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MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY SUMMARY OF PHD THESIS COMPLETING THE ORGANIZATION OF ACCOUNTING INFORMATION SYSTEMS IN VIETNAMESE SECURITIES COMPANIES Major: Business Administration NGUYEN THI PHUONG MAI Hanoi – 2020 MINISTRY OF EDUCATION AND TRAINING FOREIGN TRADE UNIVERSITY SUMMARY OF PHD THESIS COMPLETING THE ORGANIZATION OF ACCOUNTING INFORMATION SYSTEMS IN VIETNAMESE SECURITIES COMPANIES Major: Business Administration Code: 9340101 Nguyen Thi Phuong Mai Supervisor: Assoc Prof Dr Dao Thi Thu Giang Assoc Prof Dr Tran Thi Kim Anh Hanoi – 2020 PUBLISH LIST Nguyen Thi Phuong Mai, Dao Thi Thu Giang (2020), Solutions to improve the organization of accounting information systems in Vietnamese securities companies, Journal of Accounting and Auditing, 198, March 2020 Nguyen Thi Phuong Mai (2019), Factors affecting the organization of accounting information systems in Vietnamese securities companies, Journal of Economics and Forecasting, 36 (12/2019) Nguyen Thi Phuong Mai (2019), Assessing the organization of the accounting information system in Vietnamese securities companies, Auditing Scientific Research Magazine, 114 (10/2019) Nguyen Thi Phuong Mai, Nguyen Thi Thanh Loan, Le Thi Thu (2018), Assessment and risk management for accounting information systems in Vietnamese securities companies, Journal of Industry and Trade, 7/2018 Nguyen Thi Phuong Mai (2017), Assessing the quality of financial statements of Vietnamese securities companies, Audit Scientific Research Journal, 120/2017 Tran Thi Kim Anh, Nguyen Thi Phuong Mai (2017), The ability to apply the quality assessment models of financial statements through quality characteristics of financial information in Vietnam, External Economic Review, 92 March 2017 INTRODUCTION THE NECESSITY OF THE RESEARCH To meet the capital demand for the economy which is in the fast-growing period, Vietnam's stock market was born and had its first trading session on July 28, 2000 A securities company (Securities Company) is an intermediary financial institution in the market, participating in most of the process of securities circulation, from the issuance stage in the primary market to the trading stage in the market secondary Therefore, the financial health and business situation of securities companies are always monitored, not only by the state management agencies but also from the investors (investors) who open accounts at the company In addition, the operations of securities companies are complex and contain many risks, so it is necessary to have effective monitoring, control and support tools in making executive decisions and corporate governance Therefore, AIS at the Securities Company plays a very important role, not only providing information for the operation of the business, but also providing information to other members in the market, contributing to creating a The stock market is transparent and healthy However, the organization of AIS in Vietnam Securities Company exists a number of inadequate issues that significantly affect the business and other users of information Meanwhile, the accounting system of the Securities Company is the first accounting system in Vietnam to be revised according to international accounting standards and greatly affected by Industry 4.0, requiring AIS to be increasingly improved to take advantage of have the opportunity to overcome challenges in the new context Therefore, the author has chosen the topic "Completing the organization of accounting information systems in Vietnamese securities companies" to implement a doctoral thesis OVERVIEW OF THE RESEARCH SITUATION 2.1 Key research topics and typical works Research on AIS in the world and in Vietnam after 2000 can be divided into the following topics: (1) Researching accounting information systems in an enterprise or an industry; (2) Researching accounting information systems in information technology application environment and enterprise resource planning; (3) Research on management accounting information systems in enterprises; (4) Studying financial accounting information systems in enterprises; (5) Research on the quality (effectiveness, success ) of the accounting information system; (6) Research on factors affecting the accounting information system The above studies have provided tools and methods to identify the factors affecting the organization of AIS in the enterprise, which is the basis for the author to refer to when assessing the factors affecting the team AIS in securities companies 2.2 Comment on the research works related to the thesis topic From the summary of the studies on AIS, the following observations can be drawn: • Firstly, the studies highlight the important role of AIS in the business and the need for effective AIS for corporate governance goals • Second, there are many factors that affect AIS but can be divided into groups according to the ETHOs framework of Binod Guragai et al (2015) However, there is currently a lack of research on factors influencing the organization of AIS • Thirdly, AIS in enterprises has its own characteristics with industry-specific characteristics but there have not been many studies on AIS in securities companies • Fourthly, in Vietnam, although the research topics have been expanded to new research directions in the world, but due to traditional research, most AIS studies in Vietnam are still Using qualitative research methods 2.3 Research gaps • Theoretically At present, there is a lack of research on AIS in the world and in Vietnam in the context of IT application and technology 4.0 Therefore, it is necessary to have new studies on the AIS organization from the perspective of an information system in enterprises Besides, at present, the research on factors affecting AIS is still small in quantity and not really good in quality Therefore, more research is needed on factors influencing AIS • Research methods Studies on AIS organization in Vietnam mostly use qualitative research methods, recently, there have been some studies using quantitative research methods However, the model used in quantitative studies has not fully covered the content of AIS, the scales are not really meaningful and reliable Therefore, there should be a study combining both qualitative and quantitative methods, using appropriate and more effective scales • In practical terms The thesis of AIS research from the perspective of a component of information systems in enterprises is the research direction suitable to the development of accounting and highly practical In addition, the research thesis on AIS in securities companies is a very missing topic in Vietnam and in the world Meanwhile, securities are the field of applying many modern technologies to provide financial services, so information systems in general and AIS in particular have stricter requirements than other businesses Therefore, it is necessary to have in-depth studies to evaluate the organization of AIS in securities companies, thereby proposing solutions to complete this work RESEARCH OBJECTIVES The overall research objective of the thesis is to find solutions to perfect the organization of AIS at Vietnamese securities companies The specific objectives are as follows: - Identify a theoretical framework for the organization of AIS at securities companies as a basis for the research process - Survey, analyze and assess the status of the organization of AIS at Vietnamese securities companies - Identify the influencing factors and evaluate the influence of these factors on the organization of AIS in Vietnamese securities companies - Proposing solutions to perfect the organization of AIS at Vietnamese securities companies SUBJECTS AND SCOPE OF THE STUDY • Research object: is the organization of AIS at Vietnamese securities companies • Research scope - Scope of content: The dissertation approaches the content of organization of AIS accounting at the Securities Company in accordance with the process of handling and limiting the content of the organization of AIS at the Securities Company in the following activities: Determining information needs and management needs, organization of input data, data processing organization, data storage organization, control system organization, and reporting system organization - Scope of space: The thesis studies the situation of AIS organization at 40 securities companies out of 75 securities companies in operation (by the end of 2018), reaching the rate of 53.3% - Time range: Data on AIS organization at securities companies was collected in the period 2015-2019 Survey and survey data was collected in 2018 and 2019 The proposed solutions look forward to 2020-2025 RESEARCH QUESTIONS Question 1: What is the organization of AIS at Securities Company? what criteria can be used to assessed it? Question 2: What is the situation of AIS organization in Vietnamese securities companies, limitations and causes? Question 3: What factors affect the organization of AIS in Vietnamese securities companies and how is the impact? Question 4: What are the solutions to improve the organization of AIS in Vietnamese securities companies? RESEARCH METHODS 6.1 Data sources The thesis uses both secondary data (legal documents, previous studies, papers and documents provided by securities companies ) and primary data collected by the author from the interview Board of Directors, Chief Accountant, accountants, employees of other departments in securities companies and survey 6.2 Data collection methods The author collects secondary data using tools such as the internet, searches in libraries, comes directly to businesses to collect For primary data, the author uses interviews, practical observations , survey survey through questionnaire 6.3 Data analysis method The author uses a combination of qualitative analysis methods such as comparison, analysis, synthesis and quantitative analysis methods to identify and evaluate the impact of factors on the organization of AIS in Vietnamese securities companies The data collected through the survey is processed by the author using SPSS20 software by the following steps: (1) Descriptive statistics of survey sample; (2) Assess the reliability of the scale by Cronbach's alpha coefficient; (3) Analyze factor to discover EFA; (4) Multivariate regression analysis 6.4 research process - Step 1: Research at the table to build analytical framework, research hypotheses and expected scale - Step 2: Small-scale survey (preliminary survey) by in-depth interview with chief accountants, auditors, 10 securities companies and 20 auditors After small-scale interviews and surveys, the author has normalized the survey questionnaire, reduced from 38 independent variable scales to 27 scales - Step 3: Survey on a large scale (Official Survey) in 40 securities companies, each company will survey 01 leader, 01 chief accountant, 01 general accountant, 02 accountants and 90 auditors Survey results obtained 40 Form votes, 40 Form votes, 160 Form votes and 65 Form votes - Step 4: Summarize and evaluate the results of the research, thereby proposing solutions for Vietnamese securities companies and some recommendations to the state management agencies to complete the organization of AIS NEW CONTRIBUTIONS OF THE THESIS • Theoretically - The dissertation contributes to supplementing and clarifying theories about the organization of AIS in enterprises and securities companies on 06 contents: determining information needs and management requirements; organize input data collection; organization of the processing system; organize storage system; organize the reporting system; organize control system The order of the contents implemented when organizing AIS in the thesis is a new perspective on the organization of information systems, suitable to the context of IT and industrialization 4.0 application - The thesis presents the evaluation criteria for the organization of AIS in securities companies in a complete and scientific manner, covering all contents of the organization of AIS from the time of having demand for information to information Information is provided to meet that need - The thesis has built high-reliability scales to identify factors affecting accounting information system organization in securities companies as the industry environment, the control environment in a securities company, the capacity of accountants, accounting software and information technology infrastructure, and determine the impact of these factors • Methodologically The thesis combines many modern research methods such as surveys via questionnaires, expert interviews, field research, reliability testing of scales, factor analysis, regression analysis, etc • In practical terms The research results of the thesis will be a useful reference not only for Vietnamese securities companies but also for state management agencies and scientists interested in this field STRUCTURE OF THE THESIS In addition to the introduction and conclusion, the list of references and appendices, the content of the thesis consists of 03 chapters: Chapter 1: Theoretical basis for the organization of the accounting information system at a securities company Chapter 2: Actual situation of organizing the organization of accounting information system in Vietnamese securities companies Chapter 3: Solutions to improve the organization of accounting information systems in Vietnamese securities companies CHAPTER THEORETICAL BASIS OF ORGANIZATION OF ACCOUNTING INFORMATION SYSTEM IN SECURITIES COMPANIES 1.1 BASIC CONCEPTS AND OPINIONS ON THE CONTENT OF THE ORGANIZATION OF ACCOUNTING INFORMATION SYSTEM 1.1.1 The basic concepts 1.1.1.1 Concept and classification of information systems in enterprises Information systems are a type of system, including “all related components, interacting with each other to collect, process, store and provide information for the purpose of planning, controlling, coordinating integration, analysis and decision making ”(Jame A Hall, 2011) According to O’Brien and Marakas (2014), business information systems in enterprises can be divided into two groups: operational support system (OSS) and management support system (MSS) Different types of information systems serve different purposes, in which, AIS is a basic functional information system of enterprises, both supporting the operation process and supporting management process 1.1.1.2 Concept and classification of accounting information systems In this thesis, AIS is understood as a collection of interrelated components to perform the tasks of collecting, recording, processing and reporting information according to users' needs AIS components include: (1) Input data; (2) IT infrastructure; (3) Software; (4) People; (5) Procedures - methods - processes; (6) Output information AIS is divided into two sub-file systems, the Financial Accounting Information System (FAIS) and the Management Accounting Information System (MAIS) 1.1.1.3 Organization of accounting information system organization In this thesis, the author uses the concept: AIS organization is the activities that combine the components of AIS together to perform the tasks of collecting, processing, testing, analyzing and providing information News based on user needs Through the AIS organization process, data components, IT infrastructure, software, people combined with methods, procedures and processes will create the necessary information to provide home manage as well as other information users outside the business 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 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 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 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 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 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 Impact level test results (1 is the weakest, is the strongest) H1 The industry environment (Env) has a positive (+) impact Accepted Accepted Accepted Rejected X on the organization of AIS H2 IT infrastructure (T1) has a positive (+) impact on the organization of AIS H3 Accounting software (T2) has a positive (+) impact on the organization of AIS H4 The level of management participation (H1) has a positive (+) impact on the organization of AIS 21 H5 The capacity of the accountant (H2) has a positive (+) Accepted Accepted impact on the organization of AIS H6 The controlling environment in Securities Company (Org) has a positive (+) impact on the organization of AIS Source: Author 2.4 EVALUATION ACCOUNTING OF REAL INFORMATION SITUATION SYSTEM AT OF ORGANIZATION VIETNAM OF 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 conducted by independent and specialized departments such as Internal Control Department or Internal Audit • About organizing the reporting system For financial statements, basically, securities companies have complied with the provisions on the content, form and method of making The accounting reports are generally less erroneous and are published promptly For management reports, securities companies have initially built up a separate reporting system to serve management needs such as clearing cash flow reports, large transaction reports, etc Accounting reports save time, effort and limit many errors, thereby helping the information provided is of higher quality 2.4.2 Limitation • About identifying information needs and management requirements The information requirements are just general requirements about the quality of output information, but have not yet been included in the content of the information to be provided, the delivery method, and accounting and management information that have not really been paid attention Many, have not made a request for information on plans, estimates, forecasts for the future to serve governance The small securities 23 companies have not organized management accounting according to the roles and functions of management accounting, so the usefulness of information is not high • Regarding the organization of the input data system In some securities companies, the content of documents does not reflect all the content of operations, has not been scientifically designed and is not convenient to use, especially with new and complicated operations such as bond issuance with discount or extra, operations on securities awaiting payment, unlisted securities, derivative securities Besides, the securities companies have not built a system of documents applicable to management accounting Clear and tight treatment The arrangement of vouchers, documents, input data in some securities companies is not really scientific • About organizing the processing system For financial accounting, the application of regulations on accounting and professional handling is sometimes rigid With difficult and complicated operations such as transactions related to financial assets using fair value, securities companies tend to be passive, waiting for specific instructions and details of each arising situation About the organization of management accounting data: Securities companies not have separate accounts and management accounting books but are now based on detailed content on accounts and books of financial accounting, which are opened on Accounting Software Companies using accounting software are a bit rigid, when there is a need for more management information, accountants must export the data to Excel and analyze, synthesize at the request of the manager or even The necessary data from existing datasets cannot be filtered The techniques to process management accounting data in securities companies are relatively simple, not yet using deeper analysis models such as ABC, CVP analysis, etc • Regarding the organization of the archive system: Document storage space is often cramped and difficult to arrange for searching when there is a need for reuse • Regarding the organization of the control system 24 Many control companies are formal Control procedures have been set up but compliance is not strict, sanctions have not been developed or have been applied but are not applied in practice, so they are less deterrent and prevent risky action Control activities currently rely mainly on the settings available on accounting software, and have not proactively built additional control measures • Regarding the organization of the reporting system The number of reports is high, the time for submission and publication is doubled, sometimes the accountants cannot keep up to date with the data, the work pressure is high, errors may occur Reporting depends on the software, but there are accounting software that is not synchronized, making the reporting process takes more time, the probability of errors is higher Many securities companies have not yet assessed the fair value of unlisted financial assets, especially OTC stocks in proprietary trading portfolios Administrative reports are usually done manually by exporting data to Excel for processing, which reduces the efficiency of the system, time and effort Although the management report has been prepared in terms of content, it has not provided good support for managers in the management and administration of enterprises due to the lack of information on estimates and forecast 2.4.3 The cause of the limitations 2.4.3.1 Subjective reasons - Firstly, securities companies only focus on information systems for transactions without synchronous investment in other management systems in the enterprise, including AIS - Secondly, most securities companies have not built and effectively used the management accounting system - Thirdly, the qualifications and management capacity of securities companies have not met the needs of management and administration - Fourthly, securities companies are not proactive and their ability to adapt to changes of policies is not high 25 - Fifth, the coordination in securities companies is not high - Sixthly, the Securities Company itself has not built a highly qualified staff, knowledgeable about international accounting standards to be able to perform complex operations SUMMARY OF CHAPTER On the basis of the theory summarized in Chapter 1, Chapter 2, the thesis has an overview of the stock market and Vietnam securities companies, the characteristics of business activities that govern the organization of AIS and analyze the status of organization AIS in securities companies through survey results, interview results and field observations Since then, the thesis has made comments on each content of AIS organization in securities companies such as organization of reporting system, good handling and storage system, fairly good control system organization, system organization Average input data and identification of information needs and management requirements are not good Through quantitative analysis to identify the factors that influence the organization of AIS and its impact, Chapter also assesses and explains the results achieved and the limited existence of each content organization, and point out both objective and subjective causes for these limitations This is the basis for the author to formulate the solution in Chapter 26 CHAPTER SOLUTIONS TO COMPLETE THE ORGANIZATION OF ACCOUNTING INFORMATION SYSTEM IN VIETNAMESE SECURITIES COMPANIES 3.1 DEVELOPMENT ORIENTATIONS OF THE SECURITIES MARKET AND VIETNAM SECURITIES COMPANY IN THE PERIOD 2020-2025 3.1.1 Target of stock market development 3.1.2 Principles of stock market development 3.1.3 State management orientation with securities companies 3.1.4 Development orientations of Vietnamese securities companies in the period of 2020-2025 - Firstly, restructure securities companies in the direction of renovating operational, intensive and professional models - Second, improve the capacity of securities companies - Third, enhance transparency and improve the effectiveness of monitoring tools 3.2 THE OBJECTIVE ACCOUNTING OF COMPLETING INFORMATION SYSTEM THE AT ORGANIZATION VIETNAM OF SECURITIES COMPANIES • Firstly, AIS handles large amounts of data • Second, AIS handles complex transactions • Third, AIS has good control • Fourth, AIS becomes an effective business management and management tool 3.3 SOLUTIONS TO COMPLETE THE ORGANIZATION OF ACCOUNTING INFORMATION SYSTEM AT VIETNAM SECURITIES COMPANIES 3.3.1 Solution for identifying information requirements and management needs Managers at securities companies need to identify key issues such as: type of information; Object of management; Scope of management; Content and form of output information; Who uses the information and the scope of information provided Securities companies can refer to the Table of Summary of Author Information Needs form to determine systematically and fully the requirements, as a basis for implementing the next steps 27 3.3.2 Solution to complete organizing input data Firstly, complete the content of collected information: it is possible to use the proposed author's sample table to summarize the information content and collected information sources Secondly, designing separate system of documents and management accounting documents - Determining the vouchers used for each accounting practice section, according to the functions and tasks of each section - Build a list of documents for accounting operations and document coding for each part of the securities company - Regulating forms and recording methods of each type of voucher - Provisions on making documents, the process of classifying documents, synthesizing, analyzing and providing information among departments in the securities company When designing the system of management accounting documents, securities companies need to consider issues: the content of documents and data contained on vouchers, accounting documents, scope of collection, responsibilities of participants in making vouchers and accounting documents , and build a sequence of document and document flow within the Securities Company Thirdly, increase the use of electronic data 3.3.3 Solution to complete organizing data processing system Firstly, securities companies should choose appropriate and modern methods of data processing and international economic data Some management accounting data can be processed using accounts and accounts of the financial accounting system but open more accounts and detailed accounting books by the object that needs to be gathered and managed However, to have information for the purpose of forecasting, analyzing the difference, forecasting, etc Securities companies need to apply more complex data processing methods, tools and models such as accountant accountability, financial analysis Activity-Based Costing, CostVolume-Profit Analysis (CVP), Zero-based Budgeting Analysis based on modern methods will provide more useful and easy to use information for administrators The author has suggested a responsible accounting organization model consistent with the organizational structure of MB Securities Joint Stock Company (MBS) 28 • Secondly, increase the data processing capacity of accounting software Upgrading data processing ability is an urgent requirement for securities companies Securities companies should regularly update and upgrade the accounting software in use if the software still meets the needs of the company or consider investing in new accounting software if the software does not meet the needs However, the update or investment of new accounting software should be done in parallel with cost-benefit analysis to avoid waste and achieve high efficiency • Thirdly, increase the ability to synchronize information of accounting software with other trading and management software in securities companies When choosing the operating software, securities companies need to consider their ability to connect data with each other In the context that the State Securities Commission and stock exchanges are innovating comprehensively the trading and clearing technology, the more accounting software needs to be flexible and highly compatible with the change of New trading system For accounting software being used, securities companies need to reevaluate and have plans to upgrade their handling and connectivity capabilities if they are not satisfactory Securities companies can refer to accounting software that is rated well on the market today are Bravo, SAP, Cyber Soft These are accounting software that are highly compatible with many trading software such as Mega Stock, Go Online, T-Solution, VNCS-Solution, BOSC, Navisoft 3.3.4 Solution to complete organizing storage system Securities companies may aim to digitize and store documents and electronic documents including vouchers, accounting documents, and use the Block chain that has just recorded, monitored and stored transactions Fast, convenient way in real time (Realtime) When digitalizing documents, it is necessary to specify which documents can be stored in digital form, which documents still need to be stored in physical format and how to store them In addition, the Securities Company should build regulations on data storage such as the regulations on folder creation, file creation, naming, arrangement so that the scientific storage and easy to find and reuse when needed The backup of data from accounting software to storage devices is carried out 29 periodically, in accordance with requirements of accounting software and operation plans of the securities company 3.3.5 Solution to complete organizing control system • Firstly, establishing a strictly controlled environment, building a culture of compliance in securities companies • Secondly, complete the organization of control levels in securities companies Securities companies can build a model of lines of defense corresponding to 03 control classes Specifically: The first line of defense is the functional departments tasked to implement and comply with business processes and regulations; The defensive line No is the risk management and supervision department which is responsible for issuing and implementing risk management process in securities companies; The third line of defense is the Internal Control Department under the General Director and the Internal Audit Committee under the Board of Directors has the following control tasks • Thirdly, complete control measures Securities companies need to strengthen the control features on accounting software such as access reports, system usage reports, not yet saving trace traces In addition, there should be a plan to check the system usage report and trace changes periodically to detect frauds and errors in time For security measures, securities companies need to update the latest security forms and require employees to strictly implement the regime of decentralization and security with passwords, without revealing account and password to access part Soft accounting for others It is necessary to build a culture of compliance within the company to improve the control and security of the system In addition, securities companies also need to complete accounting professional handling processes and inspection and control procedures at this department, focusing on perfecting the decentralization of the system The positions to be separated include: System analyst, programmer, computer system operator, system user, data library administrator; data control person 3.3.6 Solution to complete organizing the reporting system 30 • Firstly, supplement the types of reports for administrative purposes - The reporting system provides information for planning - The reporting system provides information on performance and control - The reporting system provides information to serve decision making • Secondly, select the format of presentation and reporting that is easy to use for managers • Thirdly, automatic assignment of objects to reporting and use 3.3.7 Other solutions for Vietnamese securities companies a) Group of technical solutions • Firstly, increasing the flexibility and the ability to customize PMKT according to the needs of the Securities Company • Secondly, using ERP to integrate the information systems in securities companies b) Solutions about accountants' competence • Firstly, improve the professional qualifications for accountants • Secondly, improve the compliance of accountants • Thirdly, improve the system skills of accountants 3.4 RECOMMENDATIONS TO STATE MANAGEMENT AGENCIES 3.4.1 Proposing to improve the legal basis in the field of securities and accounting • Firstly, complete the guidelines for the Securities Law 2019 • Secondly, finalize the legal framework for new products on the stock market • Thirdly, complete the accounting regime in securities companies 3.4.2 Proposing to strengthen control activities of state management agencies • Firstly, strengthen risk monitoring • Secondly, strengthening compliance monitoring • Thirdly, strengthen supervision of transactions • Fourthly, enhance the effectiveness of sanctions 3.4.3 Other recommendations 31 SUMMARY OF CHAPTER In Chapter 3, the author presented the development orientation of Vietnam's stock market in the period of 2020-2025, thereby determining the goal of perfecting the organization of AIS in securities companies Based on the analysis of shortcomings, limitations and factors affecting the organization of AIS, the author has proposed solutions for Vietnamese securities companies and recommendations to regulatory agencies government In particular, the solution group for securities companies focused on completing the contents of the AIS organization work and a number of other solutions related to accounting software and control environment in securities companies In addition, the author makes recommendations to the state management agencies focusing on improving the legal basis, strengthening control activities The above solutions and recommendations have been systematically developed and implemented in order to improve the organization of AIS, so that AIS can become an effective management tool in securities companies 32 CONCLUSION Main research results After the implementation process, the thesis has achieved the following main results: Firstly, the thesis has clarified the theoretical basis for the organization of AIS in enterprises in general and securities companies in particular The thesis has clarified the concept, classification, components of AIS, the concept of AIS organization and summarized approaches to the content of AIS organization in the enterprise Since then, the thesis analyzes the content of the organization of AIS in securities companies by approaching the information processing process, concurrently summarizing and drawing out 29 criteria for evaluating the organization of AIS in securities companies The thesis also summarizes and analyzes the factors affecting the organization of AIS in enterprises, and then draws factors affecting the organization of AIS in securities companies Secondly, the thesis has clarified the actual situation of AIS organization in Vietnam securities companies Through surveying, combining with interviews and actual observations at securities companies, the author draws the following opinion: Vietnamese securities companies are well organizing the reporting system, processing system and storage system storage The organization of the control system is well implemented However, the organization of the input data system is only at an average level and the determination of information needs and management requirements in securities companies is not good In addition, the author also pointed out the limitations in the organization of AIS in securities companies such as the identification of information and management needs for the international economy, which has not been well implemented, the method of accounting according to the IRC is not clear, the BCQT has not good support for managers' decision-making and analyze the causes of these problems, including both objective and subjective causes • Thirdly, the thesis has identified the factors and assessed the influence of these factors on the organization of AIS in Vietnamese securities companies The results of quantitative analysis help the author find out the factors affecting the organization of AIS in securities companies arranged in descending level of impact as 33 follows: environmental factors in the securities industry, control environment in Securities companies, the capacity of accountants, technical staff, IT infrastructure • Fourthly, the thesis proposes a system of solutions to complete the organization of AIS at Vietnamese securities companies Based on the evaluation of qualitative and quantitative analysis results, the thesis has built a system of solutions to complete the organization of AIS in Vietnamese securities companies, including solutions for securities companies such as complete the identification of information requirements and management needs, complete solutions for organizing input data, perfect the organization of data processing systems, perfect the organization of control systems, and perfect the organization reporting system and some other solutions related to accounting software and control environment in securities companies In addition, the dissertation also proposes recommendations to the state management agencies to improve the legal basis in the field of securities, accounting and strengthen control activities The above research results are also the answers to the four research questions and achieve the research objectives set out in the implementation of the thesis Limitations of the thesis and subsequent research directions Although the research objectives have been achieved, the thesis still has limitations such as: evaluating the content of AIS organization according to the information processing process but not considering other approaches Factors affecting AIS were selected according to the subjective opinions of the author and previous research results, which may have overlooked other important factors The scale of the survey in 40 securities companies, though accounting for more than 50% of the operating securities companies, may not yet detect complex issues in the organization of AIS in other securities companies The number of 225 surveyed samples, though eligible for analysis (out of 165 samples), is still not much The construction solutions for the next 5-year goal (2020-2025), have not set a longer-term development orientation The next research directions of the topic may be to study the AIS organization by other approaches, to expand the survey scale, to add more factors affecting the AIS organization to the model ... companies, Journal of Accounting and Auditing, 198, March 2020 Nguyen Thi Phuong Mai (2019), Factors affecting the organization of accounting information systems in Vietnamese securities companies,... quality of financial statements of Vietnamese securities companies, Audit Scientific Research Journal, 120/2017 Tran Thi Kim Anh, Nguyen Thi Phuong Mai (2017), The ability to apply the quality... financial accounting information systems in enterprises; (5) Research on the quality (effectiveness, success ) of the accounting information system; (6) Research on factors affecting the accounting information
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