- 20 Marks
SCS – L3 – Q24 – Ethics and social responsibility
Discuss limits of CSR, safeguards for litigation threats to accountants, and strategic importance of HRM in employee development.
Question
(a) Corporate Social Responsibility represents a company’s voluntary commitment to address the ethical, social and environmental factors associated with its operations. Despite its potential for furthering social needs, there are cogent arguments against Corporate Social Responsibility and may come under severe pressure in terms of its financing.
Required:
Discuss FOUR limits of Corporate Social Responsibility.
(b) Professional accountants face many threats in the performance of their duties that may negatively affect accountants’ objectivity and independence. One of such threats is intimidation threat which may arise from close business relationships, family and personal relationships, and assurance staff members moving to employment with client as well as actual and threatened litigation.
Required:
Explain FOUR safeguards you will consider to deal with actual and threatened litigation as a professional accountant.
(c) Human Resource Management play an essential role in employee development activities. Employee development activities refer to initiatives taken by organization and employees to enhance their skills with time and keep themselves acquainted with the latest developments.
Required:
Explain TWO strategic importance of Human Resource Management and employee development.
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