- ABSTRACT: The Industrial Revolution 4.0 has been going on since the 1960s of the past century, but its current impact on our society shows that its scale, scope and complexity is unprecedented compared to any previous Industrial Revolution. - Keywords: Industrial Revolution 4.0, opportunities, challenges, accounting, auditing. - INDUSTRIAL REVOLUTION 4.0 CHARACTERISTICS. - Before the concept of industrial revolution 4.0 emerged, our world has undergone three industrial revolutions, marking development milestones and making fundamental changes in production and society.. - The first Industrial Revolution - Mechanization (since 1784) occurred when steam engine was invented, which directly affected a number of industries such as textiles, mechanical manufacturing, and transporta- tion. - The fourth I.R (I.R 4.0) began to appear in 2000 as the Digitalization revolution and the connection of real and virtual systems. - The distinguishing feature of I.R 4.0 is that values created on cyberspace are increasing in proportion, eroding the distance between the real world and the virtual world through advanced technologies and non-stop innovation. - I.R 4.0 is based on digital technology and it inte- grates all smart technologies to optimize production processes and methods with technologies that are and will have major impacts such as 3D printing, biology, new materials, automation, robots, etc,.. - The first feature of I.R 4.0, built on the foundation of the third I.R, is the integration of technologies, which blurs the boundaries between the physical, digital and biological fields. - The I.R 4.0 facilitates the creation of intelligent plants in which virtual space physics systems monitor the physical processes, creat- ing a virtual copy of the physical world. - With the development of the Internet of Things, these virtual phys- ics systems interact with each other and with people in real time, serving people through Internet services.. - These capabilities will be multiplied by innovative technologies in other areas, particularly due to the computing power and the availability of large amounts of data. - Meanwhile, digital manufacturing technologies are interacting with the biological world. - Suc- cessful application in the field of robotic science, the Internet, large data, mobile phones and 3D printing technology will boost global productivity just like the way personal computers and the Internet has done to our world in the late 1990s. - Thirdly, the I.R 4.0 is not merely a prolongation of the third I.R, but there is a big difference in its speed, scope and extent. - Moreover, it is transforming a large number of the industry in every country in terms of breadth and depth in all production, management and administration systems. - Any business can participate in the revolution whose speed and scale of development are amazing. - It is a fact that a unit of material wealth created today can require fewer laborers than 10 or 15 years ago because the marginal cost of digital-based businesses is approximately zero. - Additionally, in the digital age, many new businesses offer “information goods” with almost no storage cost, transportation cost and replication cost. - For example, some companies (such as Instagram or WhatsApp) do not need a lot of capital to start up, which shows a change in the role of capital and scale of operation in the Fourth Industrial Revolution.. - There are some technologies aimed at using existing resourceseffectively such as embedded technol- ogy and derivative technology. - Based on outstanding achievements in the fields of natural sciences such as mathematics, physics, chemistry, social sciences and humanities and the fields of science and technology such as information technology, materials technology, biotechnology, agricultural technology and medi- cine, humanbeings have made many innovations to serve their interests. - The nature of the I.R 4.0 is optimal utilization of such resources in an interactive relationship.. - Fifthly, the I.R 4.0 led to changes in the concept of innovation of technology and production equipment.. - However, in the future, based on customer demand through the Internet system, the manufacturer will only update the software and selling other hardware is unnecessary. - Moreover, not only the product but also the equipment in the production is updated to add new features without replacing any parts.. - Firstly, the I.R 4.0 as well as the Internet helps accounting- auditing work is not limited by geographic distance. - An accountant –an auditor in Vietnam can do accounting and auditing work in any country in the world, if hemeets the requirements to do that.. - In contrast, any accountant - auditor in any country that is allowed to practice in Vietnam can carry out the accounting and auditing work of Vietnamese enterprise or organization. - It is necessary to improve their. - Artificial Intelligence can replace manual works of accounting - auditing such as collecting, processing, calculating data but the stages such as analysing, finding the cause of solutions to each situation or even extraordinary situations involve human beings. - Artificial Intelligence is not a replacement for human, but it is changing working condition of an accountant–an auditor.. - Whereas, the quality of IT infrastructure in the accounting and auditing industry generally does not meet the requirements and needs better preparation, especially on network security issues.. - Secondly, in the FourthI.R, competition is between not only companies providing traditional accounting and auditing services but also between non-traditional firms and technology firms. - There have been some warnings that once blockchain technology is widely used in the financial sector, there is a danger of shrinking traditional auditing services. - In fact, at present, technology companies in the world such as Google and Alibaba also provide financial consulting services and tax consulting.. - In order to take advantage of chances and overcome the challenges of the Fourth I.R, in the coming time, the accounting and auditing sector should focus on the following issues:. - The Fourth Industrial Revolution requiresregulatory agencies to prepare their IT infrastructure better to keep pace with the development of technology. - In the field of auditing, auditing activities in general and the State Audit of Vietnam in particular perform the function of checking, assessing and certifying the reliability level of economic and financial information processed and provided by accountants. - Therefore, changes in procedures of handling and synthesizing information as well as making the financial statement in the context of the Industrial Revolution 4.0 also require the State Audit to innovate fundamentally the audit process as well as the application of audit methods.. - In addition, it is necessary to study and apply methods of auditing effectively and appropriately, including basic methods and technical methods, in the context of the impact of the I.R 4.0, especially methods of collecting, evaluating audit evidence, technical analysis methods in the context of accounting using electronic documents, blockchain technology, cloud computing,.... - They need to be trained so as to have thorough knowledge of the new auditing cycle and programs set up on the basis of digital technology,. - use auditing softwares proficiently, understand the process and synthesis of accounting information as well as the preparation and presentation financial statements in accordance with financial reporting standards in the context of digital technology.. - Focus on developing IT human resources with sufficient quantity and quality to meet the requirements of the management and use of IT systems and IT audit work. - Raise the expertise of IT staffs to ensure the capability of managing, operating and developing the IT system of the State Audit.. - Ensure the safety in the management of network security. - The Industrial Revolution 4.0 has pushed up the level of information sharing and created a huge need for cybersecurity. - The accounting and auditing authorities should pay attention to building a data center. - It is necessary to continue promoting international cooperation, researching and applying international accounting and auditing standards which are being used by many countries in the world, thereby learning and exchanging experiences in coping with the Industrial Revolution 4.0.. - In the near future, auditing and accounting companieswill face many challenges in enhancing the confidence of public, businesses and investors in the quality of auditing services, the maintenance and improvement of the quality of human resources and meeting the requirements of national and international markets. - In the context of economic development, the legal environment is increasingly demanding and the impact of the 4.0 Industrial Revolution requires enterprises to continue increasing in quantity, scale and quality of audit services.. - The competition for high-quality human resources in the accounting and auditing sector will be more drastic because human resources are not only well-knowledge but also excellent at using technology and language. - The integration and the Industrial Revolution 4.0 require that the curricula, content and methods of training about accounting - auditing at university must have a basic innovation. - It is necessary to continue improving the quality of curriculum with the knowledge associated with the development trend of the Industrial Revolution 4.0.. - The digital age is bringing a lot of new opportunities and new challenges for individuals and organizations in the field of accounting and auditing. - Forindividuals who have worked and will work in the field of accounting - auditing, there are two features in the digital age that every person must be aware of to change. - When all the work can be handled by technology, professional ethics become more necessary than ever before, so it is possible to build and define the true image of the enterprise. - In order to make the most of many opportunities in the digital age, first of all each accountant – auditor is forced to understand the basic principles of behaviors in the professional field, therebylearningwhetheror not the behavior is right and concordant with the principles established.The most common knowledge must be understood, thenthe higher knowledge level in the process of becomingprofessional accountants – auditors can be reached.. - To do this, people in the field of accounting - auditing must understand fundamental knowledge well, get experiences and frequently update the changes. - Besides, it is essential for them to maintain professional ethics and put the public interest higher than their benefits. - Moreover, the accounting and management accounting sector is also playing a growing role in the new trend, helping enterprises regulate their business at present and in the future. - At this time, everypresent and future accountant - auditor needs to cultivate the use of artificial intelligence (technology) for his work, such as from the application of excel function to accounting softwares, management softwares, analysis. - and the way to secure information for business and its customers, thereby exploiting the customer market thoroughly. - Particularly in the area of accounting and auditing, it provides added value both in language and in international professional knowledge.. - Therefore, the opportunity will be expanded for accounting - auditing staffsof international standards recognized in many countries around the world such as ACCA, CMA, CIA, etc,. - These certificates can help Vietnamese accountants and auditors maximize their scope of activities and raise the competitiveness of human resources in the field of accounting and auditing in Vietnam.. - Standing Committee of the National Assembly (2010), Resolution No. - Pho Hien (2018), Expand the market of accounting and auditing services: Enhancing the quality of human resources is given top priority, Audit Newspaper, 2018 New Year Edition;. - The Association of Chartered Certified Accountants Professional accountant – the future (Generation next):. - The Association of Chartered Certified Accountants (8/2017), Professional accountant – the future (Generation next):
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