Challenges faced by the Global Companies-Samples for Students

Question: Discuss about the the Challenges faced by the Global Companies in Auditing. Answer: Introduction The world Business is facing humongous problems in terms of auditing and accounting around the world (Wood 2014). As a student of Business Administration, this journey of research and assignments has been an extremely enriching experience for me. The first two assignments were based on the accounting challenges faced by global organisation in their operations around the world and on the difficulties of the bookkeeping professionals in a changing business condition. The first assignment was a review of literature whereas the second one was a research proposal. Both these assignments have been extremely informative for me. This research has provided me an outlook about the practical business operations and the global business environment. Utility of Learning Process The understanding of the global organisations and the difficulties faced by bookkeepers will be useful for me in the course, program, career and life. Course: The first two assignments has not only elevated my knowledge about the global economy and the difficulties faced to record or keep an account about the happenings in business but it has also provided me with a worldview. This worldview will be useful for me in the future activities of my course. Program: The issues like money related emergency, corporate administration, reports of International finance along with different national policies of business and movement of capital in the international market will be useful for me in the entire program. Future Career: The global organisations are facing severe difficulties regarding the international business treatise and diverse operating systems in different countries (Camfferman and Zeff 2015). This knowledge will perhaps make me more confident for better job opportunities in the future. Life: These two assignments have elevated my worldview in my personal life. The knowledge that I have gained through the research has made me more confident in life. Learning Process Both the assignments were done by industrious research and voracious research through the offline and online means regarding the subjects. The learning process was mainly dependent on various media and business reports, business journals and other research activities done in the reputed industries around the world. The research process helped me to become more mature in terms of acquiring perfect knowledge and to grow scepticism within me. Lessons learnt Both the assignments are regarding the problems faced by the global companies and auditors in order to adopt according to different economies, rules and regulations and taxation policies. The first assignment focuses on the problems created by diverse policies and communication problems in global companies. However the second assignment, a research proposal tries to search for the answer about the global infrastructure and administrative function in terms of developing better bookkeepers. Evaluation In the first assignment I found the root cause to the problems faced by the global organisations operations in particular countries. It is a fact that about 170 different countries follow International Financial Reporting Standards (IFRS) which helps the global organisations to coordinate and operate. Despite IFRS, every country or economy have their own rules and regulations, environmental laws, taxation laws and internal control systems about conducting business organisations (Rao 2014). The insufficient knowledge about accounting the information in the business organisation primarily lies in the developing nations. The reason behind this is the scarcity of skilled labour in this country. However, the assignment emphasises on the fact that it is important to update the accounting operations in the significant Corporations in order to compete and survive in the global market. This equivocal auditing process around the world has made things difficult for the internal auditing of the global corporations (Edwards and Gaventa 2014). The research also made me learn that the workers of diverse races, cultures and religions have become one of the major problems in communication and perfect accounting functions. In the second assignment, I came to know and understand more about global economy. This led me to some conclusions. I recognized the alarming situation in the bookkeeping and the steps which should be taken towards the betterment of bookkeeping. The bookkeeping industry is struggling because of lack of education and unskilled labour in the developing economies (Knechel and Salterio 2016). This research proposal basically dealt with whether the administration provides enough educational infrastructure and facilities to the government editors and whether the education system allows a student to understand the practical problems regarding auditing or accounting in the global companies (Francisco 2016). Reason of the research Among all other topic I found this global crisis faced by the Multinational Corporations around the world as the most significant one. This research could be helpful for many other future research projects regarding work culture and accounting problems. This research can be useful in the development of proper skilled labour in the near future. Application of knowledge and Conclusion This apprehension about the global economy and bookkeeping can be utilised in a Multi National company or in the future courses. The knowledge which is acquired will be helpful for a new start-up business or even as an employee in a corporation. This research can be helpful for a company to overcome such issues to progress in this global economic environment. References Camfferman, K. and Zeff, S.A., 2015.Aiming for global accounting standards. Oxford University Press, USA. Edwards, M. and Gaventa, J., 2014.Global citizen action. Routledge. Francisco, J.S., 2016. Chemistry in a Global Economy: Can Our Curriculum Meet the Challenge?. InChemistry without Borders: Careers, Research, and Entrepreneurship(pp. 23-29). American Chemical Society. Knechel, W.R. and Salterio, S.E., 2016.Auditing: assurance and risk. Routledge. Rao, T.V., 2014.HRD audit: Evaluating the human resource function for business improvement. SAGE Publications India. Wood, R., Stadler, K., Bulavskaya, T., Lutter, S., Giljum, S., de Koning, A., Kuenen, J., Schtz, H., Acosta-Fernndez, J., Usubiaga, A. and Simas, M., 2014. Global sustainability accountingdeveloping EXIOBASE for multi-regional footprint analysis.Sustainability,7(1), pp.138-163.