Dr. Wasinee Thammasiri
Title: B.Acc. Program Director (International Program)
|Papers in Peer-Reviewed Journals|
|• Multiple Restatements and Internal Control Weaknesses. Retrieved from Internal Auditing Journal|
|• Tepalagul, N., & Thammasiri, W. (2016). The Effects of Multiple Restatements on Audit Fees. วารสารวิชาชีพบัญช, 35, 66. Retrieved from http://www.jap.tbs.tu.ac.th/files/Article/Jap35/Full/Jap35WaNop.pdf|
|• Tepalagul, N., & Thammasiri, W. (2018). Sufficiency Economy and Accounting: Related Research. วารสารวิชาชีพบัญช, 44, 129. Retrieved from http://www.jap.tbs.tu.ac.th/files/Article/Jap44/Full/JAP44NopWasi.pdf|
|• Rukphanichmanee, S., Thammasiri, W., & Duangchaiyoosook, S. (9AD, November). The Relationship Between Corporate Social Responsibility Performance and Financial Performance of Listed Companies in Thailand. Retrieved from http://mba.nida.ac.th/th/books/read/4b856600-0ff2-11ea-823f-c5474c0195d4|
1. Multiple Restatements and Internal Control Weaknesses
This study examines the relation between the frequency of financial statement restatements and internal control weaknesses. Based on a comprehensive sample of 1,862 unique firms that have restated their fiscal year 2004–2012 financial statements 2,678 times, we document that firms with internal control weaknesses are more likely to restate their financials multiple times than those without such weaknesses.
2. The Effects of Multiple Restatements on Audit Fees
Financial restatement is evidence of problems in firms’ reporting systems and auditors’ failures to detect and/or report material misstatements. Auditors have to put more effort in the engagement to lower detection risk when restatement occurs. When investors incur losses because of misstated reporting, investors can file litigation against auditors. As a result, restatement increases litigation risk. Restatement also signals low audit quality. Auditors face reputational damage when financial statements that they audited contain material misstatements and they fail to report such misstatements. Overall, restatements increase audit effort, litigation risk, and reputation risk. As a result, auditors are expected to charge higher audit fee to cover the increased effort and risks. This study investigates the relationship between number of restatement and audit fee using the U.S. data. Results show a positive association between number of restatement and audit fee. Moreover, the positive association is larger when firms restate financial statements to decrease net income and when the restatements are related to fraud, accounting rule application failures, and errors. Overall results suggest that auditors adjust audit fee based on increased effort and risks related to firms’ restatement history.
3. Sufficiency Economy and Accounting: Related Research
This article presents the link between accounting and sufficiency economy philosophy and reviews related research on corporate investments. The article covers theoretical concepts and empirical results on corporate investments and accounting, together with other research topics related to the qualities and conditions of sufficiency economy. The research is grouped into 5 categories: accounting and financial reporting quality, moderation, reasonableness, risk management, and knowledge and virtue.
4. The Relationship Between Corporate Social Responsibility Performance and Financial Performance of Listed Companies in Thailand
This study investigates the relationship between corporate social responsibility (CSR) performance and financial performance of listed companies in Thailand. CSR award, CG award, Sustainability award, and Thailand Sustainability Investment (THSI) are proxies for corporate social responsibility performance. Return on Assets (ROA), Return on Equity (ROE), sales growth, revenue growth, 3-day cumulative abnormal return, and 1 year, 3 years, and 5 years cumulative abnormal return are proxies for financial performance. The results show that CSR performance has a positive relationship with ROA for sample with industry year-size match. However, there is insufficient evidence of a relationship between CSR performance and cumulative 1 year, 3 years, and 5 years abnormal returns. For event study using 3-day cumulative abnormal return around the announcement of award day, investors in agricultural and food industry, and property and construction industry react positively to the award news. On the contrary, investors in industrial, resources, services and technology industries react negatively to the award news.