Multinational Corporations Vs. Mncs

1417 WordsFeb 3, 20156 Pages
Introduction Recent advances in information technology, deregulation, and market liberalization worldwide have resulted in the growth of Multinational Corporations. Multinational Corporations or MNCs are growing both in scale and complexity. Today, a MNC can be present in multiple countries, dealing in multiple markets with different currencies, speaking different languages, and adopting to different cultures as they spread their wings across the world. But with growth, they also have to deal with different legislations, and regulations. They have complex ownership structure with complex supply chains and extra and intra-business transactions. These organizations who employ 1000s of people, deals with billions of customers every day that results in millions of transactions taking place continuously across group businesses, time zones, regional, and national boundaries. These MNCs are constants growing and are evolving in different ways in different countries that results in thousands of pages of financial information generated each day around the world. This puts constant pressure on MNCs accounting departments to keep pace with the constant change in operations and regulations to achieve strength in depth, and be consistent in the hundreds of locations around the world (PWC, 2012). MNCs, and their stakeholders expect consistent quality of audits from each of their location spread across the globe. MNCs headquarters, the board and their committees expect their group
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