Corporate Social Responsibility

Definitions:
Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.
- World Business Council for Sustainable Development

Corporate Social responsibility is essentially a concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment.
- European Commission; Employment & Social Affairs

Corporate Social Responsibility (CSR) aligns business operations with social values. CSR integrates the interests of stakeholders all of those affected by a company's conduct into the company's business policies and actions. CSR focuses on the social, environmental, and financial success of a company the triple bottom line, with the goal being to positively impact society while achieving business success.
- CSRwire.com

Generally, CSR is understood to be the way firms integrate social, environmental and economic concerns into their values, culture, decision making, strategy and operations in a transparent and accountable manner and thereby establish better practices within the firm, create wealth and improve society.
- Government of Canada

Elements of CSR:
Some organizations follow a "Triple Bottom Line" reporting strategy, which covers Economic, Environmental and Social Responsibility. This theme is prevalent in mining, forestry and Oil companies, where the environment has been an important focus of advocates, governments and communities. These organizations may also refer to CSR as Sustainable Development, because their focus on the environment is so strong.

Other organizations focus on Economic and Corporate Social Responsibility, where the environment is included under the CSR umbrella.

Depending on the organizations risk profile, globalization and maturity, it may include some or all of the following elements within CSR objectives:

Auditing CSR or Providing Assurance
Internal Auditors might be involved in CSR at a variety of levels. Available resources related to this are listed below.

Internal Auditors might facilitate or advise management on CSR self-assessment activities:

  • Canadian Business For Social Responsibility has a self assessment tool : www.cbsr.ca

Internal Auditors might be involved in auditing CSR programs, either as individual components of the audit plan, or as a broad based review of how CSR is managed, and whether the company is achieving its CSR objectives.

Internal Auditors might become involved in co-ordinating or participating in CSR Report verifications {assurance audits} or assurance relating to controls over public disclosures of financial and non-financial information relating to CSR, or any of the CSR elements.

  • The Global Reporting Initiative is an organization that has established public reporting standards for CSR, and many companies have voluntarily agreed to follow these standards to ensure comparability between reports form various organizations and countries.

International organizations have established standards for conducting assurance or verification audits:

Institute of Social and Ethical AccountAbility [AccountAbility] AA1000 Assurance Standards ;

The Federation des Experts Comptabiles Europeens has published several CSR assurance standards papers;

Social Accountability International has established the SA 8000 standards, and has certified companies who can perform Social Accountability audits of businesses or manufacturing facilities

International Audit and Assurance Standards Board IASE3000, [part of IFAC]

Courses, Publications and Other Resources

CSR Reporting, Benchmarks and Surveys

 
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