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Teaching Big Data for Accounting and Auditing Students in Vietnam Universities


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- International Conference on Finance, Accounting and Auditing (ICFAA 2018) November 23 rd , 2018.
- Teaching Big Data for Accounting and Auditing Students in Vietnam Universities.
- Industrial revolution 4.0 has changed every aspects of the economy.
- In this study, the impacts of big data, one of the main industrial revolution 4.0 characteristics, on accounting and auditing activities will be examined.
- Big Data has become a tool to help accountants practice their careers with a more effective approach than the traditional tools.
- This study also points out that accounting and auditing students should have big data knowledge and data analytic skills.
- Hence Big Data topics should be embedded in existing courses across accounting curricula and Vietnamese universities need to change their educational programs in order to adapt the employers’ demand..
- Industrial revolution 4.0 is going to bring about great changes in all fields and sectors, including accounting and auditing.
- According to Islam (2017), the first change in auditing and accounting is the introduction of sophisticated technologies and artificial intelligence that will be increasingly applied in accounting and auditing.
- Intelligent software and systems will replace manual accounting and accounting, and these software and systems will automate the processing of accounting records.
- Even accountants must become experts in the use of new technologies..
- One of the major contents of the Industrial Revolution 4.0 is Big Data.
- Big Data is defined as a term used to refer to a very large set of data and is so complex that traditional data processing tools and applications cannot handle.
- The size of Big Data is increasing day by day, and so far it can be in the tens of terabytes to many petabytes for just one dataset..
- According to Bholat (2015), Big Data can be defined as data having one or more of the following characteristics:.
- Big Data contains a lot of valuable information that, if extracted successfully, it will help a lot for business, scientific research, anticipation of emerging diseases and even real- time traffic conditions.
- In the area of accounting, auditing, large data can be used in decision making, risk management, and data valuation.
- In this study, the effects of large data on accounting activity will be analyzed, thus indicating new requirements for training and research in the accounting field..
- Impacts of Big Data on accounting and auditing.
- First of all, the use of big data creates new requirements in accounting for company’s assets.
- According to ACCA (2013), Big Data is not just a business tool, used as a purely competitive advantage, but has become a business model.
- ACCA recognizes that in the next 10 years, data will become an important source of wealth for the company, so it must be seen as a business asset, to be valued and to account.
- In the Dynamic Market study of large companies classified data as an asset in their balance sheet, and with large companies with more than 10,000 employees, this rate is 30%..
- Tangible assets are increasingly important in the knowledge economy, but they tend to be hidden in reports and governance systems.
- The rapid increase in the value of old data quickly becomes obsolete, losing value as soon as new data becomes available.
- Another problem is that the value of the data varies with relevancy, and the relevance varies with the user.
- Secondly, Big Data itself also becomes a tool to help accountants practice their careers with a more effective approach than the traditional tools.
- There is a huge opportunity in accountancy for using big data for real-time impacts and financial predictions..
- Accountants can incorporate big data into the financial performance measures they regularly provide to businesses.
- Accountants have access to an unprecedented amount of big data and there is an opportunity to use it for financial advantage.
- Rezaee and Wang (2017) have shown the influence of big data on accounting and auditing on financial accounting, management accounting, and auditing..
- According to two authors, there have been two main trends in the application of big data into financial accounting.
- According to ACCA (2013), Big data also has the potential to improve the performance management system.
- By applying big data analysis techniques, traditional management can be transformed through the deployment of comprehensive monitoring and control systems.
- For example, using big data can help identify new motivational approaches and analyze the relationship between good management performance and previously unverified variables.
- In the area of auditing, auditors need to understand the big data to be able to track how their customers manage their data.
- As a result of the use of automatic data collection and analysis techniques to determine the error, the auditor may change the responsibility for error detection in the data to assess what error is worth investigating more..
- The ACCA report (2013) also shows that big data can be used in decision making and risk management.
- Accountants and financial professionals can help maximize the value of the data by identifying the points at which the data can be shared most effectively with internal and external stakeholders.
- From analyzing these impacts, ACCA also points out that big data is an opportunity for accounting and finance to play a more strategic role and help shape the future.
- Trained to collect and analyze data (structured and unstructured), the accounting and finance department can provide critical advice to management and business leaders.
- For example, accountants can use big data to find behavioral patterns in consumers and market.
- Accountants can use big data analysis to position themselves as strategic business partners instead of their more traditional accounting role.
- The IT department has traditionally managed big data.
- however, the marketing department is moving to position itself as the natural home of big data..
- Accountancy and finance professionals can bridge the gap between IT, marketing and the business that needs insight to maximize big data opportunities..
- Table 1: Opportunities and challenges Big Data presents the accountancy and finance profession.
- Big data can quickly ‘decay’ in value as new data becomes available.
- Use of big data in decision making.
- Using big data to offer more specialized decision-making support in real time.
- Working in partnership with other departments to calculate the points at which big data can most usefully be shared with internal and external stakeholders.
- Use of big data.
- in the.
- Ensuring that correlation is not confused with causation when using diverse data sources and big data analytics to identify risks.
- Needs for changes in accounting and auditing education.
- Knowledge and skills related to big data that accounting students should have Under the influence of the industrial revolution 4.0, accounting students increasingly need to be equipped with the knowledge of digital technology such as cloud computing and the use of big data.
- The future of the accounting profession depends on embracing new forms.
- Employers are seeking students with big data and analytics skill.
- Especially with big data being increasingly applied in accounting and auditing activities, students in the field of accounting and auditing must be equipped with knowledge of data mining and new appropriate data analysis methods.
- Although the volume of information is extremely large, bias and representativeness persist in the data collected.
- This may reduce the quality of the data.
- This will require additional information to adjust the statistics, and include this additional information in the overall data section to ensure the quality of the data source.
- Increasing this amount of information does not necessarily indicate a change in the demand for the economy.
- For example, when the emissions scandal in the auto industry happens, people will search for more car-related information.
- Teaching Big data in the accounting curriculum.
- Some emerging areas under the influence of the industrial revolution 4.0 that students in the field of accounting and auditing should be equipped with include:.
- At the present time, very few accounting and auditing institutes in Vietnam develop curricula for accounting students in line with the future needs of the 4.0 technology revolution in general and the need for knowledge of big data in particular.
- Therefore, Vietnamese universities may adopt big data accounting programs of foreign educational institutions and universities in order to apply to their current accounting and auditing curriculum..
- For examples, PricewaterhouseCoopers (2015) has developed recommendations for curriculum changes and include the following skills for undergraduate programs to learn big data accounting:.
- Gamage (2016) has also summarized Big Data topics that can be included within existing courses, as listed in table 2.
- Table 2: Big Data topics that can be included within existing courses.
- Taxation Indirect tax and Big Data, tax value and non- tax value form data that is collected in the tax function, Visualize accounting data.
- Management Accounting Application of Big Data to competitor analysis, Big Data as a strategic resource.
- Advanced Databases, Information Retrieval, Advanced Data Mining Applications, Predictive Analytics for Decision Making, Big Data information management Business Statistics Data gathering techniques, Data exploration, Data.
- The Macquarire univesrsity (Australia) have suggested three noticable tips for teaching big data in accouting departments:.
- Non-financial large data sets are part of essential weaponry to develop big data accounting skills.
- For example, using big data instead of trend historical data and looking at each customer to predict whether the customer will pay or not is an ideal use case for introducing accounting students to predictive analytics..
- Vietnamese universities might consider these suggestions when they built up their own big data and accounting curriculum..
- Big data has a significant impact on accounting and auditing.
- Furthermore, big data also creates new requirements in accounting, specifically setting the requirements for data asset valuation.
- This makes the accountants and auditors need to be equipped with the knowledge of big data and data analysis skills.
- Currently, accounting training programs in Vietnamese universities do not have knowledge and skills related to big data.
- Further research might be conducted to construct the accounting and auditing curricula with big data knowledge and data analytic skill included that appropriate with Vietnam markets..
- ACCA (2013), “Big Data: its power and perils”.
- ACCA and IMA Report (2016), Professional accountants – the future: Drivers of change and future skills.
- (2015), ‘Big data and central banks’, Big Data &.
- Big Data: are accounting educators ready?, available online at https://researchbank.acu.edu.au/cgi/viewcontent.cgi?referer=https://www.google.com.vn/&.
- Relevance of Big Data to Forensic Accounting Practice and Education: Insight from China.
- In International Conference on Accounting and Finance (AT)

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