Vietnamese corporations and companies are turning to Artificial Intelligence (AI) to revolutionize their business practices. One notable example is FPT, a leading Vietnamese technology group, which has optimized its accounting department by employing only six accountants and one individual to compile financial reports despite having more than 60,000 employees. This highlights the significant workload reduction made possible by technology.
The emergence of generative AI, also known as creative AI, has sparked conversations about its impact on the future of professions such as accountants and auditors. There is a widespread curiosity about whether this type of AI should be feared or embraced as a replacement for traditional roles.
During the recent “Asia-Pacific Dialogue” hosted by the Association of Chartered Certified Accountants (ACCA) on May 28-29, ACCA Global CEO Helen Brand affirmed the positive perspective on AI. She highlighted that accountants now play a vital role not only in ensuring technical quality but also in adding value to businesses and driving corporate responsibility towards communities.
Pulkit Abrol, Director of ACCA for the Asia-Pacific region, stressed the immense potential encapsulated within big data, estimated at around $500 billion. Accountants are instrumental in managing, extracting, and analyzing this data, even with certain risks AI may pose.
ACCA’s approach emphasizes continuous education in ethics for accountants, ensuring their competencies are validated by state authorities, as per Helen Brand. This methodology is geared towards integrating auditors and accountants into a cohesive ecosystem from the start of business processes, significantly reducing the margin of error.
Moreover, sustainability reporting, though seemingly straightforward, is a complex responsibility for accountants, involving the collection and analysis of environmental data. With Vietnam aiming for a Net Zero goal by 2050, as announced at COP26, this demands enhanced skills in gathering information on green finance and infrastructure development.
Federico Fontolan of CRIF Dun&Bradstreet Vietnam highlighted the importance of demonstrating ESG (Environmental, Social, and Governance) efforts for local companies, especially in the context of international transactions. CRIF, a global company specializing in data and ESG compliance solutions, offers a platform named Synesgy to help organizations measure their ESG performance, including greenhouse gas emissions.
Relevant facts not mentioned in the article:
– Vietnam is one of the fastest-growing economies in Southeast Asia, with a significant push towards digital innovation and technology adaptation, setting the stage for AI integration in various sectors such as accounting.
– The Vietnamese government is actively promoting the development of AI through initiatives like the “National Strategy for Research, Development and Application of Artificial Intelligence” which is likely to have implications on how AI is adopted in the corporate world, including accounting practices.
– The adoption of AI in accounting is part of a broader trend of digital transformation in Vietnam that includes industries like manufacturing, banking, and healthcare.
Key Questions and Answers:
How are AI technologies being implemented in accounting practices in Vietnam?
AI technologies in Vietnam are being implemented to automate routine tasks, process large amounts of data quickly and accurately, and provide analytical insights to support decision-making in accounting practices.
What are the potential risks of using AI in accounting?
Potential risks include issues related to data privacy, security breaches, ethical concerns regarding decision-making by AI, and the possibility of job displacement due to automation.
Key Challenges or Controversies:
– The development of regulations and frameworks that govern the ethical use of AI in accounting to prevent misuse and protect the interests of stakeholders.
– Assurance of data security and privacy within AI systems, given the sensitivity of financial data.
– Managing the transition for accounting professionals whose roles may be significantly altered or replaced by AI.
Advantages:
– Increased efficiency and accuracy in accounting tasks like auditing, tax preparation, and financial reporting due to AI automation.
– The capability for accountants to focus on more strategic roles as AI handles routine processes.
– Improved financial data analysis and insights, leading to better business decision-making.
– Integration with sustainability reporting, providing robust analysis of environmental data for companies aiming to meet Net Zero goals.
Disadvantages:
– Potential loss of jobs in the accounting sector due to automation.
– Risk of reliance on algorithms that may contain biases or errors if not carefully designed and monitored.
– Need for continuous training and professional development for accountants to remain relevant in an AI-driven industry.
To further explore information on artificial intelligence, accounting practices in Vietnam, the following websites might be of interest:
ACCA Global
CRIF Dun&Bradstreet Vietnam
FPT Corporation
Please ensure the links are 100% valid before visiting them, as the URLs mentioned here are based on the content of the article provided.