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Explain why profit making should not be the only concern of business
organisations. Describe social audit and Corporate Governance.
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Lecture Outline
Introduction Ethics and Values
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Introduction
Business ethics are referred as moral rules and regulations governing the
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Maximises profit.
Efficient utilisation of business resources. Creates goodwill in the market.
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Business Profits
Profit is defined as the income earned by a company in a certain period of time. There are two types of profit namely gross profit and net profit. The sources of business profits include the following: A proper plan including proper market research, availability of raw materials, research of the competitor and so on. Execution of the strategic plan with proper adherence to the ethical standards and business values. Companys income should be more than its expenses to earn profits. Obligations of business profits in terms of business are the duties of an organisation towards the upliftment of the people and the country.
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Social Audit
Social audit is an auditing process whose purpose is to consider the impact of a business on the surrounding community, environment, economy and the
people.
The importance of social audit in a business are: Reputation and image building
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Corporate Governance
Corporate Governance is the reflection of the business culture, policies, relationship with the stakeholders and the organisations commitment to its values.
The features of a company which has good Corporate Governance are: A culture based on the foundation of a sound business ethics and business values. Satisfying the long-term strategic goal of the owners while considering the expectations of all key stakeholders.
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Summary
Business ethics are the rules or standards which govern the conduct of an
organisation and the individuals employed in that organisation. Organisations can manage ethics in their workplaces by establishing an ethics management programme. Business ethics and business values maximises
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Activity
Refer
to
http://www.karmayog.org/csr2009/csrdetails.aspx?id=369
and
identify the ideas for implementing CSR in an organisation. What are the
significant areas you can highlight for implementing CSR in your organisation?
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