This personal statement was part of this student’s successful application to London School of Economics, University of Manchester, University of Warwick, City University and University of Birmingham for Accounting and Finance.
The 2014 JPMorgan Chase data breach entered the history books of cyberattacks when millions of household and businesses’ confidential data leaked, caused by flaws in web applications used by the bank. People are convinced that it is safe to rely heavily on big intermediaries and the “Web 2.0” for its convenience of use for everyday business operations following its unveiled and stateless nature. Conversely, these platforms can be susceptible to unauthorised employees with proper clearance, thus putting multiple copies of data at risk. Hence, not only does economic data lack accountability, but people are getting their assets of money, identity, and creations swindled, creating an ever-lasting social inequality. As a result, I aim to champion this by delving deeper into Accounting and Finance, particularly linking Corporate Social Responsibility reporting with accounting cybersecurity in this era of modern technology.
By studying the Financial Shenanigans, I realise how businesses abuse window dressing to create favourable reports to satisfy their underlying motives. The authors challenged my view that it was not incidental when Enron caused up to billions worth of investor losses by fraudulently hiding mountains of debt and unprofitable assets in off-balance-sheet Special Purpose Entities. This scandal proves that the theories of auditing and International Accounting Standards learnt in A-Level Accounting alone in ensuring financial statements’ validity and international comparability are realistically impossible. To safeguard investor interests, my in-depth research in financial technology, or Fintech, discovered blockchain that aggregates historical data of financial transactions on a transparent impenetrable ledger distributed over the global network. This advancement fascinates me to grasp the evolution of accounting that could spiral the efficiency of managerial decisions in ensuring obligations and judgements adhere to the International Financial Reporting Standards.
As wealth creation grows in line with the evolution of goods and services, this revolution increases the intricacy of recognising revenue which has outgrown outdated systems such as Enterprise Resources Planning due to lagging data mitigation. I was intrigued when TIDAL Magazine interviewed Imogen Heap on her Creative Passport, a smart contract encrypted to display data of her content immutably and to autonomously act as a payment and settlement in a single transaction. Capital legislation is also feasibly adapted on a larger scale, as seen in Honduras, where up to 70% of land assets had tenuous titles. The Borgen Project took place in 2015 to implement a blockchain-based land registry to secure the land title for farmers. I strive to make this alternative ubiquitous, allowing populations to fully utilise their assets, ensuring economic mobility and accelerating poverty reduction.
I sought not only to find a platform to apply accounting theories but also personally put myself into the shoes of consumers, suppliers and investors. Uptaking the role as treasurer of Base Initiative Malaysia and my school’s charity club, the mission of our association to help the financially unfortunate receive equal opportunities grew on me. Despite being meticulous and mathematically competent, sourcing income among the wealthy to distributing funds to the poor has put me through challenges such as time consumption for proceedings completion and recurrent transaction fees. These first-hand experiences stimulate me to pursue finance to mitigate these minor inconveniences that could silently rip off precious time and wealth as it extends to an uncontrollable scale.
The accounting profession is constantly revolutionising into a more efficient level in achieving prosperity in the global diaspora. I intend to study the depths of pecuniary complexes as I desire to be a part of the vision to bring people justice by pre-distributing wealth and democratising financial transparency.
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