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What opportunities are there for the accounting and auditing field before the 4.0 Industrial Revolution wave?

09/09/2020 1077 view

In that context, what opportunities in the field of accounting and auditing in Vietnam have taken advantage of the wave of Industrial Revolution 4.0 to not be left behind by this new trend ...

What opportunities are there for the accounting and auditing field before the 4.0 Industrial Revolution wave?

Since its establishment and development up to now, Vietnam's accounting and auditing service market has made important achievements. The legal environment is formed relatively fully, clearly, in accordance with the conditions of Vietnam as well as with international practices, principles and standards. 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 has also issued Decision No. 480 / QD-TTg dated March 18, 2013 approving the "Vietnam Strategy for Accounting and Auditing to 2020, with a vision to 2030" ...
 
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 has reached 120, the number of enterprises providing audit services. accounting is up to 191. Accounting and auditing services not only support enterprises to create economic and financial information according to the provisions of law, contribute to economic growth, but more importantly increase the openness and transparency of financial information and make the national financial system healthy.
 
Industrial Revolution 4.0 (CMCN4.0) is expected to bring about a fundamental change in most fields and professions, including accounting and auditing. CMCN4.0 has been bringing advantages such as high technology application, internet network connecting things, artificial intelligence, smart robot, blockchain technology, cloud computing ... from there photos Enjoy quite a lot on the accounting and auditing cycle and method. This industrial revolution is based on digital technology, integrating smart technologies to optimize production processes, business processes, business processes, production methods, including processing. management, providing information to the accounting and auditing departments.
 
According to experts, the CMCN4.0 will fundamentally change the current method of performing accounting and auditing by applying electronic documents, by software synthesis, data processing, recording accounting books also allow the implementation of audit methods in a computerized environment. Accountants will no longer spend too much effort in classifying documents, handling each individual economic operation, recording different types of accounting books, but the more important issue is to pay attention to the presentation of the newspaper. standardized financial statements, closer approach to the international accounting system.
 
Along with that, under CMCN4.0 conditions, auditors and auditing companies will also 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 ...
The requirements of the CMCN4.0 will also motivate regulators and businesses in the accounting and auditing fields to invest and apply powerful technology. Currently, the information technology system has been deeply and widely applied in most financial operations, becoming an indispensable lifeblood in the management and administration of the state budget; State budget revenue and expenditure management; electronic payment and government bond management; implementing electronic taxation, electronic customs, one-stop shop mechanism; public debt management, pricing, public asset management ... These are favorable conditions for auditors to quickly and effectively exploit data and information sources.
 
In addition, the CMCN4.0 with the internet helps the accounting work not be limited by geographical distance. An accountant in Vietnam can perform the accounting job in any country around the world, if the accountant meets the conditions to be an accountant, for example, Certificate of International Accounting Practice ...

Continue to improve the institution on accounting and auditing activities

So, in order for accounting and auditing activities to make good use of those opportunities, what content should Vietnam focus on?
 
The Industry 4.0 requires regulators 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 good legal environment for operations. accounting and financial consulting firms, accounting and auditing. Continuing to improve the institution of accounting and auditing activities, ensuring the compliance with market principles and commitments in the international integration process. 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.
 
Along with that, building a strategy to develop the accounting and auditing fields in both the short and long term is also an urgent requirement. 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 that the accounting and auditing branches operate synchronously, operate effectively and with quality, in accordance with the market mechanism and adapt to the scientific and technical advances of the digital revolution.
 
For auditing activities, it is necessary to study and apply effectively and appropriately audit methods, especially methods of collecting, evaluating audit evidence, and technical analysis methods in the accountancy profession using electronic documents, blockchain technology, cloud computing ...
 
Special attention should be paid to network security. Specifically, it is necessary to invest in and equip security and confidentiality solutions, regularly inspect and supervise compliance with security and confidentiality regulations; detect and promptly handle security gaps; improve financial capacity, corporate governance, especially risk management; ensure the confidentiality of accounting and auditing information of individuals, businesses and organizations.
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