12 - Evolving Topic Flashcards
What is sustainability reporting?
The practice of measuring, disclosing, and being accountable to internal and external stakeholders for organisational performance towards the goal of sustainable development – that is, reporting on economic, environmental and social impacts
What is triple bottom line?
Reporting that provides information about the economic, environmental and social performance of an entity.
What is a global reporting initiative?
A network-based organisation that has developed the world’s most widely used sustainability reporting framework.
What is the role of auditors and auditing?
The role of an auditor is to give a professional and independent view of a business’ financial statements. The audit of a business’ financial report can ensure greater accountability to users and provide an assurance to them that all funds received by the organisation have been reported correctly.
What is corporate governance and why is it important?
Corporate governance is the framework of rules, regulations, and practices by which a company operates. The primary focus is to ensure compliance with the law, accountability, fairness, and transparency in a company’s relationship with all major stakeholders.
Corporate governance is intended to protect the rights of shareholders, enhance the disclosures provided by the business to increase the transparency of the business operations, enable the Board of Directors to function effectively and comply with all legal and regulatory requirements.
