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BBA 1st Year Business Ethics Corporate Social Responsibility Very Short Question Answer

Q.13. Describe is social audit. (2013)

Or Explain the concept of corporate social responsjbjlj, (2011)

Ans. Social auditing is a process that enables an organisatj to assess and demonstrate its social, economic, and environmental benefits and limitations, It is a way of measuring the extent to which an organisatjo lives up to the shared values and objectives it has committed itself to.

Social auditing provides an assessment of the impact of an organisation’s non-financial objectives through systematically and regularly monitoring its performance and assessing the views of its stakeholders.
Social auditing requires the involvement of stakeholders. This may include employees, clients, volunteers, financers, contractors, suppliers and local residents interested in the organisation. Stakeholders are defined as those persons or organisations who have a direct or indirect interest in, or who have invested resources in the organisation.
Social audits are generated by the organisation themselves and those directly involved. A person or panel of people external to the organisation undertakes verification of the social audit’s accuracy and objectivity.

Q.14. What does social auditing involve?

Ans. The social auditing process requires an intermittent but clear time commitment from a key person within the organisation. This social auditor liaises with others in the organisation and designs, co-ordinates, analyses and documents the information collected during the process.

Social auditing information is collected through research methods that include social book keeping, surveys and case studies. The objectives of the organisation are the starting point from which indicators of impact are determined, stakeholders identified and research tools designed in detail.

The collection of information is an on-going process, often done in 12-month cycle and results in the organisation establishing the social bookkeeping and the preparation of an annual social audit document/report.
Experience has shown that it is important to provide training to the social auditor as well as mentoring during the first few years. If well facilitated, social auditors from different organisations can become self-supporting for subsequent years.

Q.15. How could it be of use to community land initiatives?

Ans. A social audit can complement an organisation’s annual financial audit by providing clear information on performance against social objectives. The results can be fed into the organisation’s strategic review and planning processes to improve overall performance and social impact. It has been shown to increase accountability of the organisation to its stakeholders and to enhance democratic practice. In addition to serving as a management tool, social audits can be used for marketing, promotion and advocacy purposes. Many of these are key factors in community land initiatives.

The methodology of social auditing could be tailored to ensure baseline and comparable information was produced by community land associations themselves. This would enable the social, environmental and economic impact of land initiatives to be compared and contrasted by the Community Land Units for the I-HE and Scottish Enterprise Network areas.

Q.16. What are the different factors influencing corporate governance?

Ans. Four factors are there which influence corporate governance. These are:

(a) Ownership structure of company.

(b) Financial structure.

(c) Structure of the company board.

(d) The legal, political and regulatory environment within which company operates.

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