Logo of Phnom Penh Post newspaper Phnom Penh Post - CamEd, maintaining international accounting standards

CamEd, maintaining international accounting standards

Content image - Phnom Penh Post
The library at CamEd is modern, beautiful, and quiet. During the examination periods at CamEd it is open for student use untill 11pm. post staff

CamEd, maintaining international accounting standards

CamEd Business School is Cambodia’s premier business school and the first and only provider of the Association of Chartered Certified Accountants (ACCA) approved degrees in Cambodia.

ACCA has awarded CamEd platinum status, based on the quality of tuition and performance that remains above international standard.

Casey Barnett is the president of CamEd, he offered some insights about what makes CamEd a fantastic prospect for students of business and accounting in Cambodia.

CamEd has been operating “Since 2001, we started as a training company, we trained companies, we didn’t have a school”, explained Barnett, “as our student body increased, we opened a school and we had students come to us … when we introduced the bachelor degree, we were already well known ... the first class was around 80 students, whereas this year we admitted nearly 700 students (in total)”

CamEd’s ongoing success can be put down to some important factors, for instance “we [CamEd] have always followed international standards; the curriculum we follow is developed by the ACCA in the UK … It’s a very high standard”, said Barnett, “The lecturers and professors have to be well qualified and experienced”.

Content image - Phnom Penh Post
The CamEd campus runs over three buildings. post staff

As the only ACCA accredited business school in Cambodia, there is strong competition for a place at CamEd, when it comes to working in the biggest Cambodian companies, the ACCA is invaluable, “The ACCA is based on an accounting standard called IFRS [International Financial Reporting Standards], and that is the standard that larger companies in Cambodia must follow. And so because we are teaching that standard, that appeals to companies and audit firms, our graduates have a good knowledge and grounding in that”, said Barnett, adding “It really signals a level of quality that is respected by international companies that need a high level of quality in the accounting.”

Increasingly, graduates of CamEd are looking to work abroad, but already placements in international companies within the Kingdom are rising, “I think there would be an interest in working abroad but right now there are not strong channels to send large numbers. So right now we have a handful of students in Australia, in the UK, in the United States, the numbers are not that big though, so most of our graduates do stay here  …however when working in Cambodia they aspire to work for an international company,” Barnett noted.

Content image - Phnom Penh Post
Reading rooms provide group work spaces. post staff

One way to open doors in the business world is networking and building long lasting relationships with fellow industry professionals. CamEd has developed a method for starting these interactions and friendships early on in the piece.

By taking their first year students on a camping trip, before classes even start, problem solving, lateral thinking, team work and ultimately self confidence are unearthed in the students.

Barnett explained that “there are many practical reasons we do go camping. They go to Mondulkiri province, they are actually sleeping in a tent, and cooking their own food … we regard this as part of their education.”

For many students it is their first time camping and there may be challenges but that is part of the bonding experience, “they (students) are doing it with their future classmates ... we hope that these relationships stay with them as these students graduate and go into the professional world. They will have a very strong network that they can tap into once they are in the business world,” said Barnett.

By building camaraderie and continuing to provide a high quality level of education CamEd is continuing to grow and expand its scope. CamEd is strategising their approach to overcoming future challenges.

Content image - Phnom Penh Post
Casey Barnett, President at CamEd. post staff

Recently some of CamEd’s faculty attended the World Congress of Accountants, held in Sydney, Australia to stay up to date with developments.

“There were two developments in the profession of accounting that are being emphasised, as key things that are changing, the first is IT [Information Technology]. We need to lead our students to learn how IT is integrated in accounting. We are very rapidly introducing more intensive study of information systems, applications for technology”, Barnett went on, “the other change that the world congress of accountants observed is that with the increase of IT, ironically … the accountant now has a more and more important role to explain that information, and guide the decisions, to arrange the information in a way that can be understood by others.”

In the accounting world of the future, humans will be playing roles that have changed markedly since the profession began.

By utilising an open mind, critical thinking, and a high quality education to back it up, jobs in the workplace of the future may also present many opportunities.

MOST VIEWED

  • Municipal hall releases map detailing colour coded Covid risks by commune

    Phnom Penh municipal governor Khuong Sreng released an official map detailing the red, yellow and dark yellow zones within the city under the new lockdown orders for Phnom Penh announced on April 26. The designation of red, dark yellow and yellow corresponds to areas with high,

  • Inter-provincial travel ban lifted; Phnom Penh and Takmao not exempted

    The government on April 25 decided to lift the inter-provincial travel ban and the closure of tourist attractions across the country, effectively immediately. The travel ban and closures of all resorts were imposed on April 6 and 17 respectively in a bid to curb the spread of Covid-19,

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • Phnom Penh, Takmao lockdown extended for another week

    The government late on April 26 announced an extension of lockdown in Phnom Penh and adjacent Takmao town in Kandal province for another seven days – or longer if residents do not comply with Covid-19 preventive measures and the community outbreak does not subside – until May 5. According

  • Gov't mulls extension of Phnom Penh, Takmao lockdown

    The Inter-ministerial National Commission for the Control and Enforcement of Lockdown held a video conference meeting on April 25 to review a draft document on the extension of lockdown in Phnom Penh and adjacent Kandal province’s Takmao town. The meeting was chaired by Minister of

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a