Applied Project 2 School of Accounting & Finance

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Applied Project 2 School of Accounting & Finance

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    How has the use of Artificial Intelligence impacted auditing procedures in large companies?
    ( 2022) Jessica da Conceicao Barreto
    Technological innovations have developed wildly in recent decades, and humans have enjoyed more and more facilities and benefits that these technologies have provided. Artificial Intelligence, something that would never have been imagined in the past, today can imitate human actions and behaviour, allowing time-saving in tasks considered more routine and repetitive. Therefore, this research focused on understanding how the use of Artificial Intelligence has impacted the routine of auditors in large companies. The methodology that was best applied in obtaining information was the interpretivist, as it has an inductive approach that focuses on the context in which a situation takes place. Thus, five qualitative interviews were carried out with audit professionals to better understand from the point of view of those who experience the use of AI daily. The purpose of the research was to identify the effects of using AI for the audit profession, showing, in addition to the benefits, negative points that this immersion can entail. Thus, it can be concluded that the auditor has good expectations regarding the technologies used. Through the benefits mainly of time-saving, the auditor can focus more on the analytical part of the projects, which enables greater credibility and reliability in the results. Another factor that supports this idea is that, in general, the interviewees see the need to keep up to date with the functionalities of these technologies and intend to continue studying and evolving in the profession. However, the research detected concern from some participants that some professionals tend to be overreliant towards technology and end up not bothering to do their validation work correctly. Therefore, it can be concluded that Artificial intelligence has been fundamental as a support tool for auditors thus giving companies a competitive advantage. Professionals also do not see this immersion as a threat to the extinction of the profession they see it as a facilitator so that they can focus on other activities.
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    Individuals’ knowledge of the Irish Tax system & the Impact on Tax Compliance
    ( 2022) Jose Milton Rodrigues Sabara
    Tax knowledge is an asset which brings numerous benefits to the holder and to the society in general, being a vital component for a reasonable level of compliance. In the absence of such knowledge, taxpayers and tax authorities are impacted simultaneously, making it more difficult for both parties to exercise their roles efficiently. The literature brings a continuing debate about what the individuals’ level of taxation knowledge is and the various ways which it can impact taxpayers’ behaviour. The core objectives of this research project are to assess the degree of knowledge possessed by individual taxpayers living in the Republic of Ireland and how it can be a barrier for compliance. Likewise, this aims to explore the obstacles at comprehending the taxation system, the key role that tax authorities play in this context, and what impact threats and penalties may have on taxpayers. It was employed a mixed methods approach to gather the evidence required to respond the overall question. Questionnaire and interviews were carried out to evaluate how much taxpayers know. According to data collected, individuals consider the tax system very complex with a very technical language despite information related to it being easily accessible. The overall conclusion is that individual taxpayers possess a low level of knowledge, mostly driven by the lack of financial knowledge in schools and complexity of the system itself, which reduces the ability and hence the degree of compliance.
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    THE IMPORTANCE OF CASH FLOW AS A MANAGEMENT AND FINANCIAL CONTROL TECHNIQUE IN DECISION-MAKING: A STUDY ON BRAZILIAN SMALL BUSINESSES IN THE IRISH MARKET
    ( 2022) Lincoln Alves da Silva
    Throughout this research, the goal is to analyse the importance of cash flow management in Brazilian small businesses on the Irish market, as well as to investigate the opportunities available for small business owners to succeed with the use of cash flow as a decision-making instrument and, therefore, be able to successfully manage an accounting/financial company on a healthy basis. A mixed-method study was conducted in which data was gathered through surveys and interviews. Based on the research method and analysis of the data, it was found that the cash flow management is an integral part and must be efficiently maintained in order for a small business to be successful. As a result, cash flow statements can be defined as an efficient financial control system for enhancing the profitability of a business as well as determining whether or not the small business will be successful in the long run.
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    Inflation impact on immigrants in Ireland and its consequences
    ( 2022) Olha Kozina
    The intent of the thesis is to analyse the effects that inflation has on the lives of immigrants who reside in a developing nation, namely Ireland, and to determine the extent to which their awareness of inflation is connected to the impact that it has on their day-to-day activities. I conducted research on people who relocated to Ireland for the purpose of working or attending school, and I also examined the data for the past few years regarding the cost of living in order to analyse the impact of inflation. The immigrant population was selected as the primary focus because, on average, immigrants make greater use of the services offered in this country compared to native-born citizens. These services include things like college tuition, renting, and language classes. In addition to this, the paper will demonstrate the significance of having an understanding of inflation as well as the connections between the two.
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    Emerging technologies in accounting: a threat or an opportunity for the accounting profession?
    ( 2022-11) Flaviane Marina Nogas
    Technological advancements have always existed in civilization. They are a component of human culture and growth. We are now presently in the fourth industrial revolution, which is characterised by growing automation, smart equipment, and smart manufacturing. Accurate data allows for more efficient and productive manufacturing throughout the value chain. Automation, artificial intelligence, big data, blockchain, and cloud computing have all dramatically increased as a result of the fourth industrial revolution. This revolution has altered the way we live, communicate, and work. It has transformed accountants' day-to-day jobs in the accounting profession. RPA (robot process automation), for example, is now widely used to perform repetitive and rule-based procedures, replacing manual labour more quickly and precisely while simultaneously providing a competitive edge to businesses. Much has been stated about how these technologies would replace and eliminate some professions, but they will also change and create new ones. Considering that, the research’s objective is to analyse the benefits of these technologies in accounting and the professionals’ expectations about the future. The interpretivist method was most effective in gathering information because it utilises an inductive approach through mixed methods. Thus, three interviews were carried out with professionals of the accounting area in addition to the online survey, where there were 52 voluntary participants. The purpose of the research was to determine if the increase use of technology in the accounting sector is a threat or an opportunity for accountants by demonstrating its advantages and disadvantages, challenges and how to adapt to the new requirements. So, it can conclude that accounting professionals are confidents and with high expectations regarding to the new technological trends. Most people realize that benefits such as accuracy and time savings are factors that contribute to increasing the value of the profession and to the important analytical and strategic role that the accountant comes to play within an organization.
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    Machine Learning in Finance- Current Challenges and necessary skills for a Finance employee
    ( 2022-11) Julia Carolina de Abreu
    The main motivation for this research was to understand the main challenges that the automatization processes in finance has brought to the company and employees. To understand the prospects in the future of Finance department, the issues that employees are having now with automatization when fixed will complete the full process. This will change further the way the department work and new skills will be needed. One of the main focuses of this document is to understand how Machine learning has and will change the workplace and how machine learning will affect employees. Also, how they feel about the technology at the moment and help people to understand the importance of digital transformation within finance. To develop a better understanding of machine learning a comprehensive literature review was undertaken evaluating the change in technology and the role of machine learning. It outlined what skill set is important for employee’s going forward. Also, what are the current challenges for employees to adapt. Based on literature and compared to the findings, is possible to see how machine learning is becoming more present in the daily tasks of the Finance departments, reducing time, errors and risk, also the automation of process allows more time to work on value-added task. Overall employees are happy with the future of machine learning. However, they have some fears about the future and their jobs. But they believe that they need develop their skills to do not be left behind. Machine learning is very important for the finance department to automate processes and bring fast and good results for the company. To achieve the best of this technology, companies need working closely with employees.
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    The preparedness of Accountancy students after two years of online classes
    ( 2022-11) Atila Grings
    Covid19 brough a disruption to the world when forced cities into lockdowns and economies to a recession. For university students, it meant a move from in campus classes to the online version. In general terms such a move shouldn’t represent a significant change, but for courses like accounting, in which students are faced with long analysis and calculations, a lack of adoption of new methodologies (methods of teaching) could influence their final results. This research had as objective finding out if accounting students would be prepared to face real life after college. Not only in the marketplace but also the qualifications exams they have ahead them, therefore, “The preparedness of Accountancy students after two years of online classes”. It is important to note though, that the focus is analysing the disruption through the student’s points of view, this research if not focusing on blaming colleges or lectures for the student’s results. After surveying accountant’ students for about 3 months, questioning them about their own methods of study, their level of engagement and how lectures could influence their results, the researcher was able to come up with results. The results were clear. Most of the 38 students who engaged in the survey, from four Irish Universities, considered themselves happy with the methodologies used during online classes and the teaching methods chosen by lectures. In conclusion, the student’s preparedness is associated more with their own engagement during the course instead of just a matter of having classes in the campus or online, with the majority happy with their own results
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    Internal Control: How misleading information and bad management can affect financial statements and its taxation.
    ( 2022-11) Danielle dos Santos Gonçalves
    This project is about internal control and how it may be used inside small and medium-sized enterprises (SME). The research conducted at this type of firm can help to define internal control procedures, analyse the control systems, and issue an opinion on the financial statements' integrity, and how those controls can affect taxation. This study highlights the importance of a straightforward approach when it comes to taxation such as VAT and Corporate Tax. Some operations, such as registering invoices or expenditure receipts, are sometimes overlooked. Most of the time, this is overlooked by people who are unaware of the significance of tracking these charges. And it is at this point that it becomes intriguing to integrate efficient management with internal process control, allowing reports to be trusted due to their veracity. Financial Statements are essential in a business setting since they give information about the company's performance and position in comparison to other rivals. The importance of bookkeeping and how it is done may have a favourable or bad impact on outcomes and, as a result, their taxation.
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    Exploring the Financial Life of International Students in Ireland in 2022
    ( 2022-11) Rafael Rodrigues
    Ireland has become a Central pole for International students in the past few years. There are many reasons why students choose Ireland over other countries for their higher education. Some of the reasons are that the country has a wealthy cultural heritage, the people are very friendly and welcoming, there is a high standard of living, and it has a very high-quality education. However, International students may face some difficulties when related to money matters. This Research was conducted to understand and explore the patterns of students’ Financial lives in Ireland, the motivation for this study comes from the interest of the author to discover if International students are prepared or have been educated to manage their finances among everything that being a student abroad brings. the language barrier, different cultures and being apart from their family has a direct influence on it. In order to support the main goals of this paper, a Literature review has been conducted on existing studies about Financial Education, demonstrating how can it help students if teach from early stages in their life, also, literature about Ireland's situation has been researched and authors thoughts about financial management and planning. In addition, this study conducts a survey in order to a real experience of students about the themes. Findings and discussion bring the results for the questionnaire, using descriptive analysis to comprehend the results and compare with the literature review, highlighting supportive and contrastive points presented by authors in comparison with students and demonstrating how important financial education is for students and how it should be discussed in a more widely view
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    The importance of internal controls and process management as a tool to develop small and medium companies
    ( 2022-11) Franciele Gonçalves de Pádua
    In a highly competitive world, companies must have processes that are clearly linked to their strategies, and internal controls help to promote efficiency, reduce the risk of asset loss, and ensure the reliability of financial statements and compliance with laws and regulations. Thus, successful organizations define performance measures that direct attention, identify and communicate success, foster organizational learning, and serve as a foundation for evaluation and reward. To be a high performer, organizations must examine their customers and all business stakeholders critically to determine how well they are meeting their needs, as well as continuously improving their services through asset accumulation, value creation, service quality and flexibility, and internal control. The perception of this tool as an essential component of business strategy remains a challenge for medium sized businesses. The goal of this study is to learn about internal controls and how they are perceived by employees in medium-sized businesses in Ireland. The survey had 97 respondents and collected data via an online questionnaire, which was then analyzed using descriptive statistics. The findings show that, while most businesses have some basic internal control processes in place, there are still significant gaps to be filled, such as the clear design of communication flows, the establishment of internal processes, and clearer control guidelines.
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    What international students know about finances in Ireland?
    ( 2022-11) Ana Paula Rodrigues
    Ireland has grown as a study abroad destination over the past decade. Many international students come here with the aim of developing their language and getting an academic education. However, living outside your country of birth requires some important skills such as dealing with finances. This means understanding how the host country's financial system works and being able to live within a budget. The information acquired for this project's purposes came from secondary research in the literature review. To get statistical information, an online survey among international students was conducted. This study aimed to provide an insight regarding what students know about finances in Ireland and how it affects their quality of life while in the country. This is because many studies suggest that the sooner individuals learn to deal with their own finances, the better their daily performance will be and, consequently, their quality of life will be directly affected. The results showed that despite having prepared themselves financially to get here, there are still many questions about finance that remain unanswered in the minds of these students and a scenario with everything to be promising becomes complicated. Although many of them think about investing in the country after graduating, the lack of financial education and economic difficulties make them rethink their long-term plans.So, the tendency is for them to return home
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    Is finance literacy linked to working-class people's money expenditure and savings behaviour?
    ( 2022-11) Fabio Vieira e Silva
    The study aimed to determine whether financial literacy affects how working-class people spend and save their money. The primary objective was to establish how important it is to have a fundamental knowledge of finance in order to make better financial decisions and, as a result, more readily improve living conditions. In order to conduct the study, 93 randomly selected participants from various nationalities and backgrounds were given survey questions. The sole requirement for participation was that participants must be covered by a current work contract in order for the responses about the balance of their income and expenses to be more accurate. Along with basic questions like age and income, they were asked about their money spending, income balance, history of financial education, inflation knowledge, investment attitude, and investment risk perception. The relationship between financial behaviour and education has been found to exist. People who have received financial education often handle their money responsibly, have better investment attitude, and have clear risk assessments when it comes to investment decisions.
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    Why People Donate to Charity
    ( 2022-11) Rodrigo Marques
    The study into the Irish non-profit sector led to the creation of this document. Its goal was to comprehend how the Irish charity environment operates, and through analysing the sector's regulations, the theme will focus attention on Ireland's charity regulation. The elderly, children, homeless, ill, and individuals with special needs are the most often supported groups by Irish charities throughout the year. Irish charities assist numerous communities and needy people all over the world in accordance with the Charity Act and Code of Governance. By surveying colleagues, business professionals, and the Irish community that donates to charities, a quantitative approach was applied. The project can act as a conduit for routine tasks and fresh research that will help the Irish sector by drawing on working experience. The goal of this initiative and the work in this subject is to illustrate the legal underpinnings of the non-profit sector.
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    Health and Safety: An analysis of health and safety rules/regulations at workplaces in the city of Dublin.
    ( 2022-11) Severino Gomes Diniz Neto
    Health and safety in the workplace is the topic discussed in this research project. It examines and comprehends the laws and policies governing health and safety in Ireland, as well as the steps that businesses are doing to uphold or enforce these laws. One of the most crucial topics when considering corporate social responsibility is health and safety. When employers and employees disregard the law or fail to protect themselves, there is no safety culture within the organization, which can be costly to the business. Interviews were conducted with individuals who are employed in places where health and safety considerations are important. This research project examines the level of involvement between the business and its employees to see whether there is any communication breakdown that might result in a workplace accident.
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    Challenges for International Students
    ( 2022-11) Flavia Rocha Dias
    The research is conducted to find out the impact of internationalization on the foreign student living and studying in Ireland. The primary motivation for conducting this research is to find real time challenges of the foreign students studying abroad in context specifically related to Ireland. The research has opened the doors for betterment of the life of foreign students in Ireland and paved path for further research. The approach used for conducting this research is a mixed approach using primary and secondary research data including survey questionnaire and in-person interviews. The study is formulated based on a population sample of 63 respondents. The respondents are selected from the different universities, and all were foreign students from different countries. The data observations obtained are coded as variables in SPSS to run statistical data analysis to derive results. Overall, the study shows the significance in the results obtained of Cost of living and Work restrictions shows that low wages with specified working hours per week affects the affordability for the students’ living cost and the house owner preference for the Irish natives for renting house tends to create it challenging to find occupancy for the international students. The in-person interview revealed that psychological stress post covid and stress of communication barrier impacts the productivity of foreign students in Ireland.
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    External Auditing: The Influence of Internal Control on the Reliability and Integrity of Financial Statements on SMEs in Dublin.
    ( 2022-11) Douglas Malinoski Telles
    This research aims to determine the influence of internal control on the reliability and integrity of financial statements on SMEs in Dublin. Data was collected using questionnaires from employees that work on SMEs in Dublin and interview questionnaires with auditors from Big 4 audit firms. The data were analysed using simple percentages and tables. This research found positive influence of internal control on the reliability and integrity of financial statements analysing the internal control analysing its four categories: Internal Control Environment (Philosophy), Internal Control Organisational Structure, Internal Control Activities and Risk Assessment. We recommend recordkeeping analysis in respect to the financial transactions, employee retention as a priority for any company in Dublin and a new software so that inherit risk may be avoided and figures informed on the financial statements represents the true and fair view the company.
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    How has the financial management of small and medium hospitality businesses been coping with COVID-19?
    ( 2022-11) Thiago Luiz Nishina Oliveira Murakawa
    The outbreak of COVID-19 caused a worldwide shutdown and impact; as a result, industries that were constantly growing suffered significant losses and were forced to seek solutions and financial strategies to ensure continuity in the foreseeable future. This investigation focused on the integration of cash flow monitoring, budget control, risk management, e-marketing, and the risks and opportunities of investing in a COVID-19-affected market. The study used an interpretivist methodology and conducted five qualitative interviews with participants, concentrating on their perspectives, experiences, and motivations to learn more about the phenomena. The purpose of this investigation was to determine how finance managers and hospitality business owners use financial tools and what adjustments have been made to continue operations in a highly volatile market. Furthermore, the study sought to identify the competitive advantages of financial strategy in small and medium-sized hospitality businesses. The findings revealed that using the financial tools discussed in the study helps with business organisation, planning, and control. Small and medium-sized hospitality businesses can significantly benefit from financial tools in the same way that large corporations do, but the process requires knowledge and can be costly at times. It should be noted that the elements that comprise the financial system have a high degree of control and planning, which can improve operations and generate more security and opportunities even in the face of a volatile market.