I have been researching this topic and I can not find a specific authoritative answer. I am hoping that someone very familiar with the C spec can answer - i.e. confirm or refute my assertion, preferably with citation to the spec.
Assertion: If a program consists of more than one compilation unit (separately compiled source file), the compiler must assure that global variables (if modified) are written to memory before any call to a function in another unit or before the return from any function. Also, in any function, the global must be read before its first use. Also after a call of any function, not in the same unit, the global must be read before use. And these things must be true whether the variable is qualified as "volatile" or not because a function in another compilation unit (source file) could access the variable without the compiler's knowledge. Otherwise, "volatile" would always be required for global variables - i.e. non-volatile globals would have no purpose.
Could the compiler treat functions in the same compilation unit differently than ones that aren't? All of the discussions I have found for the "volatile" qualifier on globals show all functions in the same compilation unit.
Edit: The compiler cannot know whether functions in other units use the global or not. Therefore I am assuming the above conditions.
I found these two other questions with information related to this topic but they don't address it head on or they give information that I find suspect: