Why Auditing?

“Being an auditor is an interesting and challenging career path for anyone with the aptitude for it” said Nge Huy, Partner, Head of Audit and Assurance Services at KPMG in Cambodia.

“Working in Audit will not only provide the opportunity to utilize and sharpen accounting and auditing knowledge attained from Universities, but also does it help to develop interpersonal skills and professional behaviors.

“Besides, as Cambodia is becoming more integrating into the world economies, there are many opportunities to participate in developing the profession in Cambodia so that we can meet regional and international standards” he said.

Huy started his career as an auditor in KPMG in Cambodia after graduating from university in 1997. “KPMG in Cambodia was only in operation for about 3 years at the time I joined, and there were about 10 auditors in the office,” Huy recalled. “and now we have over 200 staff and still growing.”

“Being the first Cambodian Partner in 2011 provided me the opportunities to contribute to the growth of KPMG in Cambodia and show our Firm commitment to develop local talents.”

As a council member of the Kampuchea Institute of Certified Public Accountants and Auditors (KICPAA) and the National Accounting Council (NAC) since 2003, Huy has been providing input to the development of the industry.

His input has contributed to forming the basis for the current development of the profession. And he continues to offer his vast experience and wisdom even today as a consultative council member of the NAC for the fifth mandate.

But nothing came easy for Huy. “Our industry is always changing and requiring us to learn new standards and how to apply into client context”.

“I have to learn to deal with difficult conversations, but at the same time I got to know a lot of amazing people. That is very satisfying…”

As for his long-term perspective of the audit profession, Huy commented that digital developments such as the use of big data and the 4th industrial revolution will certainly disrupt the audit profession. Auditors will need to shift from traditional approaches and methodologies to technology-oriented and more enhanced processes.

“With innovative new tools, including data analysis and analytics, robotics and cognitive technology will help auditors transform financial audits and promote the quality of work,” he said.

“The audit profession is still at its infancy in Cambodia, but it is developing at a remarkable speed to follow international trends. In Cambodia, KPMG already deployed the enhanced audit platform Clara at pace of other more matured markets”

As an ASEAN member-nation, Cambodia has adopted the international accounting standard (International Financial Reporting Standards – IFRS and International Financial Reporting Standards for Small and Medium-Sized Entities – IFRS for SMEs) and auditing standards (International Standards on Auditing – ISA).

“Aligning Cambodia’s accounting and auditing practices to that of international standards is crucial to improving quality and transparency in financial reporting for stakeholders”, Huy said. “All relevant stakeholders need to closely work together to solve the challenges.”