The strong growth of many firms in the fintech space is expected to prompt the reform of accounting and auditing systems to suit the rapid changes in the fintech industry, heard attendees at a conference on accounting and auditing, held in HCM City.
Some experts participating in the conference, organised by the University of Economics in HCM City on December 14, noted that technology is significantly changing business models, affecting the current auditing methods.
These effects are positive over the long term but are expected to bring multiple challenges while adjustments are being made. The first change in the digital space may be the increase in data volume, putting pressure on auditors and making them depend greatly on technology.
“As customers have applied advanced technologies, such as blockchain, and analyse data more sophisticatedly, auditors need to study technology platforms and trends deeply and clearly to understand firms better,” said Ha Trinh, former financial director of Be Group.
Besides this, the strong movement of technology will act as a stimulus for creating proactive auditing processes.
Apart from this, firms switching to automated financial operations will have a positive effect on the auditing sector.
Tran Thi Thanh Truc, deputy general director of PwC Vietnam, said that accounting and auditing processes are moving from paper files and paperwork to electronic data. As such, if auditors fail to thoroughly understand the technology in use, they will find it hard to complete their duties.
Different types of technology have different effects on the auditing sector, with artificial intelligence and machine learning seen having a significant influence on auditing operations in the coming months. As a result, auditing firms should quickly respond to these challenges to evolve appropriately.
