What is the role of corporate audit in 2021?

What is the role of corporate audit in 2021?

There is a great deal of discussion in Corporate Audit about corporate responsibility. 

In his book Corporate Responsibility: A Business Agenda For The Next Generation, Andrew Latham makes a case for corporate responsibility by describing corporate accountability as a corporate responsibility. He writes:

An annual corporate accountability audit would go a long way to keeping corporate responsibility alive in a corporation. However, the good thing about corporate accountability audits is they allow for companies to be graded fairly and allow for communication to occur with employees. 

Specifically, the bad thing about corporate accountability audits is that they enable a corporate accountability structure to establish that may not promote accountability.

Corporate Accountability Audit

Specifically, corporate accountability audit can provide an effective corporate management tool in the long term. But there is still a long way to establish responsible corporate practices.

When Is A Corporate Responsibility Audit Appropriate?

Likewise, it may not be appropriate for a company to have an annual corporate responsibility audit. Andrew Latham suggests an annual corporate accountability check for large corporations that operate internationally.

  • If the company is not international, it may be appropriate to consider some form of corporate responsibility audit once every two to five years. 
  • A multinational corporation with a global network of operations may only have to take an annual corporate responsibility audit once every four to five years.

Is Corporate Responsibility Auditing Appropriate For Small Businesses?

Andrew Latham writes in his book that corporate responsibility is not appropriate for small businesses. Although corporate accountability should not impose by companies. They should view an excellent corporate management system as having the ability to influence corporate responsibility. It should always be a good business practice to put corporate responsibility into practice regarding commitment and supply.

If corporate responsibility is not a corporate management tool, corporate responsibility should not be taken as a corporate responsibility management tool.

Is Corporate Responsibility The Key To Empowering Employees?

In the corporate business world, accountability is essential. Still, if the corporate authority does not empower an employee. And does not create an environment for empowerment. Then corporate responsibility is in danger of becoming a rigid corporate structure. 

Businesses can place corporate responsibility on employees. And corporate responsibility can become a law unto itself.

Small Businesses Can Develop Corporate Responsibility

Corporate responsibility is a core corporate responsibility for small businesses. Accordingly, Business owners have a tremendous opportunity to create an environment. For employee empowerment that encourages corporate responsibility.