Accounting oversight to strategic decision-making

How will the ACCA collaborate with Vietnam to achieve the goals outlined in the state audit development strategy, especially in advancing green workforce and technology integration?

This period is crucial for developing strategies aligned with the legal framework, high-quality personnel, and technology, as outlined in the strategy towards 2030.

To Quoc Hung, country director at ACCA Vietnam

The ACCA and the State Audit Office of Vietnam are actively collaborating, focusing on sharing international experiences and enhancing human resource training to create strategic directions that suit Vietnam’s realities while aligning with global standards.

In October, the ACCA organised a discussion in London with a delegation led by State Auditor General Ngo Van Tuan. During the meeting, both sides explored new and emerging topics, particularly environmental auditing.

The ACCA aims to continue sharing international experiences and practices from countries already implementing such measures to lay a solid foundation for the three pillars in the coming phase.

Does the ACCA view accounting and auditing as tools that can lead businesses’ sustainable development strategies, or do they primarily serve as record-keeping and oversight functions?

According to ACCA research about the future of CFOs, the roles of accounting and auditing have undergone significant transformation recently and are expected to evolve even further in the near future.

The primary driver of this change is the advancement of technology, particularly big data and AI, which have substantially reduced the focus on traditional tasks such as recording and monitoring within these fields.

Auditing, however, has become increasingly vital, necessitating a more strategic and impactful contribution from the profession. The traditional aspects of accounting and auditing are anticipated to diminish, while strategic decision-making, governance consultation, and providing actionable insights will gain prominence.

This indicates that accountants and auditors will play an essential role in shaping organisational strategies moving forward.

Furthermore, accounting and auditing are poised to be central to sustainable development. Their contributions extend to two key areas: strategic involvement in decision-making processes and active participation in implementation.

Data from the ACCA in 2023 shows that out of 3,000 new accounting and auditing job listings on the ACCA Careers, 95 per cent are linked to sustainability in accounting, auditing, and finance.

What specific initiatives does the ACCA plan to implement through collaborations to build a globally competent workforce in sustainable reporting practices?

Vietnam, like many countries worldwide, is focusing heavily on digital transformation and the green transition - two interconnected pillars essential for sustainable development. While digital transformation in Vietnam has seen considerable progress, particularly in higher education, where the country has produced a significant number of trained tech professionals, challenges remain.

Vietnam is soon projected to face a shortage of 500,000 digital transformation professionals. Green transformation even remains underdeveloped in Vietnam’s educational and professional landscape. Training programmes on green practices and sustainable development are scarce at the university level, leading to an even greater shortage of green workforce expertise compared to digital transformation. This is a global challenge, not just limited to Vietnam.

Recognising this critical gap, the ACCA has launched a Professional Diploma in Sustainability, which will be available across 180 countries by the end of this year. This initiative aims to disseminate professional knowledge on sustainable development to businesses worldwide, including in Vietnam.

To address the shortage of green talent, does the ACCA plan to expand its programmes related to sustainability to meet the market’s growing demands?

The ACCA has recognised this issue and developed several strategies to expand its programmes and add courses related to sustainable development, and has introduced various courses and certifications on sustainability, such as those focused within the finance sector.

The aforementioned Professional Diploma in Sustainability, launched in September, represents the highest level of professional certification in the field. This qualification provides businesses with immediate access to sustainability experts within their industries.

As a non-profit global organisation and the largest body for accounting and auditing professionals, the ACCA recognises its role in supporting and promoting sustainable development worldwide.

Some of its key strategies include enhancing personnel and sharing international best practices, along with helping countries adopt global standards. These are long-term, core strategies.

Does the ACCA intend to incorporate standardised knowledge on green and sustainable factors into curricula to foster a well-informed, green-oriented mindset among students?

This is a crucial direction for the future. The ACCA is actively working with universities to introduce green awareness to students, ensuring they gain a solid understanding of both the concept of sustainability and international standards.

Based on our experience in other countries, most universities have already integrated green transition knowledge into the curriculum for students in finance, accounting, and auditing. While this is still a relatively new area in Vietnam, the ACCA is committed to promoting green awareness and skills within the industry for Vietnamese students in the long term.

Globally, the ACCA has partnered with more than 900 universities and education institutes, and in Vietnam, it has collaborated with around 50 universities. Over the past 22 years in Vietnam, it has trained more than 10,000 professionals in accounting, auditing, and finance.

At present, the ACCA continues to expand its partnerships. As a non-profit organisation, our goal is to disseminate international knowledge and standards so that local businesses can meet global standards and contribute to future global collaborations.

ACCA Asia Pacific Dialogue raises conversations on a sustainable future The ACCA Asia Pacific Dialogue 2024 held in Hanoi on May 28-29 aims to foster a platform for innovative thinking and strategic dialogue among key stakeholders in the accounting and finance sector, focusing on sustainable finance, digital transformation, and regulatory developments, reflecting the most pressing trends and challenges in the region.

ACCA and vocational colleges to enhance business training The Association of Chartered Certified Accountants (ACCA) signed MoUs with Hanoi Vocational College of Technolgy, and Hanoi College of Commerce and Tourism on May 29.

ACCA welcomes 116 new members in Vietnam The Association of Chartered Certified Accountants (ACCA) held a new member ceremony on October 23 and 24 themed “Driving Progress - Leading Change” in Hanoi and Ho Chi Minh City.