This research may suffer from two major
limitations. First, clean auditor’s opinion may
represent client’s firms without any issues or may
include firms with unsolved issues and auditors
cover up such issues. Auditors may receive normal
or low audit fee and expect for future quasi-rents as
explained by low-balling practice so that they are
likely to issue clean opinion to please their clients.
However, this research is unable to answer this
question. Second, the exclusion of some specific
firms and non-listed companies previously
mentioned might reduce the statistical inference of
this study to the auditing research in Thailand, since
the research lacked a comprehensive view of audit
fee and auditor’s opinion in the country as a whole.
To overcome these limitations may be an avenue for
future research.