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WORKING IN PROFESSIONS
WP-T224WSB-1

GROUP ASSESSMENT 1:
PROFESSIONAL TASK REPORT
Lecturer: Mr. Le Cong Thien

GROUP 5

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TABLE OF CONTENT
I. EXECUTIVE SUMMARY ............................................................................................. 3
II. INTRODUCTION ......................................................................................................... 4
III. SIMILARITIES AND DIFFERENCES BETWEEN IFAC-VAA AND CPA .................. 5
IV. BENEFITS AND OBSTACLES OF JOINING IFAC-VAA AND MAINTAINING
MEMBERSHIP. ............................................................................................................. 13
V. REGULATORS OF IFAC-VAA AND CPA ............................................................... 15
VI. CHALLENGES AND OPPORTUNITIES THAT ARE BEING FACED BY IFAC-VAA
AND CPA ...................................................................................................................... 16
VII. VIRTUES THAT IFAC-VAA AND CPA HAVE EMBRACED TO MAINTAIN THEIR
STAFF, MEMBERS AND THE WIDER COMMUNITY.................................................. 17
VIII. HOW IFAC-VAA AND CPA HAVE EMBRACED SOCIAL AND
ENVIRONMENTAL CHALLENGES ............................................................................. 18
IX. SIGNIFICANT CHALLENGES FACING ACCOUNTING IN VIETNAM AND IN
AUSTRALIA ................................................................................................................. 19
X. EVALUATE THE OVERALL STRENGTHS AND WEAKNESSES OF ACCOUNTING
TO ITS MEMBERS AND THE PUBLIC ........................................................................ 20
XI. Summarise discussion for the Economics References Committee of the
Finance Minister in Vietnam and provide conclusions based on your overall
findings. ....................................................................................................................... 21
XII. APPENDIX ............................................................................................................. 22
1. APPENDIX I ......................................................................................................... 22
2. APPENDIX II ........................................................................................................ 22
3. APPENDIX III ....................................................................................................... 22
4. APPENDIX IV ...................................................................................................... 22
5. APPENDIX V ....................................................................................................... 23
6. APPENDIX VI ...................................................................................................... 23
7. APPENDIX VII ..................................................................................................... 23

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XIII. REFERENCE LIST ................................................................................................ 25

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I. EXECUTIVE SUMMARY
This report provides detailed information relating to two professional bodies that belong
to the accounting profession and how they resolve the challenges that are currently
encountered in that profession. The two bodies are the Vietnam Association of
Accountants and Auditors (IFAC-VAA or VAA), and the Certified Practicing Accountant
(CPA).

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II. INTRODUCTION
The article's goals are to illustrate the situation of two professional bodies by considering
8 key points, which include: (1) an overall comparison of two professional bodies; (2) the
benefits and obstacles of their members; (3) exploration of their regulators; (4) discussion
of how these organizations address their environmental and social challenges; (5)
challenges and opportunities that they face; (6) virtues that IFAC-VAA and CPA have
embraced to maintain their staff, members and the wider community; (7) how social and
environmental challenges have been embraced by them; (8) significant issues and
challenges facing Accounting in Vietnam and in Australia; (9) evaluate the overall
strengths and weaknesses of Accounting to its members and the public.

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III. SIMILARITIES AND DIFFERENCES BETWEEN IFAC-VAA AND CPA

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IV. BENEFITS AND OBSTACLES OF JOINING IFAC-VAA AND MAINTAINING

MEMBERSHIP.

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V. REGULATORS OF IFAC-VAA AND CPA

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VI. CHALLENGES AND OPPORTUNITIES THAT ARE BEING FACED BY IFAC-

VAA AND CPA
In the evolving Vietnamese market, the VAA encounters several challenges. Firstly,
Vietnam's tax laws and regulations are incompletely intended and synchronized with
international standards, which causes inconsistency and a lack of transparency in the
framing of legal documents, severely affecting the professionalism of the internal
economic sector (Tran, 2022). Secondly, the VAA also reports that while many accounting
and auditing human resources are confident in their knowledge for their performance, up
to two-thirds of accounting and auditing graduates lack the ability to meet the
requirements of employers in a variety of areas (IFRS Việt Nam, 2020). However,
Vietnam is attracting a growing number of foreign-invested enterprises (FIEs) (H. V.,
2024), which assists VAA in developing expertise in accordance with IFRS standards -
a set of accounting rules currently used by public companies in 168 jurisdictions (Palmer,
2022), contributing to strengthening its influence and reputation.

CPA Australia faces a dual picture of challenges and possibilities within the accounting
profession in Australia. One of the major difficulties is the rapid rise of automation and AI,
which are regarded as talent strategies by many businesses (AICPA & CIMA Insights,
2023). Therefore, recruiters find it difficult to find and retain experienced and
technologically competent employees to align with the firm’s strategic growth objectives
and enhance productivity (CPA Australia, 2023). In addition, this industry also contends
with cyber risks, which will account for 43% in 2024 (Aley, 2024). However, CPA has
embraced their technological advancements and promoted new technologies such as
blockchain or cyber-security information, aiming to get more opportunities to be at the
forefront of technological adoption in accounting (CPA Australia, n.d.).

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VII. VIRTUES THAT IFAC-VAA AND CPA HAVE EMBRACED TO MAINTAIN THEIR
STAFF, MEMBERS AND THE WIDER COMMUNITY
According to Rohilesh (2018, p. 17), there are a lot of gray areas in the evolving world. It
is believed that living by the moral virtues would result in greater pleasure and self-
esteem. Therefore, VAA and CPA Australia have embraced a variety of qualities for their
members and staff to prioritize fostering a respectful and healthy environment. (Code of
Conduct | IFAC, n.d.) (APES 110 Code of Ethics for Professional Accountants Part A,
n.d.)

● Truth: In both organizations, members need to be honest, accountable, and

straight-forward in all tasks and business relationships, which serves as a core
value. They are required to provide truthful information and readily admit their
mistakes in order to build trust.
● Cultivation of knowledge and reflection: VAA and CPA Australia constantly
encourage their members to enhance their knowledge and step outside their
comfort zone to meet current professional requirement and express their value
convincingly to organizations
● Senses control: Professionalism is a virtue that all companies strive for, described
as being transparent and respectful of the business environment, including legal
and human rights, and serving the public interest in order to boost the
organization's image.
● Non-violence: VAA and CPA Australia place a strong emphasis on ethical
conduct. They strictly respect client confidentiality, avoid conflict of interest as
much as possible, and prioritize stakeholders' welfare.

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VIII. HOW IFAC-VAA AND CPA HAVE EMBRACED SOCIAL AND

ENVIRONMENTAL CHALLENGES

CPA Australia's action in dealing with social and environmental challenges is better
than VAA's.

VAA has significantly contributed to the Vietnamese accounting and economy. As

a member of IFAC, VAA has to follow SMO, which supports the growth of
Vietnamese accounting (IFAC, n.d.). VAA has boosted the quality and ethics of
accounting professionals (VAA, 2018). Moreover, the standards created by VAA
grow transparency within the businesses and reduce misbehavior (VAA, 2018).
Therefore, Vietnam has become reliable and attractive to invest in, helping to
increase FDI and develop the Vietnamese economy. As VAA did not have any
activity in protecting the environment, it should expand its sustainable actions.

CPA Australia has implemented many actions to enhance its sustainability. In

social contributions activities, CPA has improved the quality and ethics of its
members through CPD and APES 110 Code of Ethics (CPA Australia, n.d.-a; n.d.-
b). CPA has policies to protect whistleblowers, crucial to preventing misbehavior
(CPA Australia, n.d.-c). It leads to a trustworthy market to invest in and economic
growth. Moreover, CPA Australia and its members signed the commitment to
reaching net zero greenhouse gas (CPA Australia, 2020). In short, CPA Australia
has noticeably contributed to the growth of Australian society and the environment.

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IX. SIGNIFICANT CHALLENGES FACING ACCOUNTING IN VIETNAM AND IN

AUSTRALIA

Vietnam: Adapting IFRS

IFRS is better than VAS in quick adaptation to financial changes (PwC, 2021). The
Vietnamese MOF will change from VAS to IFRS in 2025 (PwC, 2021). When the
changes happen, Vietnamese accounting faces problems modifying the basic
framework from VAS to IFRS, leading to numerous organizational changes, such
as changes in policy and workforce. The worker without knowledge about IFRS
would cost the body to train them again. The movement is a chance for Vietnamese
accounting to integrate with the globe, but it can cause damage in the short term.

Australia: Leaking sensitive accounting data in the rapid growth

The risk of disclosing sensitive accounting data has threatened many institutions
in Australia (ASD, 2023, p.1). If cybercrimes disclosed sensitive accounting data,
businesses would have a financial loss and decrease competitive ability, leading
to economic crises and a drop in FDI in large areas. Although disclosing
accounting data is vital to show transparency, the leak of accounting documents
required by IFRS is sufficient.

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X. EVALUATE THE OVERALL STRENGTHS AND WEAKNESSES OF

ACCOUNTING TO ITS MEMBERS AND THE PUBLIC
Regarding IFAC-VAA, first of all, Vietnam's accounting legislative and institutional
structure has incorporated IFRS worldwide standards, indicating the numerous changes
and advancements the country's accounting sector is experiencing. These movements
have helped VAA become more integrated with international accounting standards
resulting in the increase in the organization's credibility. Not only enhancing the reputation
of the organization, applying IFRS helps Vietnam attract foreign investors, contributing to
the country's economic development. Besides the above developments, Vietnam's
accounting industry still has limitations, specifically the lack of consistency in reforming
the legal framework related to accounting activities (Dung, 2023). This affects the
operational effectiveness of VAA and puts pressure on VAA to constantly work on with its
operations to improve organizational efficiency as well as train its employees to be
equipped with up-to-date knowledge and timely information. Another limitation for VAA is
the qualified human resources as according to Ms.Dung (2023), the shortage of highly
qualified professionals, especially those who are adept with international standards and
practices, is a significant concern.

Considering CPA, Australia has applied IFRS in the country's accounting system since
2005 (IFRS Foundation, 2017). This gap results in the advantages of CPA as having more
experiences in practicing accounting with IFRS standards and being more well-versed in
navigating the complex regulatory environment. This makes CPA a prestigious
association member not only within Australia but also an attractive and trustworthy
organization to foreign investors. Despite the advantage of early adoption of IFRS and
applying AI in operation, CPA also faces the same difficulties as VAA, in terms of lack of
qualified human resources for industry requirements (technological ability, ESG
awareness…). Moreover, CPA is also having difficulty applying technology to operations,
specifically cyber risk, which can reveal confidential business information and affect the
company's profits.

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XI. Summarise discussion for the Economics References Committee of the

Finance Minister in Vietnam and provide conclusions based on your overall
findings.
In summary, while CPA can be a role model for VAA to follow in terms of being
experienced in applying IFRS and being conscious of pursuing ESG goals, VAA's efforts
towards adapting to the international standards have shown the importance of innovating
policies and promoting the confidence of foreign investors. In addition, applying
technology to enhance accuracy and effectiveness in Australian accounting operations is
something worth learning, however, due to the risk of disclosing confidential data from
applying technology in Australia, Vietnam needs to invest more in developing technology
and information security as well as having SOPs for business to follow strictly to prevent
information disclosure. Both VAA and CPA are facing a shortage of human resources
who are qualified in terms of specialized knowledge, technology skills and ESG
awareness. This can not only be solved by accounting organizations such as VAA or
CPA, but requires joint efforts in innovating education and raising people's awareness to
have high-quality human resources to meet the needs of the society.

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XII. APPENDIX
1. APPENDIX I

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2. APPENDIX II

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3. APPENDIX III

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4. APPENDIX IV

MINUTES OF MEETING 1

Location: Offline meeting at Campus D, room D1.03

Date: 28th May, 2024

Time: 11:15 AM -11:45 AM

Attendees: Tran Nu Hoang My, Le Thi Thuc Van, Nguyen Viet Vy, Nguyen Viet
Thi, Le Hong Thanh Tu

Agenda items

Action items Owner Deadline Status

Executive Summary, Nguyen Viet Thi 15th June, 2024 Complete

Introduction, Question 1

Question 2, Question 3 Nguyen Viet Vy 15th June, 2024 Complete

Question 4, Question 5 Le Thi Thuc Van 15th June, 2024 Complete

Question 6, Question 7 Le Hong Thanh Tu 15th June, 2024 Complete

Question 8, Question 9 Tran Nu Hoang My 15th June, 2024 Complete

Taken by: Le Hong Thanh Tu

Chairperson: Nguyen Viet Thi ;Signature: ;Date:28/05/2024

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5. APPENDIX V

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6. APPENDIX VI

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7. APPENDIX VII

Acronyms and other Abbreviations used in this report

CPA Certified Practicing Accountant

CPD Continuing Professional Development

ESG
environmental, social and governance

IESBA International Ethics Standards Board for Accountant

IFAC International Federation of Accountants

IFRS international financial reporting standards

MOF Ministry of Finance

PAO practical experience requirement

PEP professional accountancy organizations

SMO Standard Operating Procedure

SOP
Statements of Membership Obligation

VAA Vietnam Association of Accountants

VACPA Vietnam Association of Certified Public Accountant

VAS Vietnamese Accounting Standards

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XIII. REFERENCE LIST

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