Sustainable Business Reporting goes beyond traditional financial reporting by covering the economic, social and environmental aspects of business. There is a growing trend of corporates embracing sustainable business reporting. Most of the Indian corporates are unaware of this aspect of business. The author strongly advocates the introduction of sustainable business reporting in business education in India.
Organizations
are larger, more diverse, and more difficult to control. All organizations,
whether national or global, face increasing pressures to improve
performance, operate efficiently and effectively, operate in compliance
with applicable laws and regulations, and maintain accountability
to important stakeholders. These organizations need an integrating
function to assure management and the organizational governance
structure that its operations are in control. That integrating
function is internal auditing.
The
Institute of Internal Auditors (IIA) adopted the following definition
of internal auditing in 1999 to reflect the broader scope and
challenges of internal auditing:"Internal
auditing is an independent objective assurance and consulting
activity managed within an organization and guided by a philosophy
of adding value to improve the operations of the organization.
It assists an organization in accomplishing its objectives by
bringing a systematic and disciplined approach to evaluate and
improve the effectiveness of the organization's risk management,
control, and governance processes."
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