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Developing Vietnam's accounting and auditing services in the context of the industrial revolution 4.0

09/09/2020 1362 view

Vietnam increasingly integrates deeply into the world economy, of course it will not be outside this global revolution. Due to the low starting point of Vietnam's accounting and auditing services participating in the integration, the study finds solutions to manage, develop and improve the quality of the accounting service market. Auditing in Vietnam in the era of Industrial Revolution 4.0 is becoming increasingly urgent requirement.

Impact from Industrial Revolution 4.0 to the field of accounting and auditing

Up to now, Vietnam's accounting and auditing service market has achieved many important achievements. The legal framework in the field of accounting and auditing is formed relatively fully, clearly, in accordance with Vietnamese conditions as well as approaching international practices. Vietnam has constantly reformed the legal system of accounting and auditing. Specifically, Vietnam has issued the Law on Independent Auditing (2011), and the revised Accounting Law (2015) with the idea that the content contains problems of accounting and auditing in terms of integration. The Government issued Decision No. 480 / QD-TTg dated March 18, 2013 approving the "Vietnam Strategy for Accounting and Auditing to 2020, Vision to 2030" ...
 
With the integration of the international economy in general and the accounting and auditing in particular, Vietnam has created favorable conditions for the formation of a system of enterprises providing accounting and auditing services. From only 18 enterprises providing accounting and auditing services in 2008, to 2018, the number of enterprises providing accounting services in Vietnam has reached 120, the number of enterprises providing services. The audit service is up to 191. Accounting and auditing services not only support enterprises to create economic and financial information in accordance with the law, contribute to economic growth, more importantly enhance publicity and transparency of financial information and make the national financial system healthy.
 
Compared with the potential and socio-economic growth rate, the size of the market for accounting and auditing services in our country is still limited, customers mainly audit according to regulations. Voluntary not much. This is also a type of service that has not been widely disseminated. Among the types of services announced by auditing companies and financial and accounting consulting firms, consulting services, practicing accounting and auditing account for only about 5-10%. In the whole industry, this type of business is hardly profitable.
 
Industrial Revolution 4.0 (CMCN 4.0) is expected to bring about a fundamental change in most fields and professions, including the accounting and auditing profession. Digital technologies will be increasingly popular and have a strong impact on businesses, changing the way of practicing financial and accounting operations as well as placing certain requirements on the competence of the professional team. financial heritage.
 
The CMCN4.0 will create a new structure for the economy, which is based on high technology application, internet connection of things, artificial intelligence, intelligent robot, blockchain technology, cloud computing. ... from which a great influence on the cycle and methods of accounting and auditing. This revolution is based on digital technology, integrating intelligent applications to optimize production processes, business processes, business processes, production methods including processing processes, Provide information to the accounting and auditing departments.
 
Industry 4.0 brings significant benefits in the field of accounting and auditing, specifically:
 
Firstly, the Industry 4.0 will fundamentally change the current method of performing accounting and auditing by applying electronic documents, by software synthesis, data processing, accounting records. as well as allowing the implementation of audit methods in a computerized environment. Accountants will not spend too much effort in classifying documents, handling individual economic transactions, recording different types of accounting books, but more importantly, it is necessary to pay attention to the presentation of the financial statements. According to standards, closer approach to the international accounting system.
 
Second, under CMCN4.0 conditions, auditors and auditing companies will have more favorable working conditions. For example, through the use of modern digital technology and equipment, auditors can collect information that was previously difficult to obtain; Data can be extracted from huge data warehouses serving all types of decisions, all levels of leadership, all types of decision-making checkpoints and all stakeholders. concerned; Increase the reliability and rationality of reporting through self-control or self-control systems ...
Third, the requirements of the Industry 4.0 will also motivate regulators and enterprises in the field of accounting and auditing to invest and apply strong technology. Currently, the information technology system has been widely and extensively applied to most financial operations, becoming an indispensable lifeblood in the state budget management and administration; State budget revenue and expenditure management; electronic payment and government bond management; implementing electronic taxation, electronic customs, one-stop shop mechanism; public debt management, price management, public asset management ... These are favorable conditions for auditors to quickly and effectively exploit data and information sources.
 
Fourth, the Industry 4.0 with the internet helps the accounting work not be limited by geographical distance. An accountant in Vietnam can perform accounting work in any country around the world, if the accountant meets the conditions to be an accountant, for example, Certificate of International Accounting Practitioner ...
 
Besides the benefits, the Industry 4.0 also brings many difficulties and challenges for the accounting and auditing market. Specifically:
 
Firstly, a system of electronic information data is diversified and elusive. If not knowledgeable, the auditors will not be able to perform the audit. On the other hand, the new challenges of management accounting information security, in payment operations, in investment activities are gaps that easily occur in building digital accounting data systems in enterprises. . Furthermore, audit information and results may be leaked from sending e-mails to the audited entity or from external organizations and individuals, exchanged via shared networks. Unofficial information and audit results will adversely affect the image of the business and cause unpredictable consequences.
 
Secondly, the Industry 4.0 allows an accountant in Vietnam to perform accounting work in any country around the world, in contrast, any accountant in any country can practice in Vietnam. Vietnam. This creates a fierce competition in accounting workers, if Vietnamese accountants do not improve their capacity as well as their own conditions to meet international practice conditions, enhance their own position. and expanding the scope of practice will be eliminated.
 
Thirdly, the knowledge, understanding and level of information technology application of auditors, cadres and civil servants are still limited and uneven. With new technology, accountants must constantly improve their information technology level to meet practical requirements, for example: Proficient use of accounting software, electronic tax declaration and payment, use electronic invoices.
 
Fourthly, when expanding the scope of work in other countries, language is a necessary condition for accountants to be able to perform their jobs, the main language used in most water is English. Therefore, employees, in addition to having good English communication, must also cultivate specialized English knowledge.
 
Solutions to develop the accounting and auditing service market in the era of Industrial Revolution 4.0
 
The operation of the accounting and auditing service market of our country still faces many difficulties, the reason is due to the insufficient legal corridor; Quality control activities of accounting and auditing services are only implemented within each company, have not issued a full system of accounting and auditing standards, lack of necessary legal provisions to control. quality consulting and practicing services. In order for our country's accounting and auditing activities to integrate with the world and positively impact economic management activities, in the coming time, the management orientation for this market is as follows:
 
Firstly, the CMCN4.0 requires management agencies to prepare better information technology infrastructure to keep up with the development of technology. State agencies need to create and complete a full legal framework, ensure competition between businesses in general and accounting firms in particular, creating a healthy competitive environment for operation of accounting and financial consulting firms, accounting and auditing. To do this, state management agencies need to regularly review legal documents, policies, regulations and instructions related to accounting and auditing activities to grasp Timely capture and edit, creating favorable conditions for businesses to operate effectively
 
Second, building a strategy to develop the accounting and auditing fields in both the short and long term. The strategy is built based on the actual accounting and auditing situation and the problems posed by the digital revolution; Focus on development to ensure the synchronous operation of the accounting and auditing industry, operate effectively, with quality, in accordance with the market mechanism and adapt to the scientific and technical advances of the digital revolution.
 
Third, for accounting activities, it is necessary to renew and establish accounting processes, from collecting, processing and importing data from accounting documents to information processing processes. Improve the usefulness of information
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