Question

1) Explain the importance of Corporate Government from a managerial accounting perspective

2) Explain the importance of corporate social responsibility practice by the firms from a managerial accounting perspective.

A) Mention a profitable business in the country Oman which apply corporate social responsibility and explains how important the activities provided by those businesses from a managerial accounting perspective

B) Mention another profitable business in the country Oman which apply corporate social responsibility and explain how important the activities provided by those businesses from a managerial accounting perspective

The assignment requires min 800 words

"I Need New Answer Please"

Answer 1

1.) CORPORATE GOVERNANCE : Governance means the process of decision making process by which decisions are implemented. The term corporate governance is the formal system of accountability and control for ethical and socially responsible organisational decisions and use of resources and accountability relates to how well the content of workplace decisions is aligned with the organisations strategic direction. Control involves the process of auditing and improving organisation decisions and actions. Good corporate governance has the four major characteristics , they are participatory, consensus oriented, accountable and transparent.

Corporate governance is concerned with structures and processes for decision-making, accountability, control and behaviour at the top level of organizations. It influences how the objectives of an organisation are set and acheived, how risk is monitored and assessed and how performance is optimised. It helps in protection of investor interests and strong capital markets, ensure commitment of the board in managing the company in a transparent manner.

2.) CORPORATE SOCIAL RESPONSIBILITY : Corporate social responsibility (CSR) mainly focuses on the idea that beyond making profit, a business has social obligations. It is the responsibility of the companies to produce an overall positive impact on the society. CSR is pursued by business to balance their economic, environmental and social objectives while at the same time addressing stakeholders' expectations and enhancing shareholders' values. Stakeholders, including shareholders, analysts, regulators, labour unions, employees , community organisations and mass media expect companies to be accountable not only for their own performance but for the performance of their entire supply chain.

Corporate social responsibility is the continuing commitment by businesses to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large. CSR is closely linked with the principles of Sustainable development , which argues that enterprises should make decisions based not only on financial factors such as profits or dividends, but also based on the immediate and long term social andenvironmental consequences of their activities.Common policies under CSR are commitment to diversity in hiring employees , adoption of internal controls reform, maagement teams that view employees as assets rather than costs .