National conference on manipulation of financial statements of listed companies on Vietnam's stock market
On December 15th, 2017, VNU University of Economics and Business held the National conference on "Manipulation of Financial Statements of Listed Companies on Vietnam's Stock Market".
The conference is part of the VNU-level research project, coded QG.16.57 "Manipulation of financial statements of listed companies and its impacts on Vietnam's stock market" undertaken by Dr. Nguyen Thi Huong Lien and the research team of the UEB.
The conference was attended by Dr. Ha Thi Ngoc Ha - Vice President of Vietnam Association of Certified Public Accountants (VACPA); Mr. Phan Le Thanh Long - Director of AFA Research & Education, Dr. Tran Thi Kim Anh - Dean of Faculty of Accounting and Auditing from University of Foreign Trade; Assoc.Prof.Dr. Dang Ngoc Hung - Dean of Faculty of Accounting and Auditing from Hanoi University of Industry. From VNU University of Economics and Business, there were Assoc.Prof.Dr. Nguyen Truc Le - Rector of the UEB, Assoc.Prof.Dr. Tran Thi Thanh Tu - Dean of Faculty of Finance and Banking, and Dr. Trần The Nu - Vice Dean of Faculty of Accounting and Auditing. The conference also attended by lecturers, researchers, graduate and undergraduate students from other universities and research institutes.
Dr. Nguyen Thi Huong Lien – Head of the research project
The first presentation about "Techniques for detecting fraudulent financial statements of listed companies on Vietnam stock market" was given by expert Phan Le Thanh Long, who was the main speaker of the conference. With his attractive presentation style, using a variety of vivid illustrations, he generalized the techniques for fraud detection consisting of 4 steps: (1) Determine the motive of the manipulative behaviors, (2) Localize the issue, (3) Identify the signs of manipulation, and (4) Identify the way financial statements are distorted, and propose the Beneish M-Score model (1999) and F-score model (Dechow, 2011) to detect fraud.
Mr. Phan Le Thanh Long gives the presentation at the conference
Next, Dr. Ha Thi Ngoc Ha - Vice President of Vietnam Association of Certified Public Accountants (VAS) made an informative and comprehensive presentation on solutions to limit the manipulation of financial statements in Vietnam from the point of view of the Association, including solutions from the perspective of institutional and legal regulations, as well as solutions in the implementation process, such as adopting International Financial Reporting Standards (IFRS) in Vietnam, strengthening internal audit activity, setting up an audit committee, establishing audit quality \indicators, strengthening departments with the function of checking and evaluating the financial reports, and warning of State Security Commission of Vietnam’s potentially fraudulent issues.
Many students take part in the conference
The next two speeches respectively given by Dr. Nguyen To Tam - Vice Dean of Business Administration of Faculty of Management, Electric Power University and Dr. Do Kieu Oanh - Head of Accounting Department, Faculty of Accounting and Auditing, VNU University of Economics and Business also attracted a lot of attention of students attending the conference. They presented about Impacts of internal controls on the quality of financial statement information of non-financial listed companies in Vietnam Stock Market and Relations between game theory and fraudulent financial reporting.
Within 3 hours of hard work and efficiency, the Conference provided participants and the research team with useful information. Academic discussions and valuable experiences shared by experts at the conference helped the research team improve their topic and provide investors, State administrative agencies and information users with useful information about manipulation of financial statements. On that basis, solutions were suggested to limit the manipulation of financial statements and minimize negative impacts caused by those activities, and contribute to the transparency and development of Vietnam stock market. The conference has also opened up new research directions for manipulation of financial statements that meet practical needs, in line with the mission of a research-driven university in order to make a difference and improve the reputation for VNU University of Economics and Business.
Participants at the conference
VNU University of Economics and Business is a research-oriented university. Therefore, national conferences are regularly held here, and UEB students have opportunities to attend these conferences and contribute their ideas there. Research results or topics at the conference are integrated into the curriculums at all levels, helping students and learners to acquire up-to-date knowledge. In addition, there are scientific research plans for students in UEB every year, creating a playground for students to develop their own abilities, especially highly ranked researches are published in prestigious specialized journals and also conducted at higher levels. This is a great advantage of studying at one of the universities of VNU.
In the academic year 2017 - 2018, the targeted number of students attending UEB after the university entrance test is expected to be 950, which shows that both of UEB’s scale and quality are higher than those of previous years. Particularly, Honors Programs are the strong point of UEB, while all of specialized subjects are totally taught in English, meeting the needs of large foreign companies and corporations when recruiting. View detailed information about Honors Programs of UEB here
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