Phát triển các doanh nghiệp cung cấp dịch vụ kế toán - kiểm toán trong điều kiện cách mạng công nghiệp 4.0 ở Việt Nam

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INTERNATIONAL CONFERENCE: DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES

IN VIETNAM IN THE CONTEXT OF INDUSTRIAL REVOLUTION 4.0

DEVELOPMENT OF AUDITING - ACCOUNTING SERVICES

PROVIDING ENTERPRISES IN THE FOURTH INDUSTRIAL

REVOLUTION IN VIETNAM

Hoang Thanh Hanh,

Academy of finance

Abstract:

The auditing - accounting services market in Vietnam recently has made significant

progress. However the overall view of this market shows that services providing enterprises are

mainly small and medium enterprises (SMEs). In this article, the author presents the role of the

auditing - accounting services providing SMEs in the market and the development potential of

this service market, thereby proposing some solutions for the development of the auditing -

accounting services providing enterprises in the fourth industrial revolution today.

Key words: Small and medium enterprises, auditing - accounting services, the fourth

industrial revolution.

PHÁT TRIỂN CÁC DOANH NGHIỆP CUNG CẤP DỊCH VỤ KẾ TOÁN - KIỂM TOÁN

TRONG ĐIỀU KIỆN CÁCH MẠNG CÔNG NGHIỆP 4.0 Ở VIỆT NAM

Tóm tắt:

Thị trường dịch vụ kế toán - kiểm toán ở Việt Nam trong những năm qua có những bước

tiến quan trọng vượt bậc. Tuy nhiên bức tranh toàn cảnh về thị trường này cho thấy các doanh

nghiệp cung ứng dịch vụ chủ yếu là các doanh nghiệp nhỏ và vừa (DNNVV). Bài viết này tác giả

trình bày vai trò của các DNNVV cung cấp dịch vụ kế toán - kiểm toán trên thị trường và tiềm

năng phát triển của thị trường dịch vụ này, qua đó đề xuất một số giải pháp để phát triển doanh

nghiệp cung ứng dịch vụ kế toán - kiểm toán trong điều kiện cuộc cách mạng công nghiệp 4.0

hiện nay.

Từ khóa: DNNVV, dịch vụ kế toán - kiểm toán, cách mạng công nghiệp lần thứ 4

1. Introduction

Accounting and auditing services activity not only support enterprises to make economic

and financial information in accordance with the law, contribute to economic growth but also

more importantly enhancing publicity and transparency of financial information and shakeout in

the national finance.

HỘI THẢO QUỐC TẾ: PHÁT TRIỂN

DOANH NGHIỆP NHỎ VÀ VỪA CỦA VIỆT NAM TRONG BỐI CẢNH CUỘC CÁCH MẠNG CÔNG NGHIỆP 4.0

The auditing - accounting services providing enterprises play an important role in assisting

and consulting for investors and enterprises on the law, regulation and accounting and financial

institutions of Government as well as making, recording accounting books, calculating tax,

making financial statements. Besides, the evaluation of international professional organizations

shows that, recently human resources in the auditing - accounting field of Vietnam have been

significantly improved. The quality of training in auditing- accounting field has been

increasingly professional. Many students studying in Vietnam have demonstrated competency

through recruitment periods and working processes that has not been inferior to the overseas

students...

In 2017, the Ministry of Finance and the State Securities Commission of Vietnam have

organized strongly the inspection teams to supervise the quality of auditing services, detect and

thoroughly process many violations. At the same time, the Ministry of Finance cooperated with

the World Bank to release ―Reports on the Observance of Standards and Codes‖ on auditing -

accounting field in 2016.

In 2018, the Government hope to apply ―International Financial Reporting Standards‖

(IFRS) in Vietnam. This will be the premise for the strong development of Vietnam's auditing -

accounting field in the following years, making motivation for extensive integration with the

region and the world, thereby further improving the confidence from international investors for

the financial market in Vietnam, providing great opportunities for Vietnam's independent

auditing market. 2018 brought to the auditing - accounting field many development opportunities

but also many challenges. When the ASEAN Economic Community began to implement the

recognition of practice certificates of countries, the biggest challenge to Vietnam auditing -

accounting is the issue of training and updating national standards and improve the capacity of

officials and auditors. In the context of economic development, the legal environment requires

being increased both quantity, scale and quality of auditing services, the auditing enterprises will

have difficulty in retaining the key and experienced employees, especially people who has the

international certificates and meet the requirements of large domestic and foreign organizations

and corporations.

The Fourth Industrial Revolution was identified as a fundamental change in almost the

fields and industries, including auditing - accounting field. Digital technologies will become

more and more popular and impact on enterprises to change the way of financial and accounting

practices and give certain capacity requirements for financial experts.

The beginning stage of the Fourth Industrial Revolution will make a new structure for the

economy, thereby greatly influencing the cycle and method of auditing and accounting. This

industrial revolution is based on a digital technology basis, integrating smart technologies to

optimize production processes, business processes, professional processes, production methods

including the process and provides information for auditing - accounting department. The Fourth

Industrial Revolution will fundamentally change the processing method of auditing - accounting

now with the application of electronic document and softwares to synthesize, process data,

INTERNATIONAL CONFERENCE: DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES

IN VIETNAM IN THE CONTEXT OF INDUSTRIAL REVOLUTION 4.0

record accounting books as well as allowing the implementation of auditing methods in the

computerized environment.

Besides, the market scale of Vietnam is small that does not commensurate with the

potential and speed of socio-economic growth. Although the number of providing auditing-

accounting services companies has increased rapidly but mainly SMEs, only a few companies

has capacity of scale, scope and operation quality. The auditing - accounting services providing

companies concentrate on activities in some big markets like Hanoi and Ho Chi Minh City and

other localities whose branches is unequally distributed. Auditing enterprises will face with

many challenges in strengthening the public confidence, enterprises and investors in the quality

of audit services as well as maintaining and improving the quality of human resources,

responding to domestic and international market requirements ... Competition is not only

between the traditional audting and accounting services providing companies but also non-

traditional enterprises and technology enterprises. There have been warnings about the risk of

narrowing traditional audit services, especially when Blockchain technology is widely applied in

the financial field.

2. Content

2.1. Development potential of accounting services market

The market of accounting services in our country in the past time has had strong

development progresses along with the integrating process more extensive into the international

economy. The new enactment, amendment and improvement the system of the legal basis with

conditions for accounting service business; exams, grants and management of practice

certificates are parallel with the amendment of the standards system, accounting regulations

approaching with international practices and standards will be the basic favorable conditions for

developing accounting services in Vietnam in the future. The quantity from eighteen enterprises

with more than thirty professional accountants in 2008 increased to one hundred & twenty

enterprises with more than two hundred & sixty professional accountants in 2018. The

accounting services market is too small in a country with more than nighty million people, more

than six hundred thousand enterprises, of which 95% are small and medium enterprises and other

micro enterprises. The team of professional accountants is restrictive, the capacity and

professional skills are limited, the free and spontaneous accounting services market is not

controlled and managed. That could lead to make the unfair competition service market and

prevent the development of an authentic service market. Meanwhile perception of practice and

accounting services is not really complete and consistent and there are the incorrect and distorted

perceptions of market and careers, including from Government, from enterprises as well as

accountants. In fact that customers who require accounting services are mainly small and super

small enterprises. Services fees are limited that causes difficultty for the development of

accounting services companies. The type of service is still limited, the revenue from consulting

services accounts for low proportion, almost no revenue of this type of management services.

The quality control of accounting services activities mainly assesses the observation of law and

regulations that are controlled internally by the services enterprises but does not really

HỘI THẢO QUỐC TẾ: PHÁT TRIỂN

DOANH NGHIỆP NHỎ VÀ VỪA CỦA VIỆT NAM TRONG BỐI CẢNH CUỘC CÁCH MẠNG CÔNG NGHIỆP 4.0

concentrate on the assessment of services quality, because of the lack of necessary capacity and

practical experience from human resources.

2.2. Development potential of auditing services market

After more than twenty-five years of development, Vietnam's independent auditing

industry has affirmed its indispensable role in the market economy and become an important

component of the macro-management system of the finance- economy that plays an active role

in economic development. Through the initial ―surprises‖, the market was built by the

participation of many leading auditing enterprises in the world (Deloitte, KPMG, E&Y, PwC),

the explosion from the transition of state-owned enterprises to stock companies and the

sublimation of stock market. From only two auditing - accounting services providing enterprises

according to Decision No. 165 TC / QD / TCCB on May 13rd, 1991, Vietnam Auditing

Company - VACO (now Delloite Vietnam) and Auditing and Accounting Financial Consultancy

Service Company - AASC was founded and operated, now there are over one hundred & forty

auditing services enterprises with impressive revenue.

Figure 1: Revenue rate according to the type of service of auditing companies

Source: Ministry of Finance (2018)

Figure 2: List of ten companies with the highest revenue from auditing financial

statements in 2018 (calculation unit: VND billion)

Source: Ministry of Finance (2018)

INTERNATIONAL CONFERENCE: DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES

IN VIETNAM IN THE CONTEXT OF INDUSTRIAL REVOLUTION 4.0

According to the figure, we see that in 2018, the proportion of financial statement auditing

services revenue predominates, in which the revenue of Vietnam SMEs is very limited.

Regarding the capacity of providing auditing market goods, according to data of the

Ministry of Finance (2018), to December 2018, there are one hundred & ninety-one auditing

companies nationwide, including two companies with 100% foreign capital; nine companies

with foreign investment capital and one hundred & eighty companies with 100% domestic

capital (SMEs). The number of Vietnamese auditors who work in auditing companies is 3,784,

increased 8.17% compared to 2017 (2,083 people), including 2,160 Vietnamese and twenty-

seven foreigners. The number of practiced auditors (qualified to sign auditing reports) is 2,037

people which accounts for about 40% of the total number of auditors who was issued the

certificate of auditor (5,080 people).

The above analysis shows that the market of auditing- accounting services in Vietnam in

the early stages of the Fourth Industrial Revolution is still very potential for both suppliers and

using services enterprises, in which the participation of SMEs accounts for a large proportion.

2.3. Some solutions for the development of the auditing- accounting services providing

enterprises in the fourth industrial revolution.

Firstly, it is important to develop the quantity and quality of the auditors through training

and retraining. In addition, the training and retraining process, at the same time, training to

improve professional qualifications and ethics of auditors, specially foreign languages (English)

and information technology training for auditors to understand, operate, process information and

apply creatively on working. Foreign language training must choose the prestigious foreign or

domestic institutions to ensure world economic integration and enhance the competitiveness of

Vietnamese auditors.

Secondly, the Government has to improve legal regulations on accounting, auditing and

business services. Currently the Government has quite fully issued policies and regulations on

accounting and auditing. However, there are still many problems in implementation. Auditing-

accounting industry is the conditional business that should make favorable conditions for SMEs

to practice. Moreover, there is the lack of regulations on high technology and its application in

auditing- accounting field.

Thirdly, we should strengthen the application of information technology on auditing-

accounting. Because SMEs will react more slowly in the Fourth Industrial Revolution than large

enterprises with strong financial potential. The application of information technology must be

legalized with the routes and supporting financial mechanisms when implemented. SMEs have

to be active and creative in investment, production and application of the auditing- accounting

software in service business to increase labor productivity and market competitiveness in the

context of globalization.

Fourthly, solutions for the development of SMEs in the economy need to be implemented

synchronously to develop production, attract investment, improve competitiveness for

enterprises. This indirectly raises the demand for auditing- accounting services and strengthens

the growth of this services market.

HỘI THẢO QUỐC TẾ: PHÁT TRIỂN

DOANH NGHIỆP NHỎ VÀ VỪA CỦA VIỆT NAM TRONG BỐI CẢNH CUỘC CÁCH MẠNG CÔNG NGHIỆP 4.0

Fifthly, financial policies and funding for operations of auditing- accounting services

enterprises need to be flexible, timely and diverse. It should not be assumed that the cost of this

service is mainly just the normal labor cost, in fact it requires a very high cost in the operation

process, so it will need financial support from the Government and credit institution because

SMEs are often limited in financial potential.

Sixthly, one of the essential solutions is strengthening public confidence in auditing-

accounting services that is the financial transparency service of enterprises which can bring the

confidence to investors, enterprises and planners. Therefore, we have to propagate widely,

respect the professional ethics of auditors.

3. Conclusion

The auditing- accounting services providing SMEs on the market account for a large

proportion of the total number of this services providing enterprises, but the total revenue

accounts for a small proportion compared to large enterprises and foreign auditing firms. This

requires solutions to support the market and the auditing- accounting services providing

enterprises. Although the auditing- accounting industry is not in the group most affected by the

Fourth Industrial Revolution, because the research object is financial and economic information,

it does not only impact on productivity and quality of auditing- accounting services but also

opening new research and development directions for this service in the future.

Reference

1. The National Assembly of the Socialist Republic of Vietnam (2015), Amending and

supplement a number of articles of the law on Accounting;

2. The Government of the Socialist Republic of Vietnam (2013), Decision No. 480/QD-TTg

dated March 18, 2013 approving the accounting and audit strategy up to 2020, with a vision

toward 2030;

3. The Government of the Socialist Republic of Vietnam (2016), Decree No. 174/2016/ND-CP,

dated December 30, 2016, Elaboration of some article of the law on Accounting;

4. Dang Van Thanh (2017), 10-year period of Vietnam Accounting Service, Journal of

Accounting, Auditing, No.06/2017.

6 trang Thùy Anh 13780 Free

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