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Australian group to help train auditors
CPA Australia, one of the world's leading professional associations for accountants and auditors, signed an agreement with the State Audit of Viet Nam and a memorandum of understanding with the University of Banking to provide training programmes. On the occasion, the organisation also awarded 120 scholarships for study in Australia and certified 33 new CPA Australia members in Ha Noi and HCM City. Viet Nam News reporter Phuong Hoa spoke to Alex Malley, CEO of CPA Australia, about the accounting profession in Viet Nam.
Why did you decide to sign an agreement with the State Audit of Viet Nam at this time?
For a couple of years, we have built relationships with universities here and I thought that now was a good time for us to sign the agreement with the State Audit of Viet Nam to support and boost our professional collaboration here. We need to have relationships not only with students and businesses, but also with the Government. The more we work together, the more we have change, to come up with positive solutions.
Even prestigious auditing firms around the world can sometimes make mistakes. How can investors protect themselves from errors in audited financial statements?
First of all, business is becoming far more global. It is transacted far more quickly. There are increased risks that just arise by doing business today. However, around the world, a big focus of the accounting profession is to ensure independence so that a proper financial report is made. Investors want to be confident that the organisation has a good process and good governance, with risk management principles and an independent relationship with the auditor. These are fundamental principles, and overall, globally, the audit profession has done a good job.
Auditing and accounting firms are competing with banks and insurance companies for high-quality human resources. What can auditing companies do to attract the best personnel?
This is a very big issue. In my personal view, the accounting profession has attracted many young people. And I have to tell a personal story to explain that. When I was finishing school, my sister told me I should be accountant and I said what is an accountant? I don't know. And she said she doesn't know either, but all accountants are successful. That's all she told me, so I went into accounting for that reason.
If you are going to be an auditor, you will learn all the skills to become a good CEO one day because you learn about the whole business. I used to have a lecture in front of 600-700 students. I used to tell them that if you have the skill to manage the results of the business you can work in any sector, anywhere, with this skill. I believe very strongly that the most beautiful thing you can give to a young person, or middle-aged person or old person, is the opportunity for choices.
Viet Nam now has two sets of accounting standards, one is the national accounting standard and the other is international. How can we balance the two sets of the standards?
The development of International Financial Reporting Standards is an ongoing project, and things have dramatically improved compared with five years ago. Viet Nam is involved with IFAC – the International Federation of Accountants – and they have involvement in what is going on at the international level.
There is still work to be done in every market of the world to get full consistency, but it is moving in the right direction, and Viet Nam is not the only market that still has the differences between the local principles and international principles. The important thing is that the people are aware of accounting principles on key issues and they start to consider them in their market.
Which standards does a professional accountant need?
The standard comes from your education, so they come from what you have learned from your education, university, personal values and professional recognition. Look at the business and look at reducing cost principles to expand revenue and build up business opportunities, while ensuring the proper code of the organisation and a good reporting process. You have to have strong communication skills and the ability to bring practical day-to-day skills to that business to help make the business more profitable.
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