03 - Sustainability

Question 1

What is sustainability?

Answer 1

An organisations need to meet needs of the present without compromising the needs of the future generations

Question 2

What is CSR (Corporate Social Responsibility)?

Answer 2

The belief that companies are responsible for the social and ethical effects of their actions and the extent of which they consider this when operating their business

Question 3

What is triple bottom line accounting/duties?

Answer 3

Accounting with concern for financial, social and environmental factors

Question 4

What are the financial duties of an accounting professional?

Answer 4

Ensure that a business is a commercially viable organisation, this includes; trying to make the company profitable, having good relationships with customers and suppliers and making the company more efficient

Question 5

What are the social duties of an accounting professional?

Answer 5

Ensuring the you are being fair and beneficial to your employees and local communities, when making business decisions

Question 6

What are the environmental duties of an accounting professional?

Answer 6

Ensuring that an organisation is consuming the least amount of energy possible to operate and long term management of resources to reduce the environmental impact of the company

Question 7

What is creating and promoting a ethics bases culture?

Answer 7

Supporting ethical practises and policies and discouraging unethical ones like money laundering or fraud

Question 8

What is championing the need for sustainability?

Answer 8

The aim of sustainability should be promoted and followed by the organisation and its employees

Question 9

What is evaluating and quantifying reputational and other ethical risks?

Answer 9

Reporting any risk that they might recognise when preparing financial information for a company, to that company so that they may take action to mitigate the risk

Question 10

What is economic sustainability?

Answer 10

The idea that a business should use resources efficiently and responsibly so that it may function for many years to come and continue to return a profit

Question 11

What is social sustainability?

Answer 11

The extent to which a company makes a positive, beneficial impact on the community and the environment in which it operates