Global Professionalism: Big 4 Firms in Bangladesh

Introduction

The paper aims at examining the practices of work in Bangladesh of Big 4 firms with the primary aim of reaching global avenues. Big 4 firms have achieved a long-standing in the economy heavily influenced by various factors ranging from societal to professional norms. The article scholars seek to understand professional work in global contexts reflecting on the following research objectives;

Understanding global professional work through the evaluation of the current globalization pressures experienced in emerging professional market services while focusing on Big 4 firms,

Examining global genuineness of Global Professional Service Firms (GPSFs) while utilizing Big 4 firms' activities

Globalization Pressures affecting the authenticity of Global Professional Service Firms (GPSFs)

The scholars focus on the effects of system, Society, and Dominance (SSD), noting that global firms are evaluated in aspects of eliminating national diversity and promoting organizational practices homogenization. Further, the firms could be seen as a desire for describing firm internalization focusing on heterogeneity and diversity, resulting in diversity cerebration. Critics of the idea note that it contributes domination and power processes. The SSD framework acknowledges the work organizations are designed by different factors, including system effects referring to the political-economic system, societal effects describing the location societal features, and dominance effects representing elements of the dominating economy or the top firms and sectors.

The experts conclude that a professional service firm (PSF) is not fully global and acknowledge that SSD effects tie Bangladesh Big 4 firms. For example, the firms are normally forced to partner with local institutions since they must sign audits using local firms. Professionalism difficulties relating to production non-audit services more so concerning integrity, independence, and integrity contribute complaints from Bangladesh accountants noting inability to practice to the global headquarters standards.

Further, the scholars evaluate Bangladesh's socio-economic factors noting that the country is dominated by market economy principles influenced by a capitalist system. Unlike in western nations, Bangladesh presents social capital forms, secure family networks, and informality, which explains the high nepotism and accounting dynasties rates in Bangladesh. The socio-economic context pushes global organizations like Big 4 to partner with local institutions. According to the scholars of all the Big four firms in Bangladesh, only one firm has full member status.

Further, the scholars agree that the growth of the Bangladesh economy in the recent past is appreciated globally, and international firms are showing interest in gaining full membership status. Nevertheless, legal barriers pose significant threats by limiting the multi-national companies' equal rights with local firms. The continuous growth of Bangladesh's economy is likely to present professional services opportunities, thus eliminate the local institutional factors grip on professional service work. The scholars recommend the need for integrating local conditions and practices voiced in global aspects together with global aspects and also consider the cross-border influences in different regions resulting from relapse of specific conditions.

Conclusion

Therefore, the relationship between globalization and accounting has borrowed heavily from the system, society, and dominance. As a result, global firms operating in Bangladesh are pushed to partner with local institutions to sign to the audits. Although the legal barriers pose significant threats by limiting the multi-national companies’ equal rights with local firms, GPSFs recommends the need for integrating local conditions and practices voiced in global aspects together with universal elements and also consider the cross-border influences in different regions resulting from relapse of specific requirements. As Bangladesh's economy continues to grow, professional services opportunities will increase and eliminate the local institutional factors grip on professional service work.

Reference

Belal, A., Spence, C., Carter, C., & Zhu, J. (2017). The Big 4 in Bangladesh: caught between the global and the local. Accounting, Auditing & Accountability Journal.