Illustrative image (Source: VNA)Hanoi (VNA) – Opportunities andchallenges of the Fourth Industrial Revolution (Industry 4.0) for accountingand auditing sectors were spotlighted at a workshop in Hanoi on July 6.
Dang Van Thanh, Chairman of the VietnamAssociation of Accountants and Auditors (VAA), said accounting is one of thefields taking the lead in information technology (IT) application. Big datatechnologies enable faster accounting practices and data access over a shortperiod of time.
Pham Sy Danh, Chairman of the VietnamAssociation of Certified Public Accountants (VACPA), cited the results of aVACPA survey which demonstrated that accounting and auditing businesses believethat the Industry 4.0 will greatly affect their sectors. They believed it wouldprovide tools, helping them to not only improve service quality, but alsoexpand their market to other countries thanks to ease of online communications.
According to the VACPA survey, the biggestchallenges facing the sectors include the need for personnel with IT skills andthe big financial investments. While it is more difficult to control accountingdata, competition in the field is increasingly fierce.
Over the next three to ten years, smart systems andsoftware are forecast to automate complicated processes like finalisingfinancial agreements, and support outsourcing trends, the survey indicated.
Sharing experience from other countries,Narayanan Vaidyanathan, head of Business Insights at the London-basedAssociation of Chartered Certified Accountants, said cloud computing is widelyapplied in accounting in many countries since it supports access to informationfrom anywhere. It helps businesses boost the scale of their services regardlessof whether their IT systems can keep up with the expansion.
He called on businesses to partner withprestigious cloud storage providers in order to steer clear of technologicalproblems.
The Industry 4.0 does however pose some majorsecurity challenges, especially those regarding information about managementaccounting, payments, and investment activities. As such, it requires thefinancial system to be more responsible for the safety and privacy ofaccounting information, he added.
VAA Chairman Thanh said to capitalise on the advantagesand mitigate any negative impacts from the Industry 4.0, it is necessary toreform accounting processes, from collecting to handling, to importing andexporting data.
Meanwhile, the risks for handling accountingdata when the IT system is connected to the internet also need to be fullyidentified and evaluated, he noted. -VNA
Dang Van Thanh, Chairman of the VietnamAssociation of Accountants and Auditors (VAA), said accounting is one of thefields taking the lead in information technology (IT) application. Big datatechnologies enable faster accounting practices and data access over a shortperiod of time.
Pham Sy Danh, Chairman of the VietnamAssociation of Certified Public Accountants (VACPA), cited the results of aVACPA survey which demonstrated that accounting and auditing businesses believethat the Industry 4.0 will greatly affect their sectors. They believed it wouldprovide tools, helping them to not only improve service quality, but alsoexpand their market to other countries thanks to ease of online communications.
According to the VACPA survey, the biggestchallenges facing the sectors include the need for personnel with IT skills andthe big financial investments. While it is more difficult to control accountingdata, competition in the field is increasingly fierce.
Over the next three to ten years, smart systems andsoftware are forecast to automate complicated processes like finalisingfinancial agreements, and support outsourcing trends, the survey indicated.
Sharing experience from other countries,Narayanan Vaidyanathan, head of Business Insights at the London-basedAssociation of Chartered Certified Accountants, said cloud computing is widelyapplied in accounting in many countries since it supports access to informationfrom anywhere. It helps businesses boost the scale of their services regardlessof whether their IT systems can keep up with the expansion.
He called on businesses to partner withprestigious cloud storage providers in order to steer clear of technologicalproblems.
The Industry 4.0 does however pose some majorsecurity challenges, especially those regarding information about managementaccounting, payments, and investment activities. As such, it requires thefinancial system to be more responsible for the safety and privacy ofaccounting information, he added.
VAA Chairman Thanh said to capitalise on the advantagesand mitigate any negative impacts from the Industry 4.0, it is necessary toreform accounting processes, from collecting to handling, to importing andexporting data.
Meanwhile, the risks for handling accountingdata when the IT system is connected to the internet also need to be fullyidentified and evaluated, he noted. -VNA
VNA
