition tend to be on time in delivering their effect on audit delay. Based on these results, the second
financial statements. Conversely, if the company is small hypothesis is accepted. The results of this study agree with
and has a short tenure audit level, the financial statement the studies of Avramov et al., (2013), Setyahadi (2013) and
audit process will be hampered and also hamper the process Saleh (2014) which show that financial distress has a
of submitting financial statements. The influence of firm positive effect on audit delay. Companies that experience
size on audit delay can be strengthened by tenure audit. financial distress tend to be late to complete and publish
H6. Tenure audit strengthens the influence of firm size on their financial statements because an auditor checks the risks
audit delay. that will be experienced by the company, thus hampering the
audit process.
3. Methods
Based on the regression test results in Table 1 shows that,
This research is limited to manufacturing companies listed the variable size of the company has a regression coefficient
on the Indonesia Stock Exchange (IDX) in 2014-2017 and of -4.538 with a significance value of 0.002 less than α =
has published audited financial statements through the site 0.05, which means that the size of the company has negative
www.idx.co.id. The object in this study is profitability, implications on audit delay. Based on these results, the third
financial distress, firm size and audit tenure as moderating hypothesis is accepted. The results of this study agree with
variables. The proxy used to measure profitability is return the study of Pourali, et al., (2013), Ayemere and Elijah
on assets (ROA). In this study the financial distress variable (2015) and Basuony et al., (2016), indicating that firm size
is proxied by Debt to Equity Ratio (DER) because the ratio negatively affects audit delay. The management of large
of total debt to equity shows how much overall debt can be companies has the urge to reduce audit delays and delay the
guaranteed by the total assets owned by the company. Firm submission of financial statements, which are caused by
size is measured using natural logarithms of total assets. these companies being closely monitored by investors,
Audit delay is calculated from the number of days the capital supervisors and the government.
closing date of the company's book year on December 31
until the date of signing the independent audit report. Based on Table 2 the results of the regression test, the
Security audits are calculated based on the length of time a regression value is -19.012 and the significance number is
KAP engages in an engagement with its client. 0.032 less than α = 0.05. This explains that, tenure audit
strengthens the effect of audit delay on profitability. Based
4. Result on these results, the fourth hypothesis is accepted. Good
audit quality certainly does not experience a long audit
Table 1: Moderation Testing Result delay. The long tenure of a KAP will increase KAP and
Model Beta T Sig. auditor knowledge about the company's business so that it
(Constant) 213,837 5,320 0,000 can design a better audit program. The effect of profitability
Profitability -68,791 -3,262 0,001 on audit delay can be strengthened by a long tenure audit
Financial Distress 0,611 2,820 0,004 because it tends to complete audit time more quickly so it
Firm Size -4,538 -3,146 0,002 will shorten the audit delay range.
Tenure Audit -30,223 -2,103 0,045
Interaction between profitability and Based on Table 1 the results of the regression test, the
-19,012 -2,265 0,032
tenure audit regression value is -0.263 and the significance number is
Interaction between Financial
-0,263 -2,087 0,046 0.046 less than α = 0.05. This explains that, tenure audit
Distress and Tenure Audit weakens the effect of financial distress on audit delay. Based
Interaction between firm size and on these results, the fifth hypothesis is accepted. Tenure
-0,982 -2,143 0,043
Tenure Audit audits are expected to reduce the delay in audit reporting due
Sig F 0,000
to financial distress experienced by the company. Dao and
Adjusted R Square 0,518
Pham (2014) state that audit tenure is a probability that an
Primary Data, 2018
auditor finds and reports about a violation in his client's
accounting system. So with this matter accuracy, accuracy,
Based on the regression test results in Table 1 shows that,
and expertise are the requirements of a qualified KAP, if
the profitability variable has a regression coefficient of -
these capabilities have been acquired then the delay will be
68,791 with a significance value of 0.001 less than α = 0.05,
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ISSN: 2319-7064
ResearchGate Impact Factor (2018): 0.28 | SJIF (2018): 7.426
minimized. Then a long audit tenure is associated with delay. The management of the company can further shorten
higher audit efficiency, resulting in a shorter audit delay. the time of submitting financial reports in accordance with
the regulations set by the Financial Services Authorization
Based on Table 1 the results of the regression test, the (OJK).
regression value is -0.982 and the significance number is
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