This article will provide us the overall idea about corporate social responsibility from root level to top level. The main motive behind the formation of this concept is the economic contribution of companies to society
The Chartered Accountants contribution in protecting minority interest for th...CA. (Dr.) Rajkumar Adukia
In order to function the corporate affairs effectively and successfully and to increase the corporate governance, the interest of the minority need to be protected.
The Company law had given a protection to such minority shareholders by giving an option to go to Tribunal for relief and the tribunal on such application shall take to prevent such oppression and mismanagement.
Forms of doing business in India – An Opportunity to achieve DreamsComplianceShip
This Power point Presentation contains the complete information regarding Form of Business available in India. it provide the details of more than 5 form of doing business in india i.e. Proprietorship, Partnership, LLP (Limited Liability Partnership), Societies, Company i.e. One Person Company, Private Limited Company, Public Limited Company
Aapka Consultant provides various consultancy services at one click by following a single window system to Individuals, Firms, Entrepreneurs, Companies, Businesses and Start ups by simplifying time-consuming and cumbersome paperwork with utmost professionalism in speedy manner. Using our extensive market knowledge and expertise, we get your work done at a reasonable cost within the time limit. We had started from Jodhpur and now we have reached in New Delhi, Mumbai, Chennai, Bangalore, Raipur and Jaipur. We are on the way to reach across country in next few years. As our tagline suggests, we will be ‘Humesha Aapke Saath’ for the services which we provide on our user friendly web portal mentioned below:-
BUSINESS CONSULTANT
Here we provide single window consultancy for your business through our network of experienced Chartered Accountants, Company Secretaries, Lawyers, Cost Accountants, Chartered Engineers, Insurance agents, Ex-Bankers and Financial Experts across the globe by providing a comprehensive range of services in order to save your valuable time and money which you can invest in growing your business.
CONNECT CONSULTANT
It is designed to make legal consultation simpler by arranging authentic, direct legal opinion of Hon’ble Retired Judges through a medium of mutual convenience through our online user friendly web portal. In this concept, we are striving to connect the unconnected quarters of the legal world. Our model is to connect clients to Hon’ble Retired Judges of various courts i.e. Supreme Court, High Court, Session/ District Court & Magistrate Court, as per suitability, for legal opinion.
LEGAL RECRUITMENT CONSULTANT
Here we are striving to connect the cherished minds of the legal world with various Law Firms, Multi-national Companies, Non-governmental Organizations, Advocates, Universities etc. across the globe. Our focus is on providing permanent, contract and temporary recruitment services to our candidates within the legal world.
The Chartered Accountants contribution in protecting minority interest for th...CA. (Dr.) Rajkumar Adukia
In order to function the corporate affairs effectively and successfully and to increase the corporate governance, the interest of the minority need to be protected.
The Company law had given a protection to such minority shareholders by giving an option to go to Tribunal for relief and the tribunal on such application shall take to prevent such oppression and mismanagement.
Forms of doing business in India – An Opportunity to achieve DreamsComplianceShip
This Power point Presentation contains the complete information regarding Form of Business available in India. it provide the details of more than 5 form of doing business in india i.e. Proprietorship, Partnership, LLP (Limited Liability Partnership), Societies, Company i.e. One Person Company, Private Limited Company, Public Limited Company
Aapka Consultant provides various consultancy services at one click by following a single window system to Individuals, Firms, Entrepreneurs, Companies, Businesses and Start ups by simplifying time-consuming and cumbersome paperwork with utmost professionalism in speedy manner. Using our extensive market knowledge and expertise, we get your work done at a reasonable cost within the time limit. We had started from Jodhpur and now we have reached in New Delhi, Mumbai, Chennai, Bangalore, Raipur and Jaipur. We are on the way to reach across country in next few years. As our tagline suggests, we will be ‘Humesha Aapke Saath’ for the services which we provide on our user friendly web portal mentioned below:-
BUSINESS CONSULTANT
Here we provide single window consultancy for your business through our network of experienced Chartered Accountants, Company Secretaries, Lawyers, Cost Accountants, Chartered Engineers, Insurance agents, Ex-Bankers and Financial Experts across the globe by providing a comprehensive range of services in order to save your valuable time and money which you can invest in growing your business.
CONNECT CONSULTANT
It is designed to make legal consultation simpler by arranging authentic, direct legal opinion of Hon’ble Retired Judges through a medium of mutual convenience through our online user friendly web portal. In this concept, we are striving to connect the unconnected quarters of the legal world. Our model is to connect clients to Hon’ble Retired Judges of various courts i.e. Supreme Court, High Court, Session/ District Court & Magistrate Court, as per suitability, for legal opinion.
LEGAL RECRUITMENT CONSULTANT
Here we are striving to connect the cherished minds of the legal world with various Law Firms, Multi-national Companies, Non-governmental Organizations, Advocates, Universities etc. across the globe. Our focus is on providing permanent, contract and temporary recruitment services to our candidates within the legal world.
company law introduction,charracterstics, definition, types of company, difference between company and other association of person, promotion of company
CII has envisaged a national movement for mainstreaming Corporate Social Responsibility (CSR) for sustained inclusiveness as part of its social development agenda. The Indian Industry has been working towards social development by engaging with the government, community and civil society.
As part of the advocacy agenda, CII has been working with the Government to draft and strengthen the CSR legislation and develop National Voluntary Guidelines. The CSR legislation has given a new impetus to CSR activities in India. The August issue of CII Policy Watch focuses on Corporate Social Responsibility.
OVERVIEW OF DIFFERENT FORMS OF BUSINESS/ ORGANIZATION: Meaning, features, objectives and scope of Business, Profession, Employment and Vocation, Various forms of Business Organization. SOLE PROPRIETORSHIP: Meaning, characteristics, formation, merits and demerits, Licenses required to start business under Sole Proprietorship.
PARTNERSHIP: Meaning, characteristics, formation of partnership firm, merits and demerits, Types of Partners, Types of Partnership firms, Limited Liability Partnership, Registration of Partnership, Co-ownership.
COMPANY ORGANISATION: Meaning, definition under the Indian Company’s Act-2013, characteristics, formation procedure, merits and demerits, Types of company, Concept of One Person Company, difference between public Ltd. And private Ltd. Company, subscription and commencement, detailed study of Memorandum of Association, Articles of
Association, Prospectus, statement in lieu of prospectus, brief idea about winding-up.
CO-OPERATIVE ORGANISATION: Meaning, characteristics, formation, merits and demerits, Federal Co-operative Society
PUBLIC ENTERPRISE: Meaning, characteristics, formation, merits and demerits. Role of Public Enterprise in infrastructure and social development.
NON-PROFIT ORGANISATION: Meaning, characteristics, formation, merits and demerits. Role of Non-profit organization development of society.
due to the wide application of corporate governance, direct alignment with the successful running of organizations many are recognizing the significance of corporate governance, therefore, turning to professional service which in turn creating professional opportunities that were undiscovered until now. There services
maybe in the form of advisory that includes making the organization more institutional, meaning they help make these policies comprehensive and standardized throughout organizations.
The author believes that Corporate governance is much more may be one crore times than just becoming Independent Director. Therefore it brings a goldmine of professional opportunities that are concisely provided in this book and one should not miss out.
Present Scenario of Corporate Social Responsibilities in BangladeshMasum Hussain
The purpose of business is to make money. However, the profit motive is sometimes viewed as less than virtuous because it emphasizes self-interest. Nevertheless, self-interest is not the same as selfishness, which emphasizes one's own interests at others' expense. Self interest is simply a concern for financial reward and is arguably necessary if society is to be maximally productive and efficiently allocate its resources. Business is an inseparable and embedded part of the society. In addition to its economic role in society, business also has several other roles and responsibilities towards society viz. responsible conduct of business activities while pursuing economic gains; the social and environmental responsibilities of the business towards its stakeholders; and business’s contributions that would benefit the society at large. Companies around the globe are recognizing the importance of engaging in Corporate Social Responsibility (CSR) that is crucial to their survival and growth. It is evident that when an organization integrates appropriate CSR practices in its strategy that embed the societal and environmental concerns, these practices undoubtedly bring tangible benefits to the business along with a sustainable competitive advantage.
It is mandatory for companies to conform to the legal responsibilities as they are prescribed by law. So, organizations have no alternative but to comply with the basic law of the land. On the other hand, Ethical responsibilities of corporations are taken as additional responsibilities going beyond legal compliance and profit making and include those that firms believe are the right things to do. Ethical responsibility originates from humanistic, religious and moral orientation of corporations. The voluntary responsibilities to the society refer to the discretionary nature of obligations rooted in the altruistic principles which are not required by law. The motivation for such sense of responsibilities arises from the reciprocal obligation of giving back to the society in exchange of profit and power that companies receive from society. This school of thought gave rise to CSR which is seen as continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, local community, and society at all, including the environment. Even though Bangladesh is one of the world’s poorest countries, CSR activities in Bangladesh have risen significantly in importance. It is believed that the interest in CSR initiatives in Bangladesh has been fueled by MNCs’ global activities.
Detailed presentation on start up India initiative undertaken by the current Government.It includes;
- Need for start ups
- Funding statistics
- Benefits
Bangladesh is one of the world’s poorest countries. That’s why the CSR activities is very much important of this country in different areas.
There are so many company or industries are present in the country which contributes a lot of donation in different areas and private bank is one of them and the contribution by commercial banks to CSR activities is very significant in different areas such as:
health sector,
education sector,
disaster management,
Sports,
#Good Governance Practices in the Corporate Sector# by Dr. Prathiba MahanamahewaCPM Sri Lanka
CPM’s Editorial Board of Journal Committee brain-stormed few key questions and discussed with Dr. Prathibha Mahanamahewa, Former Commissioner of the Sri Lanka Human Rights Commission and Senior Lecturer at the Faculty of Law, University of Colombo. With his extensive knowledge in Business and International Trade Laws amongst other specializations, he enlightened us on this subject. Here are excerpts from the interview:
Concept of Corporate social responsibility
2. Types of CSR
3. Advantages
4. Concept of CSR under Indian law
5. Companies involved in CSR
6. Concept of CSR under English law
7. Conclusion
company law introduction,charracterstics, definition, types of company, difference between company and other association of person, promotion of company
CII has envisaged a national movement for mainstreaming Corporate Social Responsibility (CSR) for sustained inclusiveness as part of its social development agenda. The Indian Industry has been working towards social development by engaging with the government, community and civil society.
As part of the advocacy agenda, CII has been working with the Government to draft and strengthen the CSR legislation and develop National Voluntary Guidelines. The CSR legislation has given a new impetus to CSR activities in India. The August issue of CII Policy Watch focuses on Corporate Social Responsibility.
OVERVIEW OF DIFFERENT FORMS OF BUSINESS/ ORGANIZATION: Meaning, features, objectives and scope of Business, Profession, Employment and Vocation, Various forms of Business Organization. SOLE PROPRIETORSHIP: Meaning, characteristics, formation, merits and demerits, Licenses required to start business under Sole Proprietorship.
PARTNERSHIP: Meaning, characteristics, formation of partnership firm, merits and demerits, Types of Partners, Types of Partnership firms, Limited Liability Partnership, Registration of Partnership, Co-ownership.
COMPANY ORGANISATION: Meaning, definition under the Indian Company’s Act-2013, characteristics, formation procedure, merits and demerits, Types of company, Concept of One Person Company, difference between public Ltd. And private Ltd. Company, subscription and commencement, detailed study of Memorandum of Association, Articles of
Association, Prospectus, statement in lieu of prospectus, brief idea about winding-up.
CO-OPERATIVE ORGANISATION: Meaning, characteristics, formation, merits and demerits, Federal Co-operative Society
PUBLIC ENTERPRISE: Meaning, characteristics, formation, merits and demerits. Role of Public Enterprise in infrastructure and social development.
NON-PROFIT ORGANISATION: Meaning, characteristics, formation, merits and demerits. Role of Non-profit organization development of society.
due to the wide application of corporate governance, direct alignment with the successful running of organizations many are recognizing the significance of corporate governance, therefore, turning to professional service which in turn creating professional opportunities that were undiscovered until now. There services
maybe in the form of advisory that includes making the organization more institutional, meaning they help make these policies comprehensive and standardized throughout organizations.
The author believes that Corporate governance is much more may be one crore times than just becoming Independent Director. Therefore it brings a goldmine of professional opportunities that are concisely provided in this book and one should not miss out.
Present Scenario of Corporate Social Responsibilities in BangladeshMasum Hussain
The purpose of business is to make money. However, the profit motive is sometimes viewed as less than virtuous because it emphasizes self-interest. Nevertheless, self-interest is not the same as selfishness, which emphasizes one's own interests at others' expense. Self interest is simply a concern for financial reward and is arguably necessary if society is to be maximally productive and efficiently allocate its resources. Business is an inseparable and embedded part of the society. In addition to its economic role in society, business also has several other roles and responsibilities towards society viz. responsible conduct of business activities while pursuing economic gains; the social and environmental responsibilities of the business towards its stakeholders; and business’s contributions that would benefit the society at large. Companies around the globe are recognizing the importance of engaging in Corporate Social Responsibility (CSR) that is crucial to their survival and growth. It is evident that when an organization integrates appropriate CSR practices in its strategy that embed the societal and environmental concerns, these practices undoubtedly bring tangible benefits to the business along with a sustainable competitive advantage.
It is mandatory for companies to conform to the legal responsibilities as they are prescribed by law. So, organizations have no alternative but to comply with the basic law of the land. On the other hand, Ethical responsibilities of corporations are taken as additional responsibilities going beyond legal compliance and profit making and include those that firms believe are the right things to do. Ethical responsibility originates from humanistic, religious and moral orientation of corporations. The voluntary responsibilities to the society refer to the discretionary nature of obligations rooted in the altruistic principles which are not required by law. The motivation for such sense of responsibilities arises from the reciprocal obligation of giving back to the society in exchange of profit and power that companies receive from society. This school of thought gave rise to CSR which is seen as continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, local community, and society at all, including the environment. Even though Bangladesh is one of the world’s poorest countries, CSR activities in Bangladesh have risen significantly in importance. It is believed that the interest in CSR initiatives in Bangladesh has been fueled by MNCs’ global activities.
Detailed presentation on start up India initiative undertaken by the current Government.It includes;
- Need for start ups
- Funding statistics
- Benefits
Bangladesh is one of the world’s poorest countries. That’s why the CSR activities is very much important of this country in different areas.
There are so many company or industries are present in the country which contributes a lot of donation in different areas and private bank is one of them and the contribution by commercial banks to CSR activities is very significant in different areas such as:
health sector,
education sector,
disaster management,
Sports,
#Good Governance Practices in the Corporate Sector# by Dr. Prathiba MahanamahewaCPM Sri Lanka
CPM’s Editorial Board of Journal Committee brain-stormed few key questions and discussed with Dr. Prathibha Mahanamahewa, Former Commissioner of the Sri Lanka Human Rights Commission and Senior Lecturer at the Faculty of Law, University of Colombo. With his extensive knowledge in Business and International Trade Laws amongst other specializations, he enlightened us on this subject. Here are excerpts from the interview:
Concept of Corporate social responsibility
2. Types of CSR
3. Advantages
4. Concept of CSR under Indian law
5. Companies involved in CSR
6. Concept of CSR under English law
7. Conclusion
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Assessment of CSR Law in Companies Act, 2013 – An Analysis of the Performance...inventionjournals
Introduction: The new law making CSR expenditure and reporting mandatory for certain companies is a new chapter in the Indian corporate world and has provided a necessary boost to the status of companies’ responsibility towards the stakeholders, and transparency and accountability of their actions. Need: The mandatory 2% spending of profits on CSR activities got mixed reaction from corporate executives. To ensure that the enforcement of the law isn’t limited to the term “cheque-book CSR”, regular exploration of the companies’ CSR expenditures and their consequent outcomes is absolutely essential. Objective: The paper aims to assess the outcome of Section 135 of the Companies Act, 2013, in the first year of its implementation among the BSE-SENSEX companies. Research methodology: Secondary sources were utilized for collecting profits and CSR expenditure figures of the selected 30 companies for conducting an ex-post analysis for the year 2014-15. Key findings of the study: Less than 15% of the BSE-SENSEX companies had spent on CSR activities an amount that is equal to or greater than the stipulated 2% of the average profits of the preceding 3 years as per Section 135 of Companies Act, 2013. Implications: Immediate attention of regulatory bodies is desired towards companies failing to dispense the funds earmarked for CSR as stipulated by the law to ensure compliance.
CSR or Corporate Social Responsibility is a well-known concept and a globally recognized practice today. Though the term was coined first in 1953, it has gained momentum in the last one or two decades. India is leading the way if we analyze the current scenario. While CSR is a voluntary activity or is fragmented across multiple statutory requirements worldwide, India is the first nation to mandate it through the provisions of Companies Act 2013 and Companies (CSR Policy) Rules, 2014. India is also among the first few nations to establish a Social Stock Exchange which is expected to facilitate utilization of CSR funds in a more effective and disciplined manner.
Corporate Social Responsibility, CSR amendments under the Companies (Amendment) Act, 2019, Benefits of CSR, Management of Socially Responsible Business, Pyramid of CSR, Economic Responsibility, Legal Responsibility
Ethical Responsibility, Philanthropic Responsibility, discretionary responsibility, Section 135 and Schedule VII of Companies Act, Entries in Schedule VII, Types of CSR activities under Schedule VII of the Companies Act 2013, Business Ethics, CSR of Business Towards Stake Holders, Social Responsibilities of Business Towards Different Stakeholders-SHAREHOLDERS, GOVERNMENT, CUSTOMERS, EMPLOYEES, SOCIETY, Reasons for Businesses to Engage in CSR, Social Responsibility ----
Arguments for/ in favour of Social Responsibility of Business, Social Responsibility ----
Arguments Against Social Responsibility of Business, CSR Activities of Companies
Corporate social responsibility | 2015 - Recent TrendsAadhit B
This paper predominantly enumerates the role of Corporate Social responsibilities in the present scenario, its evolution, impact of Clause 135 of Companies Act, 2013, Role of CSRs in SMEs and also its Global Impact.
|Clause 135, Companies Act, 2013 | Companies (CSR policies) Rules, 2014 |
Changing Dimensions of Corporate Social Responsibility in Indiaprofessionalpanorama
philanthropy to a broader set of activities and integrates the practice of CSR into
the core strategy of the organisation. CSR is evolving in response to profound external
forces, including meeting legal and regulatory obligations and responding to the broader
public opinions. For many developing countries, a major limitation to CSR studies
has been the difficulties associated with proper legislative measures and measuring
CSR practices. CSR index can be used to calculate the level of a company’s CSR
practices. Developing countries need a suitable CSR structure to implement CSR practices
in order to be able to identify the advantages for their stakeholders. Companies need
to identify the importance of cultivating a new set of CSR practices in order to compete
successfully in a global market. CSR is gradually metamorphosing from a mere philosophy
to a strong business case for Indian industry.
Changing dimensions of corporate social responsibility in indiaTapasya123
Corporate Social Responsibility is gradually moving from its historical focus on business
philanthropy to a broader set of activities and integrates the practice of CSR into
the core strategy of the organisation. CSR is evolving in response to profound external
forces, including meeting legal and regulatory obligations and responding to the broader
public opinions. For many developing countries, a major limitation to CSR studies
has been the difficulties associated with proper legislative measures and measuring
CSR practices. CSR index can be used to calculate the level of a company’s CSR
practices. Developing countries need a suitable CSR structure to implement CSR practices
in order to be able to identify the advantages for their stakeholders. Companies need
to identify the importance of cultivating a new set of CSR practices in order to compete
successfully in a global market. CSR is gradually metamorphosing from a mere philosophy
to a strong business case for Indian industry.
Corporate social responsibility - Aadhit B Balaji Aadhit B
This paper predominantly enumerates the role of Corporate Social responsibilities in the present scenario, its evolution, impact of Clause 135 of Companies Act, 2013, Role of CSRs in SMEs and also it’s Global Impact.
- Clause 135, Companies Act, 2013
- Companies (CSR Policy) Rules, 2014
The Companies Bill 2012 was passed in the Lok Sabha on 18 December 2012. The bill seeks to consolidate and improve corporate governance and further strengthen the regulations for the corporates. One of the noticeable features of the bill is introduction of the most debated concept of Corporate Social Responsibility (CSR). The attached presentation by Ms Gayatri Subramanian, Program Coordinator - CSR & Corporate Governance, Indian Institute of Corporate Affairs, New Delhi, presents a clear picture on the new CSR Bill.
Global role of ca in the whole gamut of succession and transfer of asset incl...CA. (Dr.) Rajkumar Adukia
The article gives insight about will document and execution of same. The author believes that the chartered accountant in the capacity of an executor can better assist with the process of working through the planning of the estate along with administration from an accounting and taxation perspective once the estate commences.
Being appointed as, and accepting the role of an executor typically comes with many responsibilities, however a chartered accountant with their expert knowledge in finance are able to ace the role as an executor of the estate distribution made in the form of will by the testator
Opportunities for CAs as independent directors to enhance the credibility and...CA. (Dr.) Rajkumar Adukia
The concept of Independent Directors is a welcome step for corporate governance in India. Independent directors are expected to use their capacity, knowledge, and resources towards the maximization of stakeholders’ value and well-being. They ensure the progress of mankind through transparency, accountability, and truthful disclosure of the state of affairs of the company. The Companies Act, 2013 has conferred greater empowerment upon Independent Directors to ensure that the management and affairs of a company are being run fairly and smoothly.
The co-operative movement that was started to help the rural indebtedness has now made noticeable progress. The sector has grown in size and expanses, resulting in creating a space for itself in the economic framework of the country. Professionals like chartered accountants can too contribute to the nation by serving such cooperatives and reaching out to society. With their excellent technical and soft skills, they are well fitted for the role of assistance to cooperatives banks, multi-state cooperative societies, cooperative societies, and can serve the cooperative sector ultimately serve the nation.
Professional services a chartered accountant can provide in preventing money ...CA. (Dr.) Rajkumar Adukia
The implementation of PMLA is conferred on several authorities as mentioned such as Director or Additional Director or Joint Director, Deputy Director, Assistant Director, and such additional directors/officers whose appointment may be deemed necessary under the provisions of the PMLA. Professionals like chartered accountants are more conversant with the business environment and hold special expertise in finances that gives them an additional advantage to fit into the role of assisting, serving such authorities.
Audit will be there as long as economic or non economic activities are ther...CA. (Dr.) Rajkumar Adukia
Auditing and assurance services are the basic bread and butter
of any professional. Until a few years back, for the general public
an image of a Chartered Accountants that of an audit, and on
our side very few professionals thought of fields beyond auditing.
But with the passage of time, things have changed. Many
more fields of work have merged. But still, rarely do we find a
chartered accountant who is not into any type of audit.
It is common knowledge that contracts are heart and soul of any business activity. A full proof contract requires vast knowledge of the business world, a thorough understanding of drafting knowledge. Commercial contracts form the backbone of many commercial transactions from vendor agreements to client engagement agreements.
In this article we will be discussing the significance of financial planning, how every individual must – must make effective use of money, and why/how the professional may consider this as another unique area of service to use their expertise for
Go global with the knowledge of IPSAS the internationally accepted accounting...CA. (Dr.) Rajkumar Adukia
In sum, the article explains that the knowledge of the IPSASs is going to be a great opportunity for accounting professionals worldwide. So it is time to gear up and acquire knowledge in this relatively new domain.
This article tells you about how the Audit to Enterprises of all sizes is an important aspect.
With essential features of auditor like independence,
professional skepticism, documentation skills, and continuous knowledge up-gradation any
Chartered Accountant can make a name for himself in the field of the Audit profession.
Let us go together go through this book and see what it has in store for us. Why do we generally fail in our resolutions? Why are we not able to achieve our dreams? why do we always fall short of our targeted income?
Hopefully, all these questions will be answered in the process.
My thoughts on nfra consultation paper on statutory audit and auditing standa...CA. (Dr.) Rajkumar Adukia
The importance of Audit of an organization is perhaps as same as what is oxygen for human beings. It is a 360-degree review of all the organizations working.
I find the NFRA consultation is an opportunity to tell the world how auditing is not just a statutory requirement but a value addition for any entity.
It is a chance to relook at our services, to enhance the
quality and benefit of our services to stakeholders and overall society.
The pious period of Diwali gives us the impetus to destroy all ignorant, fearful, negative and self-limiting thoughts and light up our life with knowledge, fearlessness, positive and self-empowering thoughts.
Let us discover the Inner light in us on this auspicious day of Diwali !!!!
Have a Sparkling, Prosperous, Healthy, and Beautiful Diwali to you all !!!!!!
PROFESSIONAL OPPORTUNITIES FOR CHARTERED ACCOUTANT IN THE ALTERNATIVE DISPUTE...CA. (Dr.) Rajkumar Adukia
This article focuses upon certain practices and scheme of ADR in india in the form of question and answer format realted to ADR, its nature of conduct whether ad hoc or administered; available platforms or forums for the better understanding to the ADR practitioners as one of the professional opportunities for Chartered Accoutants.
The role of chartered accountants in the capacity of auditors assures a smooth-running business that helps to reduce fraud and accounting. The article unfolds its crucial role in terms of the stock audit process.
Business and Risk go hand in hand, the professionals like chartered accountants with expertise in finance, management and audit are well suited for the role of forecasting, evaluating, and mitigating prospective risk involve in any organization’s activity and seize opportunities to take the growth of business on next level. This article brings you in-depth details of the role of a chartered accountant in Enterprise Risk Management.
UNFOLDS NEW PROFESSIONAL OPPORTUNITIES AVAILABLE FOR THE CHARTERED ACCOUNTANT...CA. (Dr.) Rajkumar Adukia
The expertise in subjects like Finance, advisory, management, audit, etc. puts the Chartered Accountants in an advantageous position creating an ability to plays a huge role in the Insolvency Resolution process on the same line unfolds the excellent unique opportunities that the Insolvency regime brings.
The role of Chartered Accountant in capacity as Virtual Entrepreneur Mentor t...CA. (Dr.) Rajkumar Adukia
A chartered accountant in the capacity of a virtual Entrepreneur Mentor can act as a trusted confidante over an extended period of time with an objective to provide advice, counseling from a fresh perspective, collaborate and help you as an entrepreneur stay focused on their long-term goal of making their venture a success.
Role of Chartered Accountant’s in assisting startup to reach to the UNICORN ...CA. (Dr.) Rajkumar Adukia
"Unicorn Startups are the ones that beat the odds" with the right business model for profit generation, and financial knowledge CAs can better use their expertise in assisting startups to reach Unicorn Startups.
A Chartered Accountant is a professional with multi-disciplinary talent. He is looked upon as a complete business provider. He is the best person to draft documents because of the abundance of knowledge in varied avenues like finance, economic and commercial laws, information technology etc.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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This article will provide us the overall idea about corporate social responsibility from
root level to top level. The main motive behind the formation of this concept is the
economic contribution of companies to society
Introduction
We human owes a lot to this planet, it is first and foremost responsibility to serve
the best for the society we live in. As the corporate social responsibility is the
concept familiar to everyone in corporate it is we Chartered Accountant are
ethically bound to spread awareness and impressed upon doing good for the
society. Sharing knowledge by giving presentations to professionals and academic
groups that would like to create a more ethical organizational environment, as well
as providing tips to improve ethics in financial reporting.
The emerging concept of Corporate Social Responsibility (CSR) goes beyond charity
and requires the company to act beyond its legal obligations and to integrated
social, environmental and ethical concerns into company’s business process.
“There is a strong need for establishing socially responsible business models as
Corporate Social Responsibility (CSR) is not merely a question of morality but an
example of good economics.”
Former Corporate Affairs Minister Mr. Salman Khurshid
What is Corporate Social Responsibility (CSR)?
It refers to business practices involving initiatives that benefit society.
The term “Corporate social responsibility”, signifies that the corporate are equally
responsible for the society where it is doing business. They need to be concerned
about the society as well. They are entitled to work towards the societies benefit.
5. 5
A business's CSR can encompass a wide variety of tactics, from giving away a
portion of a company's proceeds to charity, to implementing "greener" business
operations.
Corporate social responsibility consists of three words corporate, social and
responsibility.
Corporate- relating to a large company or group. The word corporate means
an organization formed by a large group of people, having a separate legal
entity.
Social-According to dictionary meaning, it is relating to, devoted to, or
characterized by friendly companionship or relations.
Responsibility- It means the state or fact of having a duty to deal with
something or of having control over someone.
Therefore, in sum total corporate social responsibility means that it is the duty of
the corporate or an organization to maintain harmonious relations with society or
to work towards the welfare of the society. The society where the organization is
established needs to be benefited by its act.
Now the question is Why CSR?
6. 6
CSR improves the public image by publicizing the efforts towards a better
society and increase their chance of becoming favorable in the eyes of
consumers.
CSR increases media coverage as media visibility throws a positive light on
the organization.
CSR enhances the company’s brand value by building a socially strong
relationship with customers
CSR helps companies to stand out from the competition when companies are
involved in any kind of community.
CSR helps in minimizing environmental damage.
It also provides sense of responsibility towards the society.
Few examples of CSR activities are:
1. Doing charity
2. Improving labor policies
3. Reducing carbon footprints
4. Participating in fair trade
7. 7
5. Diversity, equity and inclusion
6. Community and virtual volunteering- e.g. campaigning during COVID-19
pandemic
7. Corporate policies that benefit the environment
8. Investing in more sustainable products
9. Socially and environmentally conscious investments
Who brought the concept of CSR?
This concept was first brought by Howard Bowen, an American economist, in 1953.
He was also known as the father of CSR. He brought this concept for the first time in
his publication named social responsibilities of the businessman. There after many
researches have been made.
The Ministry of Corporate Affairs (MCA) in July 2011 has published the National
Voluntary Guidelines (NVGs) on Social, Environmental and Economic
Responsibilities of Business. These principles and guidelines have not much impact
on the society and business. Therefore, the principle of NVG was afterward
interpreted into a mandatory provision of Corporate Social Responsibility (CSR)
under Section 135 of the Companies Act, 2013.
The concept of corporate social responsibility was first evolved in India in the
Companies Act, 2013. Section 135 was inserted under the Companies Act, 2013
which deals with the Corporate Social Responsibility and the Companies (Corporate
Social Responsibility) rules, 2014 were made thereunder. Earlier there were no
provisions for corporate social responsibility in Companies Act, 1956. Section
293(1) (e) of the Companies Act, 1956 dealt with the contributions for charitable
activities. It provides for contribution to charitable and other funds not directly
relating to the business of the company or the welfare of its employees, any amounts
the aggregate of which will, in any financial year, exceed fifty thousand rupees or
8. 8
five per cent. Of its average net profits during the three financial years immediately
preceding, whichever is greater?
For the first time in the history of the country, the companies Act, 2013 make it
mandatory for the companies to contribute to the social welfare.
Legal Provision in India
The Ministry of Corporate Affairs has notified Section 135 and Schedule VII of the
Companies Act as well as the provisions of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 (CRS Rules) which has come into effect from 1
April 2014.
A number of significant developments have taken place since then. The Ministry of
Corporate Affairs has notified the amendments in Section 135 of the Act as well in
the CSR Rules on 22nd January 2021.
Defining the terms
1. “Corporate Social Responsibility (CSR)” means the activities undertaken by a
Company in pursuance of its statutory obligation laid down in section 135 of the
Act, but does not include-
(i) activities undertaken in pursuance of normal course of business of the
company:
Note: any company engaged in research and development activity of new
vaccine, drugs and medical devices in their normal course of business may
undertake research and development activity of new vaccine, drugs and medical
devices related to COVID-19 for financial years 2020-21, 2021-22, 2022-23 with
certain terms and conditions apply-
such research and development activities shall be carried out in
collaboration with any of the institutes or organizations mentioned in item
(ix) of Schedule VII to the Act;
9. 9
details of such activity shall be disclosed separately in the Annual report
on CSR included in the Board’s Report
(ii) any activity undertaken by the company outside India except for training
of Indian sports personnel representing any State or Union territory at
national level or India at international level;
(iii) contribution of any amount directly or indirectly to any political party
under section 182 of the Act;
(iv) activities benefitting employees of the company as defined in clause (k) of
section 2 of the Code on Wages, 2019 (29 of 2019);
(v) activities supported by the companies on sponsorship basis for deriving
marketing benefits for its products or services;
(vi) activities carried out for fulfilment of any other statutory obligations
under any law in force in India;
2. "Net profit" means the net profit of a company as Per its financial statement
prepared but does not include-
(i) any profit arising from any overseas branch or branches of the company'
whether operated as a separate company or otherwise; and
(ii) any dividend received from other companies in India
3. “CSR Policy” means a statement containing the approach and direction given by
the board of a company, taking into account the recommendations of its CSR
Committee, and includes guiding principles for selection, implementation and
monitoring of activities as well as formulation of the annual action plan.
Applicability
The provisions of CSR apply to: Every company
Having in the preceding financial year
10. 10
Net worth > 500 crore
Turnover > 1000 crore
Net Profit > 5 crore
A holding or subsidiary of a company is not required to comply with the CSR
provisions unless the holding or subsidiary itself fulfils the eligibility criteria
prescribed under section 135(1) stated above. And the provisions of CSR are
applicable to a section 8 Company also.
Note: net worth, turnover or net profit of a foreign company of the Act shall be
computed in accordance with balance sheet and profit and loss account of such
company prepared in accordance with the provisions of clause (a) of sub-section (1)
of section 381 and section 198 of the Act.
Preference should be given to the local area and areas around it where it operates,
for spending the amount earmarked for Corporate Social Responsibility activities.
Composition of CSR committee
1. For Listed companies:
Three or more directors, out of which at least one shall be an independent
director.
2. Unlisted public companies:
Three or more directors, out of which at least one shall be an independent
director.
However, if there is no requirement of having an independent director in the
company, two or more directors.
3. Private companies:
Two or more directors. No independent directors are required as mentioned
in the proviso under section 135(1).
11. 11
4. Foreign company:
At least two persons out of which: (a) one shall be as specified under clause
(d) of subsection (1) of section 380 of the Act, and (b) another shall be
nominated by the foreign company.
Note: In a situation where the amount required to be spent by a company on CSR
does not exceed fifty lakh rupees, the requirement for constitution of the CSR
Committee is not mandatory and the functions of the CSR Committee, in such cases,
shall be discharged by the Board of Directors of the company.
Functions of CSR Committee
(a) Formulate and recommend to the Board, a Corporate Social Responsibility Policy
which shall indicate the activities to be undertaken by the company in areas or
subject, specified in Schedule VII
(b) recommend the amount of expenditure to be incurred on the CSR activities
(c) monitor the Corporate Social Responsibility Policy of the company from time to
time.
As per Rule 5(2) of the Companies (Corporate Social Responsibility Policy Rules, 20
I 4-
The CSR Committee formulates and recommend to the Board, an annual action plan
in pursuance of its CSR policy, which shall include the following:
a) The list of CSR projects or programs that are approved to be undertaken;
b) The manner of execution of such projects or programs;
c) The modalities of utilization of funds and implementation schedules for the
projects or programs;
d) Monitoring and reporting mechanism for the projects or programs; and
12. 12
e) Details of need and impact assessment, if any, for the projects undertaken by the
company:
For companies covered under Sec 135(9) and not having CSR Committee these
functions shall be carried out by the Board itself
CSR Expenditure
It is the duty of the Board of every company to ensure that the company spends, in
every financial year, at least 2% of the average net profits of the company made
during the three immediately preceding financial years, in pursuance of its
Corporate Social Responsibility Policy.
In case, the company fails to spend such amount, the Board shall, in its auditor’s
report attached with financial statement, specify the reasons for not spending the
amount.
If a company spends more than the requirement provided under section 135, that
excess amount can be set off against the mandatory 2% CSR expenditure in
succeeding financial years (effective from 22nd January, 2021).
The excess CSR amount spent can be carried forward up to immediately succeeding
three financial years; thus, in case any excess amount is left for set off, it will lapse at
the end of the said period. The amount spent by a company towards CSR cannot be
claimed as business expenditure.
Is there any tax benefit under CSR?
No specific tax exemptions have been extended to CSR expenditure.
Modes of CSR Expenditure
(i) ‘Activities route’, which is a direct mode wherein a company undertakes
the CSR projects or programs as per Schedule VII of the Act, either by itself
13. 13
or by engaging implementing agencies as prescribed in Companies (CSR
Policy) Rules, 2014.
(ii) ‘Contribution to funds route', which allows the contributions to various
funds as specified in Schedule VII of the Act.
(iii) Contribution to incubators and R&D projects, as specified in item (ix) (a)
and contribution to institutes/organizations, engaged in research and
development activity, as specified under item (ix) (b) of Schedule VII of the
Act.
Funds specified in Schedule VII of the Act for the purpose of CSR contribution
i. Swachh Bharat Kosh
ii. Clean Ganga Fund
iii. Prime Minister’s National Relief Fund (PMNRF)
iv. Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund
(PM CARES Fund)
v. Any other fund set up by the Central Government and notified by the Ministry
of Corporate Affairs, for socio-economic development and relief and welfare
of the Scheduled Castes, the Scheduled Tribes, other backward classes,
minorities and women
CSR Activities
Activities which may be included by companies in their Corporate Social
Responsibility Policies Activities relating to:—
(i) Eradicating hunger, poverty and malnutrition, “promoting health care
including preventive health care” and sanitation including contribution to the
14. 14
Swachh Bharat Kosh set-up by the Central Government for the promotion of
sanitation and making available safe drinking water.
(ii) Promoting education, including special education and employment
enhancing vocation skills especially among children, women, elderly and the
differently abled and livelihood enhancement projects.
(iii) Promoting gender equality, empowering women, setting up homes and
hostels for women and orphans; setting up old age homes, day care centers
and such other facilities for senior citizens and measures for reducing
inequalities faced by socially and economically backward groups.
(iv) Ensuring environmental sustainability, ecological balance, protection of flora
and fauna, animal welfare, agroforestry, conservation of natural resources
and maintaining quality of soil, air and water including contribution to the
Clean Ganga Fund set-up by the Central Government for rejuvenation of river
Ganga.
(v) protection of national heritage, art and culture including restoration of
buildings and sites of historical importance and works of art; setting up
public libraries; promotion and development of traditional art and
handicrafts;
(vi) measures for the benefit of armed forces veterans, war widows and their
dependents, Central Armed Police Forces (CAPF) and Central Para Military
Forces (CPMF) veterans, and their dependents including widows;
15. 15
(vii) training to promote rural sports, nationally recognized sports, Paralympic
sports and Olympic sports
(viii) contribution to the prime minister’s national relief fund 8[or Prime Minister’s
Citizen Assistance and Relief in Emergency Situations Fund (PM CARES
Fund)] or any other fund set up by the central govt. for socio economic
development and relief and welfare of the schedule caste, tribes, other
backward classes, minorities and women;
(ix) (a) Contribution to incubators or research and development projects in the
field of science, technology, engineering and medicine, funded by the Central
Government or State Government or Public Sector Undertaking or any
agency of the Central Government or State Government; and
(b) Contributions to public funded Universities; Indian Institute of
Technology (IITs); National Laboratories and autonomous bodies established
under Department of Atomic Energy (DAE); Department of Biotechnology
(DBT); Department of Science and Technology (DST); Department of
Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha
and Homoeopathy (AYUSH); Ministry of Electronics and Information
Technology and other bodies, namely Defense Research and Development
Organization (DRDO); Indian Council of Agricultural Research (ICAR); Indian
Council of Medical Research (ICMR) and Council of Scientific and Industrial
Research (CSIR), engaged in conducting research in science, technology,
engineering and medicine aimed at promoting Sustainable Development
Goals (SDGs).]
16. 16
(x) rural development projects
(xi) Slum area development.
Explanation.- For the purposes of this item, the term `slum area' shall mean any area
declared as such by the Central Government or any State Government or any other
competent authority under any law for the time being in force.
(xii) Disaster management, including relief, rehabilitation and reconstruction
activities.
CSR Reporting
As per Rule 8(1) of the Companies (Corporate Social Responsibility Policy) Rules,
2014, the Board’s Report of a company pertaining to any financial year shall include
an Annual Report on CSR containing particulars specified in Annexure I or Annexure
II, as applicable. In case of a foreign company, the balance sheet filed under clause
(b) of sub-section (1) of section 381 of the Act, shall contain an Annual Report on
CSR containing particulars specified in Annexure I or Annexure II, as applicable.
Disclosure requirements at the website of the company
As per Rule 9 of the Companies (Corporate Social Responsibility Policy) Rules. 2014,
the Board of Directors of the Company shall mandatorily disclose-
the composition of the CSR Committee;
CSR Policy and
Projects approved by the Board on their website, if any, for public access.
17. 17
CSR spending pertaining to COVID-19
As per General Circular no. 10/2020 DATED 23.03.2020, the World Health
Organization (WHO) has declared COVID-19 as pandemic. Hence, spending of CSR
Funds for COVID-19 is eligible CSR activity. Funds may be spent for various
activities related to COVID-19 under item nos. (I) to (xii) of schedule VII relating to
promotion of health care including preventive health care and sanitation, an,
disaster management.
It is also specified in the General Circular No. 01/2021 DATED 13.01.2021 that the
spending of CSR Funds for carrying out awareness campaigns/ programs or public
outreach campaigns on COVID-19 Vaccination programmed is an eligible CSR
activity under item no. (I), (ii) & (xii) of Schedule VII of the Act relating to promotion
of health care, including preventive healthcare and sanitization, promoting
education, and, disaster management respectively, subject to fulfilment of
Companies (CSR Policy) Rules, 2014 and Circulars related to CSR issued from time
to time.
18. 18
World scenario
Although responsible companies had already existed for more than a century before,
the term Corporate Social Responsibility was officially coined in 1953 by American
economist Howard Bowen in his publication Social Responsibilities of the
Businessman. As such, Bowen is often referred to as the father of CSR.
Role of Chartered Accountants
The chartered accountant can provide their expert service in the form of
CSR Reporting and compliance
Advisory services
19. 19
Implementation of the law
Audit of projects under CSR
ensure that the corporate values and social values never come in conflict
Good corporate governance
Conduct awareness programs on CSR
Amount spent in CSR year wise
Financial Year Amount sent in CSR (in
crore)
2014-2015 10,065.93
2015-2016 14,517.21
2016-2017 14,344.40
2017-2018 17,097.66
2018-2019 20,150.27
2019-2020 24,688.66
2020-2021 8,828.11
CSR Awards
This initiative has been taken by the Ministry of Corporate affairs in order to
increase CSR spending and to give recognition to the companies who made
contributions to the societies in large and taken various initiatives. This award has
been categorized into 3 parts.
Category I - Corporate Awards for Excellence in CSR
I) Companies having eligible CSR Spend equal and above Rs. 100 Crores;
20. 20
ii) Companies having eligible CSR Spend equal and above Rs. 10 Crores and less
than Rs. 100 Crores;
iii) Companies having eligible CSR Spend equal and above Rs.1 Crore and less
than Rs.10Crores; and
iv) Companies having eligible CSR Spend below Rs. 1 Crore.
Category II - CSR Awards for CSR in Aspirational Districts / Difficult Terrains
i) Northern India
ii) North-East India
iii) Eastern India
iv) Western India
v) Southern India
Category III - CSR Awards for contribution in National Priority Areas
i) Education
ii) Skill Development and Livelihoods
iii) Agriculture and Rural Development
iv) Health, Safe Drinking Water and Sanitation
v) Environment, Sustainable Development and Solar Energy
vi) Women and Child Development
vii Technology Incubation
viii) Promotion of Sports
ix) Slum Area Development
x) Heritage, Art and Culture
xi) Support to Differently-Abled
21. 21
National CSR Data Portal- https://www.csr.gov.in/
The Ministry of Corporate Affairs has also constituted National CSR data portal
which provides all CSR related data. It provides all the information related to CSR
spending, year wise, state wise and companies wise. All the information is available
in one platform. It also provides all the information related to National CSR award.
ISO 26000:2010, Guidance on social responsibility, and OECD Guidelines for
Multinational Enterprises (2011)
ISO 26000 mainly deals with the providing assistance to organizations in
contributing. It also provides 7 principles of social responsibility-
Accountability
Transparency
Ethical behavior
Respect for stakeholder interests
Respect for the rule of the law
Respect for international norms of behavior
Respect for human rights
These standards provide that an organization should consider two fundamental
practices of social responsibility. Those are:
recognizing its social responsibility within its sphere of influence, and
Identifying and engaging with its stakeholders.
ISO 26000 talksabout seven core subjects of social responsibility. The seven core
subjects include detailed guidance on 37 issues for social responsibility.
22. 22
Those seven core subjects and related issues are-
1. Organizational governance
2. Human rights:
It mainly deals with eight issues-
a. Due diligence
b. Human rights risk situations
c. Avoidance of complicity
d. Resolving grievances
e. Discrimination and vulnerable groups
f. Civil and political rights
g. Economic, social and cultural rights
h. Fundamental principles and rights at work
3. Labour practices
a. Employment and employment relationships
b. Conditions of work and social protection
c. Social dialogue
d. Health and safety at work
e. Human development and training in the workplace
4. The environment
a. Prevention of pollution
b. Sustainable resource use
c. Climate change mitigation and adaptation
d. Protection of the environment, biodiversity and restoration of natural
habitats
23. 23
5. Fair operating practices
a. Anti-corruption
b. Responsible political involvement
c. Fair competition
d. Promoting social responsibility in the value chain
e. Respect for property rights
6. Consumer issues
a. Fair marketing, factual and unbiased information and fair contractual
practices
b. Protecting consumers' health and safety
c. Sustainable consumption
d. Consumer service, support, and complaint and dispute resolution
e. Consumer data protection and privacy
f. Access to essential services
g. Education and awareness
7. Community involvement and development
a. Community involvement
b. Education and culture
c. Employment creation and skills development
d. Technology development and access
e. Wealth and income creation
f. Health
g. Social investment
Social Audit
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Social means relating to society or its organization and audit means an official
inspection of an organization's accounts, typically by an independent body. The
word social is derived from the Latin word socialis which means ‘allied’.
The word audit is derived from the Latin word auditus ‘hearing’, from audire ‘hear’,
in medieval Latin auditus (compoti) ‘audit (of an account)’.
A social audit is a way of measuring, understanding, reporting and ultimately
improving an organization’s social and ethical performance. It is a process by which
the people, the final beneficiaries of any scheme, program, policy or law, are
empowered to audit such schemes, programs, policies or laws.
Objectives of social audit
1. To assess the physical and financial gaps between needs and resources
available for local development.
2. To create awareness among beneficiaries and providers of local social and
productive services.
3. To create an impact upon governance.
4. To Increase the efficiency and effectiveness of local development programs.
5. To scrutinize various policy decisions, keeping in view stakeholder interests
and priorities, particularly of rural poor.
6. To encourage proper utilization of funds.
7. To improve quality of service.
8. To Estimate of the opportunity cost for stakeholders of not getting timely
access to public services.
9. To promote education, research and development in the techniques of the
industry.
MNREGA Social Audit
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Examples of social audit: Social audit in Jharnipalli Panchayat, Agaipur block,
Bolangir district, Orissa
Website:
National CSR Data Portal- https://www.csr.gov.in
Indian Institute of Corporate Affairs- https://iica.nic.in/
https://nrega.nic.in/netnrega/SocialAuditFindings/SA_home.aspx
https://www.socialaudit.rajasthan.gov.in/
https://pnrd.assam.gov.in/portlets/social-audit
Ministry of Corporate Affairs, Government of India http://mca.gov.in/
www.unglobalcompact.org/
International Labour Organization www.ilo.org
http://www.accountability.org
Social Accountability International www.sa-intl.org/
International Organization for Standardization http://www.iso.org/
Organization for Economic Cooperation and Development www.oecd.org
Social return on investment (SROI) www.thesroinetwork.org/
Conclusion:
We human inhabit a world and therefore owes a duty to make it a better place to
live. With the use of technological development and new business models we by
taking individual responsibility can create a world which is still habitable for future
generations. The time has come for us to embrace a new corporate ethic.
Sustainability is becoming more and more important with every year that passes,
and an essential component of the business strategy of modern companies in the
nature of Corporate Social Responsibility which was initially concerned primarily
with environmental issues that has now grown in depth and importance to
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encompass. As the Corporate Social Responsibility concerns with social, economic,
and environmental challenges, responsibility has become a vital concern to business
globally.