RAP research and employment role
*****Question two: To what extent do you think you achieved the RAP research objectives you set?
In my RAP, objectives played a critical role. They offered guidance on what information I could search and the data to collect to complete the research. In a nutshell, my research objectives emerged after reviewing literature touching on the research topic I choose to investigate. Reviewing the literature provided gaps that were relevant to explain why some corporations have weak governance and not in others. In addition to discussing the topic of the study, I have to accept that it was out literature review that I was able to frame the fundamental research objectives that guided this study way from the choice of research methods to the opportunity of theories to complete the study.
According to the available body of knowledge, framing clear objectives of a study attracts success in data collection and analysis. It offers adequate information for recommendations and conclusions. I have to admit that goals provided a clear direction for the study. For instance, the choice of secondary data was dependent on the objectives that I adopted. And as a result, I was able to gain a lot of insights and information regarding corporate governance from the research objectives of the research project.
The main objective focused on the weak corporate governance structures of ICICI Bank. From this objective, I learned that even though the Bank has a documented corporate governance philosophy outlining its structure, several loopholes exist that undermine its steps to deal with agency-related problems. Before focusing on the corporate governance of ICICI Bank in particular and that of Axis Bank, it emerged to me that incorporated bodies are managed by a board of governors who acts on behalf of the shareholders. Due to the high number of shareholders, the shareholders can’t control the corporates themselves. Instead, they appoint the directors to run on their behalf. When these directors are not monitored well, they may embark on advancing their interests at the expense of the shareholders.
The analysis revealed that the ICICI Bank has few board members, which resulted in fewer board committees. In these committees, the members were way less compared to its competitor. It suggested a weakness in corporate governance. From this analysis, it was evident that having a board of directors is no assurance that the organization will have strong governance. I managed to learn that in addition to the traditional board committees such as the audit committee, an organization can constitute as many committees as possible depending on its needs. For instance, the Special Committee of the Board of Directors for Monitoring of Large Value Frauds, Corporate Social Responsibility Committee, and Review Committee are crucial in a corporate, yet they are overlooked. Their absence weakens the governance paving the way for management to advance their interests at the expense of the shareholders.
Question three: How have you demonstrated your interpersonal and communication skills during this work?
Even though I have been in school for a couple of years and interacted with many people, I consider every day as a learning day as well as a chance to exhibit the highest degree of what I have acquired in school. One such critical area is interpersonal and communication skills. Interpersonal skills remain a crucial foundation for success in life. These skills are fundamental when working with others either as a team or groups, formally or informally because they enable one to communicate and interact effectively. Learning the skills is one thing, and applying them is another. ntilInterpersonal skills are diverse and include communication skills, emotional intelligence, team-working, negotiation, persuasion, influencing, conflict resolution and problem-solving and decision-making skills. I can acknowledge that these skills were fundamental during my research, particularly when meeting with the mentor. I have to admit that interpersonal communication is not accessible for you until you are well-equipped with interpersonal skills to relate.
While interpersonal communication entails sharing meaning and information among people with some level of independence, completing the research paper required a lot of input from both myself and my mentor. Without a doubt, if it were not for my mentor, I wouldn’t have delivered the masterpiece that I have come up with at the end. And throughout this journey, interpersonal skills remained of great significance. One such skill was active listening. Listening beyond the words spoken by the mentor to understand the message being communicated was necessary. The expertise enabled me to concentrate on understanding what the mentor wanted me to work on to produce a well-thoughtful masterpiece. I was able to minimize a lot of time, thinking about how he could respond and focused on the spoken message. In particular, I paid attention to the mentor, listened with interest, never interrupted or redirected the conversation
Communication skills extend from oral to include written language. Throughout the research and analysis, sourcing of data was critical. One element of any study is disclosing ethical considerations complied with throughout the process. As a researcher, I needed to acknowledge the information from other researchers. And as such, I referenced all the information obtained from sources to recognize their owners and as well as to make the findings credible. Using data from other researchers entailed an interaction. Whenever there is an interaction, conflicts can arise, and the only way to deal with the situation is to apply conflict resolution correctly. One way I did was to cite secondary information used throughout the study.
In summary, meeting with a mentor provided an opportunity to exhibit interpersonal skills in different ways, even though the interaction occurred online. Although the meeting was done online, communication skills were still relevant to ensure the cooperation is fruitful. They are facilitating creating a rapport and understanding one another. Active listening, openness, conflict resolution, assertiveness and positive attitude are some of the interpersonal skills that I applied when meeting with my mentor.
Question four: Reflect on how undertaking the RAP helped you in your accountancy studies and current employment role?
As an audit consultant, conducting a research analysis project in accountancy was beneficial in advancing skills and providing insights on critical issues relating to corporate governance. In a snapshot, the role of an audit consultant is to provide expert consulting services to organizations touching on audits. One of my characters is to review audit work, evaluate audit results, and get ready audit documentation. I am tasked with analyzing the root causes of the significant audit-related issues and providing corrective actions on the same. Additionally, I am required to help corporates develop the best practices to improve on their audit quality because this is the only way they can manage to identify potential risks and develop mitigation plans. I am also required to review the suitability of internal control of my organization. This research project has highlighted the significant issues facing corporate governance and thus expanding my knowledge.
There is much to learn from the scandal propagated by the executives of the ICICI Bank as an audit committee. From the scandal, it is evident that the applicability of the agency theory is real and that not unless an organization takes stringent measures, the management will embark on advancing their interests at the expense of the shareholders. Therefore, the shareholders should ensure that there are adequate internal control systems to scrutinize and oversee the executives’executives’ work in detail. Such controls can be possible if there is a robust internal audit system that manages what every person does and how their actions, if not monitored, are likely to create loopholes for malpractices. Having a healthy internal control system is expensive, but it can save an organization from having its resources embezzled by the management.
I have also learnt that compliance to the set guidelines by the regulatory frameworks is critical for any organization. While compliance entails abiding by internal and external rules and regulations, complying has numerous benefits. It is behind customer trust and brand loyalty. Noncompliance jeopardizes customer trust and loyalty. It improves operational processes as it was the case with Axis Bank.
The knowledge acquired from the project has impacted my job responsibilities positively. I can now develop a comprehensive risk-based test plan using an appropriate audit approach, adopt advanced test procedures and sampling criteria. My professional judgment has improved. I can now evaluate the adequacy of process designs and the effectiveness of internal controls to ascertain whether an organization has strong corporate governance. The skills gained will help in conducting a thorough investigation. I can now manage to identify fraudulent related issues with ease, unlike before. I can now question areas that are unclear without hesitation. I will be able to evaluate potential risks and control organizational related-issues by proposing practical solutions.