Discussion forum topics
Assessment Topic 1
In the future, I would like to work with DELOITTE (Deloitte Touche Tohmatsu Ltd.), a large accounting organization founded in 1845 by William Welch Deloitte. In 1952, Deloitte merged with Haskins and Sells. The joint company was named Deloitte, Haskins & co. The company provides professional services includes auditing and assurance, advisory, financial advice, risk advice, tax, and legal services. About 312,000 employees worked in this company. It is a global leader as a customer service team led by a leading customer service team, helping to develop high-performance business solutions for companies operating worldwide. Each DTTL member firm is structured following national laws, regulations, customs, and other factors and can ensure the provision of business services in its area by subsidiaries, affiliates, and other affiliates. Deloitte operates in more than 100 countries worldwide, including India, China, Hong Kong, and Australia. Deloitte is headquartered in London, UK. According to the latest financial reports (FY2020), Deloitte has sales of $ 47.6 billion. In the recent COVID 19 pandemic, the company is providing financial support, medical equipment, and pro-free project work for COVID 19 relief in FY 2020, which is valued at approximately $ 20 million.
The services provided by Deloitte are-
AUDIT – It is about attesting to accomplishments and challenges that help to assure a strong foundation for the future.
CONSULTING– Under this service, Deloitte members assist clients by expert advice to a specific group by offering areas of marketing, technology, and core business operations.
FINANCIAL ADVISORY – a range of financial advice provided by certified public accountants (CPA) and other experts on capital formation, cash flow, and wealth management.
RISK ADVISORY – It helps the organization to understand the risk and suggest recommendations to improve internal control system efficiencies.
TAX AND LEGAL SERVICES – Deloitte guides customers by offering support for legal activities related to the tax laws and structuring.
References
(2020). Retrieved from https://en.wikipedia.org/wiki/Deloitte
deloitte. (2020). Retrieved from https://www2.deloitte.com/au/en/pages/about-deloitte/articles/about-deloitte-australia.html
Deloitte report. (2020). Retrieved from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/global-revenue-announcement.html
Topic 2
External shareholders are those who indirectly work with a company but are affected somehow by actions and results of the business.
External stakeholders of Deloitte company are :-
CLIENTS
Deloitte clients seek long-term personal relationships and regular contacts with the single most important Deloitte contact person to discuss market development and their key concerns. Customer Satisfaction, Reliability / Trust, Training & Education, Economic Development (Continuity) and Innovation are issues related to this demand. The need for global cooperation and knowledge exchange is of paramount importance to international consumers. These include: internationalization, quality of services, reliability / trust, training and education and career development. Students are expected to share knowledge and skills as part of a fuzzy partner relationship. In this regard, training and education, career development and internationalization are issues that are related to this expectation. After all, there is an increasing number of customers needing their suppliers, including professional service companies, to prevent CO2 emissions and make a positive impact on the world.
GOVERNMENT REGULATIONS
Deloitte have formal, formal and informal engagement with our regulators. During the reporting year, the focus of our regulators was on the following topics: Quality Culture Culture Accounting Companies Construction • Workload and Stress • Diversity and Content This topic deals with the following issues: Quality of Services, Reliability / Trust, Diversity and Inclusion, and Life Power.
DELOITTE NETWORK
In 2019 Deloitte announced targets for CO2 reduction from all its member firms. In addition, DTTL maintains policies and programs in the field of corporate citizenship. In addition to these sustainability-related practices, DTTL maintains strict guidelines in the areas of quality, ethics and. The fight against integrity, privacy, data security and corruption. We can improve by providing an equally high level of knowledge and expertise to all our customers.
COMPETITORS
In 2019 Deloitte announced targets for CO2 reduction from all its member firms. In addition, DTTL maintains policies and programs in the field of corporate citizenship. In addition to these sustainability-related practices, DTTL maintains strict guidelines in the areas of quality, ethics and. The fight against integrity, privacy, data security and corruption. It can improve by providing an equally high level of knowledge and expertise to all our customers.
EMPLOYEES /PUBLIC OPINON
Every year Deloitte conducts quantitative research to track the beliefs and priorities of Millennials and General Z. The results of Deloitte Global Millennial Survey 2019 are relevant for us as most of our employees fall in these age groups. The results of the survey are consistent with the conclusions we make based on informal interactions with colleagues and members of the general public. The results of the Deloitte Global Millennial Survey show that the following topics are important to stakeholders in this group: reliability / trust, data security, ethical standards, integrity, anti-corruption, diversity and inclusiveness, learning and education, development career, resilience, climate and CO2 emissions and social impact.
REFERENCES
Topic 3
Internal Stakeholders are any individuals who can be influenced by an organization, plan of action, or forecast. They can be internal or external and they can be at lower or upper levels. According to (T.Morphy, n.d.), internal stakeholders are those in the management, marketing experts, designers, purchasing, manufacturing, gathering, and sales, while external stakeholders are the users/customers, distributors, governments, suppliers, communities, laws, and regulations.
Internal shareholders in Deloitte are-
- Executives
- Board of directors
- Operating team
- Member firm client
- Auditors
EXECUTIVES-hire to improve the business and maintain not only the current situation of any organization. But change can be disadvantageous to existing stakeholders, and incoming authorities must develop the ability to influence other stakeholders to make changes and improve performance. The Deloitte Global Chief Executive, which currently consists of 25 senior executives from Deloitte Global and selected Deloitte firms, is responsible for realizing Deloitte’s goals and advancing its strategic business priorities. The CEO sets policies and supports initiatives that help to influence Deloitte customers, Deloitte employees, communities, and other stakeholders. The group meets at least 10 times throughout the year in person or by video/conference call. The second four-year term of Deloitte Global Chief Executive Officer Punit Renjen began on June 1, 2019, led by its Chief Executive Officer. Renjen will appoint members to the executive board, subject to the approval of the management committee of the Deloitte Global Board of Directors. (Deloitte, n.d.)
OPERATING TEAM-Deloitte’s Global Operating Committee provides the indispensable link between strategy and execution that helps Deloitte operate efficiently and effectively. Mike Dougherty, COO of Deloitte Global, chairs the operating committee. It includes the heads of business units and sub-areas of Deloitte Global, as well as the chief operating officers of Deloitte’s major companies. The group meets in person or by videoconference at least seven times during the year.
BOARD OF DIRECTORS – a team of individuals choose by the shareholders of a corporation to direct the corporation’s business and allot its officers. Deloitte’s Board of Directors is Deloitte Global’s highest governing body and deals with key governance issues, including the approval of global strategies, key transactions, and the selection of Deloitte’s CEO. The Board has several committees to support its oversight and governance role, including a Risk and Ethics Committee and a Finance and Audit Committee. Member firms consider gender and business background when appointing individuals to these positions. As of June 1, 2020, the board had 21 members, seven of whom were women. Deloitte Global President Sharon Thorne began her four-year term on June 1, 2019. (LEADERSHIP AND GOVERNANCE, 2020)
MEMBER FIRM CLIENT -To promote effective and accountable management within member companies, Deloitte has adopted global standards that describe specific management and governance structures to be implemented by the members of the companies.
References
Deloitte. (n.d.). Retrieved from https://www2.deloitte.com/us/en/insights/focus/executive-transitions/influencing-stakeholders.html
Deloitte report. (2020). Retrieved from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/global-revenue-announcement.html
LEADERSHIP AND GOVERNANCE. (2020). Retrieved from DELOITTE: https://www2.deloitte.com/global/en/pages/about-deloitte/articles/leadership-governance.html
T.Morphy. (n.d.). internal stakeholders. Retrieved from https://www.stakeholdermap.com/internal-stakeholders.html
Topic 4
Deloitte’s approach to sustainability is twofold: the initiatives we promote in our global network to reduce the environmental impact of Deloitte employees; and the services that Deloitte member firms provide to clients to promote sustainable practices. Deloitte is committed to helping its employees implement and share sustainable approaches in their professional lives and through interactions where they live and work. By sharing best practices across our network, Deloitte can leverage its positive impact. (environment sustainability, 2020)
- Increasing raw materials could jeopardize Deloitte’s profitability.
- The growing trend towards separatism in the US economy may lead to similar reactions from other governments and thus negatively impact international sales.
- Because the company operates in many countries, it is exposed to currency fluctuations, especially given the volatile political climate in many markets around the world.
- The lack of skilled labor in some global markets poses a risk of increasing Deloitte’s steady income in those markets.
- Demand for highly profitable products is seasonal and any event of a high probability season can affect a company’s profitability in the short term to medium term.
- Rising wages, especially $ 15 per hour and rising prices in China, could put severe pressure on Deloitte’s profitability. New technologies developed by competitors or market clutter can pose a serious threat to the industry in the medium to long term. (SWOT ANALYSIS, 2020)
References
deloitte. (2020). Retrieved from https://www2.deloitte.com/au/en/pages/about-deloitte/articles/about-deloitte-australia.html
Deloitte report. (2020). Retrieved from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/global-revenue-announcement.html
environment sustainability. (2020). Retrieved from https://www2.deloitte.com/global/en/pages/about-deloitte/articles/environmental-sustainability.html
SWOT ANALYSIS. (2020). Retrieved from https://www.swotandpestle.com/deloitte/