Corporate Social Responsibility (CSR) involves companies taking responsibility for their impact on society and the environment beyond statutory obligations.
Nature of CSR Reporting:
CSR reporting is generally voluntary, although some regions and industries may have mandatory requirements.
Options Analysis:
Option A: Many CSR areas may overlap with the audit universe or annual audit plan, but not all.
Option B: Investors may increasingly rely on CSR information, particularly in ESG (Environmental, Social, Governance) investing.
Option C: CSR reporting is largely voluntary, unlike financial or regulatory reporting which is often mandatory.
Option D: Operating management typically plays a significant role in CSR efforts and reporting.
Conclusion:
The correct statement regarding CSR is that it is largely voluntary, unlike many other areas of reporting responsibilities that impact stakeholders.
[:, Internal Audit Standards and Practice Guides, , ]
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