Completing the organization of accounting information systems in vietnamese securities companies

istry of Finance; 121 Decision of the Prime Minister, Ministry of Finance and SSC. There are also other documents such as the regulations of the Stock Exchange, Securities Depository Center ... 2.1.3. State control activities in the field of securities in Vietnam The State management agency on the stock market in Vietnam is the State Securities Commission, directly under the Ministry of Finance. One of the main functions and duties of the SSC is to monitor operations on the stock market. The supervision is carried out through 2 levels and mainly monitors risks, supervises compliance and supervises transactions for securities companies. 2.1.4. Organizational structure of Vietnamese securities companies For securities companies with branches and transaction offices, the organizational structure of the accounting apparatus in the direction of both centralization and dispersion like BSC; TLS; BVSC; HSC; SSI; SHS; SSJ. In the majority of securities companies, accountants both perform the financial audit work while performing the economic efficiency rather than separating the separate economic and accounting department. However, there are still some securities companies with their own international economic staff such as Thang Long Securities. Accounting personnel in the Securities Company are highly qualified, consistent with the requirements of organizing the accounting apparatus in the securities company. 2.2. ANALYSIS OF THE SITUATION OF THE ORGANIZATION OF ACCOUNTING INFORMATION SYSTEMS IN VIETNAM SECURITIES COMPANIES 12 2.2.1. Situation of identifying information needs and management requirements 72.5% said that the leadership of securities companies clearly defined their information needs and management requirements. A top priority for AIS is compliance with the law. Some other requirements such as: Managing expenses by service, managing expenses by department, managing debts to support capital for investors ... The evaluation score according to AIS1.1 criterion reaches 4.08, proving that securities companies do quite well in determining financial information information needs. This is easy to understand because the information of FAIS is relatively standard and businesses are required to comply with the law. However, the AIS1.2 criterion has an average score (2.67) that shows that securities companies have not done well in making management requirements for MAIS. This is similar to the results of interview with chief accountants of the companies. 2.2.2. Situation of the input data system 2.2.2.1. Determine the type of data to collect and the data source The input data of AIS in securities companies is large and diverse and can be divided into two types: operational data related to securities and internal activity data. These data are collected from both inside and outside the enterprise, highly systematic, many data are automatically connected to the data of Exchanges, Depository centers and intermediary banks. maths. 2.2.2.2. Organize the system of vouchers and accounting documents More than 85% of securities companies use the system of documents under the guidance of the Ministry of Finance, 15% of companies use mainly self-designed documents. The fact that the securities companies do not use the documents according to the instructions but design them by themselves because the business activities do not generate or very few economic and financial operations related to such documents (for example: trading activities. securities, listed support activities, etc.) or because the sample does not match the specific management requirements of the enterprise. 2.2.2.3. Organize the transfer, standardization and update of data into the system Securities companies have many vouchers made on computers such as receipts, payment slips, buy and sell orders, cancel orders, money orders and electronic data about buying, selling, submitting and transferring automatically updated. into trading software and accounting software. As for the managerial accounting, 31/40 companies 13 have not had a clear and strict set of documents applied to the managerial accounting. All securities companies use detailed information of financial accounting to provide information about the accounting subjects to be managed, the documents used in managerial accounting are mostly detailed from the accounting documents instructed and still follow the regime of documents issued by the State. 9/40 companies used other information such as market forecast, forecast of world stock price trend to set up the international reports. 2.2.2.4. Evaluate the organization of input data Companies using the system of documents issued by the Ministry of Finance have no difficulty in organizing the first data for the financial accounting system. The level of quality evaluation points is above 3.5, so it can be said that the organization of input data at the securities companies has been implemented quite well, most of the securities companies use the standard set of documents of the Ministry of Finance. Organizing vouchers at enterprises has no problems. 2.2.3. Situation of data processing system 2.2.3.1. Financial accounting data processing system a) Organize the account system 100% of companies surveyed said that the current account system meets the demand for use and management needs, without opening another account. Long-term and large-scale securities companies use more accounts to account than the average and small securities companies. b) Organize the accounting book system In addition to the prescribed accounting books, the securities companies also use a number of specific book templates to serve their management tasks such as securities detailed book awaiting payment or transaction, the unlisted securities detail book, and the accounting book. lending details to buy securities ... c) Organize the transaction recording system Transactions in securities companies are being accounted according to Circular 210/2014 / TT-BTC and Circular 334/2016 / TT-BTC. Securities companies are allowed to use fair value to recognize the value of financial and non-financial assets. 14 In fact, companies only determine the fair value of financial assets and liabilities listed on the stock market, and unlisted financial assets and liabilities, the price determination Reasonable value is very difficult, so it is still recorded at cost. For tangible and intangible fixed assets, surveyed securities companies also did not record and revaluate at fair value and did not record losses due to lack of specific instructions to determine fair value. 2.2.3.2. Management accounting data processing system In securities companies, MAIS is designed according to the model associated with the specialized management system. 40/40 securities companies surveyed used detailed accounts in the system of financial accounting accounts to collect, process and provide information for the management and corporate governance on a digital basis. accounting accounts' accounts to each category, group and each operation. Because there are no accounting books for each management accounting content, the securities companies mainly receive information, systematize and provide information from the detailed accounting books in financial accounting and are redesigned. to suit the needs of use by adding or subtracting a number of columns or a number of indexes from the accounting book. Regarding accounting methods used to process management accounting information: the survey showed that the accounting department did not directly process the data to make a strategic plan, with 31/40 securities companies providing accounting information. Management team serves the main purpose of controlling the process of achieving the goals. However, these 31 companies do not all carry out all three activities: estimating, determining costs and analyzing implementation information. Companies all define costs by department, department and each type of business, not using more complex cost models such as ABC or target cost model ... The cost analysis is also simple. such as comparing the rates across departments, or comparing the rate of cost increase and decrease compared to the previous year. Only 12/40 companies conducted budget estimates and analyzed the performance information compared to the estimates. 2.2.3.3. Accounting software used at securities companies 15 According to the survey results, 87.5% of securities companies use accounting software purchased from outside, 12.5% of securities companies use self-written software. The most commonly used software are Bravo, SAP, Cyber Soft ... The accounting software is designed to retrieve data automatically from the trading software. There are many different trading software such as Mega Stock, Go Online, T-Solution, VNCS-Solution, BOSC, Navisoft ... so the level of integration of accounting software and trading software is also different, but most only reach 80%, not fully integrated. The integration of AIS with other management information systems in enterprises through ERP systems has been implemented in some securities companies such as Vietinbank, FPT Securities and Saigon Securities ... but the number of securities companies using ERP is small. , so the reporting for stock exchanges and stock committees sometimes has to be done manually, taking data from various software. 2.2.3.4. Organize evaluation of data processing system The survey results show that the organization of the handling system in the securities company is quite good (4 out of 6 evaluation criteria are above 3.5 points). financial accounting policies and methods "and AIS3.6 criterion" Data is processed quickly and accurately, without material errors ". Criteria AIS3.3 "accounting software to meet the needs of financial accounting data processing of enterprises" and AIS3.5 "Organization of reasonable data processing" also received positive reviews. at 3.74 and 3.69. However, criteria AIS3.2 "Models and management accounting methods are suitable to the needs of data processing of enterprises" and AIS3.4 "accounting software meets the needs of processing accounting data. corporate governance ”has not yet received a high score for evaluation, even a point 1 has been shown, indicating that these are the two remaining issues in the process of organizing the management accounting information processing system. 2.2.4. Situation of information storage system Securities companies are keeping electronic documents mainly of securities brokerage and dealing activities in files on computers, floppy disks, hard drives, data bases and server systems. 40/40 companies asked to know the electronic storage system meets the storage needs of the company. However, the survey also noted the opinion of the 16 chief accountants of some large securities companies about the desire to encrypt more documents for electronic storage and digitalization of documents. In general, the storage system is evaluated quite well, at approximately 3.5 / 5 points, in which the criteria "Data, accounting documents are fully stored according to regulations" is most appreciated (nearly 4 point). Equipment and storage space were rated fairly well by the survey participants at 3.65 points. The criteria for storage time and ease of search and reuse have the lowest results (3.42 and 3.46 points). 2.2.5. Situation of control system 2.2.5.1. The risks need to be controlled The common risks and the seriousness of the occurrence in securities companies are as follows: The risk associated with accounting policies is the common risk (level of 4/5 points) and very dangerous (4 / 5 points); Technological risks: less likely to occur (2/5 points) and less dangerous (2/5 points); Risks related to personnel are mainly risks during use (4/5 points) but the average danger level (3/5 points). Human risk in system control and system development is considered to be less likely, but it is very dangerous. 2.2.5.2. Control measures are applied in securities companies  Control of accounting policies: nearly 70% of companies surveyed rarely consult directly with management agencies because of troublesome administrative procedures that make businesses difficult and hesitant to ask for guidance from management agencies physical.  Technological control measures: At surveyed securities companies ... all use passwords, fingerprint locks ... when accessing the device, do not allow remote access for devices, computers in the accounting room. , checking and maintaining equipment and transmission lines, closely monitoring during the stage of software development and testing, storing software manuals in the form of hard copies and soft copies ... Securities companies also install a program to monitor computer activity and to monitor signals and addresses for devices. However, some small companies do not yet have this monitoring system. The inspection of the physical condition of the device to detect damage, errors is done by all companies but mainly checks to handle according to the incident, but there is no regular plan. 17  Human control measures: The most widely used measures in securities companies are decentralization and cross-checking. In surveyed securities companies, in addition to the chief and deputy accountant, the checking of data entry and handling process is also conducted by the accountants themselves. The checking of accounting reports is done quite seriously, periodically monthly or quarterly. In addition, all securities companies use the control system available on the software such as the system of username and password, warnings during data entry, alerts when processing data, and traces when editing. data. However, not all technical expertise has enough of these functions or has not been properly focused. 80% of surveyed securities companies also do not plan to periodically check files, but only when suspected fraud is used. 2.2.5.3. Organizing the control of accounting information systems at securities companies Currently, there are securities companies that have established 3 control systems such as Ban Viet Securities, MB Securities, ACB Securities ... However, there are still many securities companies that have not strictly implemented these regulations. Despite the control process and measures, the survey results at the securities companies still recorded 15% of opinions assessing the effectiveness of the control system's performance is not high, or implementing inconsistent control measures, not serious. 2.2.5.4. Evaluate the organization of control of the accounting information system at securities companies Results of the evaluation of the organization of the control system at securities companies are not high, the average values are at 3/5 points, including AIS5.2 criteria "Cross-checking documents and books seriously and carefully. kidneys ”had the lowest level (2.92 points, with an evaluation score of 1). The criteria "Monitoring reports on system usage are made and periodically reviewed" and "Detecting and promptly handling all errors" are only average (3 points). Score points for the criteria "Effective prevention, prevention of frauds, sabotage, and theft of information" and "Decentralized access and decentralization of the use of the system strictly, in 18 accordance with mandate functions. services of each employee ”was also quite good (3.63 and 3.62 points). 2.2.6. Situation of organizing the reporting system 2.2.6.1. Accounting reports for use at securities companies a. Financial statements system According to the survey, 100% of securities companies use the financial statements system as prescribed. In addition, foreign-invested securities companies also prepare and present their financial statements according to the regulations of the parent company and the listed stock market or international accounting standards such as KIMENG, HSC, SSI, MIRAEASSET, etc. b. Management reporting system The management reporting system currently in use in Vietnam securities companies includes the following types of reports: Reports on revenue, expenses and business results; Report the debt to the customer; Report on clearing and settlement of money according to depository members; Summary report on clearing and payment of money; Reports on clearing and settlement of securities according to depository members; Reports on clearing and settlement of securities according to securities; Large trading reports ... These reports are usually made monthly, even daily to compare with other trading reports to ensure the management of money and securities of investors and securities companies are updated exactly. c. Other reporting system In addition to the financial statements system and securities management reports, other reports are required by regulatory agencies, including reports using information extracted from AIS such as: major; Annual report; Report of changing the ownership rate of 5% of investors; Reports on large batch transactions; Reports on authorization transactions ... 15% of companies said that there were difficulties in making accounting reports due to the high number of reports and time for sending, so sometimes the accountants could not update the figures. errors can occur. In addition, some accounting software does not yet have a reporting form, so accountants must do it manually. Accounting software has not synchronized 100% of data with trading 19 software and other internal management software, so in order to make a report, it must take data from many different software, causing time-consuming and errors. 2.2.6.2. Disclosure of financial statement information The securities companies have performed very well the regulations on the announcement of financial statements, for the past 3 years, no securities companies have delayed submission. 2.2.6.3. Evaluate the organization of the accounting reporting system In general, the evaluation score according to the criteria for the organization of the reporting system is relatively good, there are many criteria to achieve a good average score, including: Information on the financial statements are comparable (4.19); Information on financial statements suitable for users (3.94); Financial reports are published promptly (3.86); Information on financial statements is understandable for people with average accounting and financial knowledge (3.74). Some contents have been implemented quite well and evaluated at levels above 3.5 such as: Information on the FS is verifiable (3.61); Information on the Financial Statements faithfully presents the financial situation, business situation and cash flow of the enterprise (3.56). However, the criteria AIS6.7 "Information on international management is good support for managers in making management and management decisions" has the lowest score of 2.61, the score of level 1 shows the role. support for management decisions of accounting information is not high. Along with that, AIS6.8 criterion has a score of 3.37, which shows that according to the overall assessment, the International Cooperation Committee has not really presented it in an easy to understand and use way for managers. Although through the survey, the managers said that accounting plays an important role, supporting the management decision making, but in fact in securities companies, the accounting system has not performed well this role. 2.2.7. General assessment of the organization of accounting information systems at Vietnamese securities companies Out of the 6 contents of the AIS organization, the content of the organization of the reporting system, the organization of the processing system and the organization of the archive system is assessed at a good level (4 points). The organization of the control system was assessed to be quite good (3.73 points). Organize the system of vouchers 20 with average assessment points (3.15). Particularly, the identification of information needs and management requirements has not been evaluated well (less than 3 points). 2.3. EVALUATION OF EFFECTS OF FACTORS TO ORGANIZATION OF ACCOUNTING SYSTEMS IN VIETNAM SECURITIES COMPANIES 2.3.1. Research models - Hypothesis 1: The industry environment (Env) has a positive (+) impact on the organization of AIS. - Hypothesis 2: IT infrastructure (T1) has a positive (+) impact on the organization of AIS. - Hypothesis 3: Accounting software (T2) has a positive (+) impact on the organization of AIS. - Hypothesis 4: The level of management participation (H1) has a positive (+) impact on the organization of AIS. - Hypothesis 5: The capacity of the accountant (H2) has a positive (+) impact on the organization of AIS. - Hypothesis 6: The controlling environment in Securities Company (Org) has a positive (+) impact on the organization of AIS. The author built the initial scale including 6 scales for dependent variables and 27 scales for independent variables. 2.3.2. Quantitative analysis results Table 2.1: Results of testing hypotheses Number Hypothesis Hypothesis test results Impact level (1 is the weakest, 5 is the strongest) H1 The industry environment (Env) has a positive (+) impact on the organization of AIS. Accepted 5 H2 IT infrastructure (T1) has a positive (+) impact on the organization of AIS. Accepted 1 H3 Accounting software (T2) has a positive (+) impact on the organization of AIS. Accepted 2 H4 The level of management participation (H1) has a positive (+) impact on the organization of AIS. Rejected X 21 H5 The capacity of the accountant (H2) has a positive (+) impact on the organization of AIS. Accepted 3 H6 The controlling environment in Securities Company (Org) has a positive (+) impact on the organization of AIS. Accepted 4 Source: Author 2.4. EVALUATION OF REAL SITUATION OF ORGANIZATION OF ACCOUNTING INFORMATION SYSTEM AT VIETNAM SECURITIES COMPANIES 2.4.1. Result • About identifying information needs and management requirements In securities companies, management is aware of the importance of AIS in supporting management and management decisions, the basic requirements for output information have been determined, especially for FAIS. • Regarding the organization of input data The flexible voucher system, including most of the prescribed documents, is also designed by businesses. Regulations on document preparation, checking and rotation are designed appropriately according to the main operational cycle of securities companies. Forms of documents and documents used in modern securities companies use a lot of data and electronic documents, saving time and effort. • Regarding the organization of the treatment system Securities companies have built an account system and accounting books in accordance with regulations, detailed the account system and books according to its own characteristics and management purposes. The form of bookkeeping on computers in the form of a general diary is suitable to the characteristics of securities companies, meeting the requirements of systematizing accounting information from vouchers and errors arising in the process of handling less and not significant, mainly by the people, not by the system. • About organizing the storage system Securities companies use modern storage methods, mainly soft copy storage because of the characteristics of electronic transactions and many online transactions. The 22 equipment and storage space are of good quality due to the requirements of technological infrastructure and required facilities for securities companies. Accounting vouchers and documents are fully stored by the Securities Company. • Regarding the organization of the control system Securities companies are well aware of the role of AIS control in their operations. Control is paid attention and carried out regularly from the initial information acquisition to the process of systematizing, processing information and providing information to managers or investors. The securities companies have gradually developed and applied control measures in a systematic and comprehensive manner, in which decentralization of control and cross-checking are the most common and effective measures. In addition to the self-controlling accounting department, the Securities Company has established other control classes conduct