Providing expertise in accounting and auditing, CamEd has proved itself in reaching an international standards. The education provided at CamEd achieves ACCA accreditation standard.
“CamEd is the only university in the Kingdom of Cambodia that has the distinction of inputing the ACCA and CAT programs in our curriculum,” said Casey Barnett, founder and principal of the business school.
“The lessons prepared are issued by the ACCA (Association of Certified Public Accountants in the UK). At the same time, our school has always followed the development of the ACCA closely,” she added.
Setting an international quality curriculum for young Cambodians is a huge focus on CamEd’s agenda. They ensure that the material they use in their schools fall within ACCA requirements.
“Accounting and auditing text books in English, as well as other documents and tests, from CamEd are issued by ACCA, as it helps improve the education for our students in order for them to pass, which is why our degree is recognized by the Ministry of Education in Cambodia and the ACCA, as well as the international accounting society,” he said.
Thirty years ago, all the countries in the world had their own national accounting and auditing standards, which could make doing business hard, Barnett said.
However, gradually, they have reduced national standards, instead seeking an easy way for international joint accounting and auditing with transparency and effectiveness in trade. They set an International Financial Reporting Standard (IFRS), an International Accounting Standard (IAS) and an International Standards on Auditing (ISA) for this reason.
In Cambodia and the ASEAN countries, no country complied with the IFRS accounting system 20 years ago. However, currently, there are some countries that have began to cooperate with this system in the region, such as Singapore, Malaysia, Thailand and Cambodia.
“They comply with the IFRS approximately 95 per cent of the time and the Philippines and Indonesia are starting this standard process, as well,” he said.
Barnett has also analyzed Thailand’s financial statements.
“We see that if someone can analyze IFRS, they will be able to apply to work in Thailand easily,” he said.
Having a specific international financial accounting system may encourage international investors to accurately analyze and measure income and expense, leading them to invest in all costs.
“For the country, it is the same,” he said. “It will be highly trusted for international investors if they want to do business in Cambodia if it is based on IFRS financial statements here. They also attract main lenders, too,” he said.
CamEd chooses its curriculum through ACCA, striving to analyze financial reports through the IFRS system while some CamEd students worked abroad in Malaysia and Singapore.
Early this year, two students went to CPA in the United States, where they worked in the country, even staying after graduation where they began to run their own businesses, according to Casey.
CamEd also trains small and medium-sized businesses by starting analysis for strategic planning for businesses for three to five years. The creation of the businesses is based on clear principles which have to create new products with a unique approach to provide their services and competitive prices, he said.
“The creation of new businesses is not only unique and low-cost, but traders also have to prepare for competition in the market, the barrier creation to protect its business, correct cash flow plan and necessary savings,” he said.
In addition to the specialized subjects CamEd provides its students in the business school, they also offer software education opportunities, activities in humanitarian and social programs and sports, which is in accordance with the development of globalization.