are dealing with an international business. The earlier opinion stated that a business cannot be ethical, but this opinion is not used anymore in the modern business. Today business has belief that they must be responsible for social since they live and operate within a social
A brief definition of corporate governance, business ethics, auditing profession, stakeholders and the auditing committee would bring light to the discussion at hand. Corporate governance in terms of a South African definitions stated by (Reinecke& Albertus, 1996). (1996:21) “the way in which companies are directed and controlled”. Business ethics is defined as items of Richard T. De George (2015) “in this broad sense ethics in business is simply an application of everyday moral or ethical norms
pleasurable work, as result of a transition from old methods of quality control to a new method. The old methods are “incentives, blame, inspection and surveillance” (Berwick, Godfrey and Roessner, 1990, p. 148). The new methods include team formation, experimentation, scientific investigation, customer’s rights and satisfaction enhancement. Berwick, Godfrey and Roessner’s analysis is indeed helpful for this research for two reasons. Mainly, this book illustrates in four key lessons what really works and
pressure on the management to become more efficient, transparent, accountable, etc. They also ask the management to make consumerfriendly policies, to protect all social groups and to protect the environment. So, the changing ownership structure has resulted in corporate governance. 2. Importance of Social Responsibility: Today, social responsibility is given a lot of importance. The Board of Directors has to protect the rights of the customers, employees, shareholders, suppliers, local communities