Cooperation in training high quality human resources in accouting-auditing meeting regional and international requirements

"Developing a project to improve the training method, fostering high quality human resources in the field of Accounting - Auditing, meeting ASEAN and international standards and requirements is the responsibility of the three partners: policy makers, employers and schools. This is an opportunity to meet, connect and listen to the opinions and know about the difficulties of the three partners to jointly implement the roadmap for the accounting reform in Vietnam from now to 2025, "said Mr. Trinh Duc. Vinh, Deputy Director of Accounting and Auditing Regime, Ministry of Finance at the seminar entitled "Renovating training methods, updating the accounting teaching process in line with requirements of accounting reform in the new period. " The seminar was jointly organized by the Ministry of Finance, Department of Accounting and Auditing Regime, the University of Economics - University of Danang, and ICAEW, ACCA and CPA Australia in June 29^th.

 The workshop welcomed a large number of  participants  including leaders from Accounting and Auditing Department, Ministry of Finance, World Bank Senior Finance Officer - John Nyaga, Representatives of Accounting and Auditing Associations and Notary Offices of Vietnam and the world, Representatives of enterprises in the Central Region, Representatives of accounting departments of universities and colleges in the Central, and especially  representatives of the University of Economics namely  Assoc. Tran Dinh Khoi Nguyen - Vice Rector, Assoc. Doan Ngoc Phi Anh - Dean, and teachers of Accounting Department.

"Developing a project to improve the training method, fostering high quality human resources in the field of Accounting - Auditing, meeting ASEAN and international standards and requirements is the responsibility of the three partners: policy makers, employers and schools. This is an opportunity to meet, connect and listen to the opinions and know about the difficulties of the three partners to jointly implement the roadmap for the accounting reform in Vietnam from now to 2025, "said Mr. Trinh Duc. Vinh, Deputy Director of Accounting and Auditing Regime, Ministry of Finance at the seminar entitled "Renovating training methods, updating the accounting teaching process in line with requirements of accounting reform in the new period. " The seminar was jointly organized by the Ministry of Finance, Department of Accounting and Auditing Regime, the University of Economics - University of Danang, and ICAEW, ACCA and CPA Australia in June 29^th.

 The workshop welcomed a large number of  participants  including leaders from Accounting and Auditing Department, Ministry of Finance, World Bank Senior Finance Officer - John Nyaga, Representatives of Accounting and Auditing Associations and Notary Offices of Vietnam and the world, Representatives of enterprises in the Central Region, Representatives of accounting departments of universities and colleges in the Central, and especially  representatives of the University of Economics namely  Assoc. Tran Dinh Khoi Nguyen - Vice Rector, Assoc. Doan Ngoc Phi Anh - Dean, and teachers of Accounting Department.

Photo:   Assoc. Tran Dinh Khoi Nguyen delivered the opening speech

Challenges when reforming the Vietnamese accounting standards system in the direction of convergence with International Financial Reporting Standards (IFRS)

In the opening speech, Assoc. Tran Dinh Khoi Nguyen said that one of the biggest challenges facing education and training institutions in Vietnam when developing the International Financial Reporting Standards (IFRS) is to change the teaching and learning methods appropriate for IFRS accounting system. In addition, lecturers need to change their approach to compile financial accounting courses so as to emphasize analysis and evaluation rather than repeat rules, and the training system need to be designed to reform the process in line with the innovation of teaching and learning methods. In that context, Assoc. Tran Dinh Khoi Nguyen emphasized that the seminar will be an academic forum for accounting scholars, helping universities to have the right direction in innovating their teaching methods to meet current requirements.

In terms of training quality, Mr. Trinh Duc Vinh said that there are many accounting training institutions in Vietnam but still do not meet the demand of human resources. Most college graduates are not equipped with basic knowledge of IFRS as most universities have not taught in either the content or the IFRS. At present, only a few foreign affiliated universities or international professional associations such as ACCA, ICAEW, CPA Australia ... have training programs on IFRS, but the number of students is not high. In order to be able to train human resources that meet the IFRS standards, a clear and detailed roadmap is needed for the training institutions to apply. Another challenge is the language barrier for faculty and students accessing IFRS-related materials. "Those who have enough foreign language skills are not sure enough qualified and vice versa," Vinh said.

How should universities and colleges reform their accounting training?

In the current context, John Nyaga - Senior World Bank Treasurer in Viet Nam proposed three ideas:

- Developing direct exchange programs between students and trainers between students and enterprises to share information and experiences in training and fostering.

- Creating more opportunities for students to practise at enterprises, especially foreign ones. This is also a good chance  for students to access international accounting standards.

- Building the future orientation of universities in Vietnam, focusing on innovating educational methods in line with the IFRS.

Mr. John also mentioned the role of the World Bank in Vietnam as a bridge between foreign businesses and domestic businesses, universities and colleges. In addition, the World Bank will advise the Government of Vietnam on the creation of legal corridors to support the implementation and application of IFRS.

Representing the business side, Mr. Phan Xuan Van - General Director of AAC Auditing Company asserted that the enterprise will effectively support students’ practice.  If students are well trained,  master the theory and practise  well, businesses will save the cost of retraining after recruitment. Mr. Chung Thanh Tien - Director of accounting services company Dong Hung proposed solutions to building a new training framework at universities and colleges to advance accounting training such as vocational training - attached to reality.

Speaking at the seminar, Assoc. Nguyen Cong Phuong - Deputy Dean of Accounting - University of Economics - University of Da Nang, said that the Faculty of Accounting, Financial Accounting Department of the university should design many teaching materials such as curriculum, presentation slides, case studies, assignments, IFRS benchmarks. Compiling financial accounting textbooks also requires a change in the way to approach: Rather than re-presenting what is stated in the accounting system (especially the accounting) or standard, it is necessary to focus on presenting and analyzing accounting concepts and principles. Representatives of the University of Finance - Accounting (Ministry of Finance) emphasize the "mind" of the teacher. Teachers must both have professional and practical knowledge, both know how to convey that knowledge to students and build case studies so that students will not be reluctant accountants or auditors when approaching the reality.

 What skills do students in Accounting and Auditing need?

To be able to become accountants, excellent auditors, meet the requirements of business and society today, Mr. Trinh Duc Vinh said, students need to master knowledge of accounting principles,  be equipped with knowledge of economic and financial transactions, not just the knowledge of accounting records, but also take time to improve the skills of financial reporting, data processing, software using and need to be fluent in foreign languages. These are the requirements of most large companies in the world and Vietnam when recruiting.

 "Besides, students also need to practise soft skills such as teamwork, planning, communication, interview techniques, need to be active during the study and research, to take advantage of internship opportunities at the enterprise to accumulate experience, "Assoc. Doan Ngoc Phi Anh - Dean of Accounting - University of Economics - University of Da Nang.

The Workshop on "Innovating training methods and updating the accounting teaching process in line with the requirements of accounting reform in the new period" has been successfully held with many high quality presentations together with many comments from the reality. From the opinions of universities, colleges, associations, auditing organizations and enterprises, the Accounting and Auditing Department (Ministry of Finance) will acquire and develop legal documents and guidelines in the roadmap of accounting reform in Vietnam in the coming time. This is also a series of events organized by the Ministry of Finance and other universities in Hanoi, Ho Chi Minh City, and Da Nang on the occasion of the 40th anniversary of the establishment of the Accounting Faculty - University of Economics.