Abstract
Purpose The purpose of this paper is to examine the interrelationship of marketing, accounting and auditing with corporate social responsibility (CSR) to determine the benefit of CSR marketing, the responsibility of Board of Directors (BODs) with CSR accounting and the duty of external auditors with CSR that has influence on corporate sector. Design/methodology/approach This paper uses exploratory and qualitative data obtained from multiple research methods, to investigate benefit of CSR marketing, the responsibility of BODs with CSR accounting and the duty of external auditors with CSR and of its practices by companies’ websites, google search, annual reports and CSR reports from all listed companies in the Muscat Securities Market, Oman. The data are used to critically examine and revise a previously published explanatory framework that identifies interrelationship of CSR marketing, accounting with CSR and auditing with CSR. Findings Results indicate that CSR marketing, CSR accounting and CSR auditing are closely interrelated for accepting and implementing CSR requirements by corporates. This finding suggests that the benefit of CSR marketing, the responsibility of BODs with CSR accounting and the duty of external auditors with CSR has positively influence on corporate sector. The finding helps to build good image by corporates. Practical implications Organizations from developing countries such as Oman should be aware of CSR marketing, CSR accounting and CSR auditing that affects decisions with CSR adoption and implementation by organizations that could also lead to competitive advantage when it operates in developed countries. Though, organizations in developed countries are also equip for higher expectations by applying innovative CSR initiatives. Originality/value To the best of the author’s knowledge, this is the first academic literature review on interrelationship of marketing, accounting and auditing with CSR based on evidence from an Oman context. The paper contributes by exploring the benefit of CSR marketing, the responsibility of BODs with CSR accounting and the duty of external auditors with CSR which influence on corporate sector.
Highlights
Corporate social responsibility (CSR) of a company has become vital, as it is expected to fulfil certain required obligations to the society wherein which it functions (Mehedi and Jalaludin, 2020)
4.2 Responsibility of board of directors with corporate social responsibility accounting In a similar manner the second group of the current study addressed the responsibility of Board of Directors (BODs) with CSR accounting such as its calculation on which the provision to be made on profit, the percentage of reserve to be created, its spending, tax benefit of such fund and so on
On the basis of this, this study believe that the three interconnected component of CSR, CSR marketing, CSR accounting and CSR auditing could take proper implementation and disclosures with CSR research a step forward: studies that link CSR marketing, CSR accounting and CSR auditing to a broader and more holistic concept of CSR fields; empirical studies that provide more in-depth insights into the stakeholder benefits; fixing a standardized provision on profit for CSR and its spending through proper accounting and statutory reporting to stakeholders about CSR to ensure fair financial statements through auditing by competent and independent professionals
Summary
Corporate social responsibility (CSR) of a company has become vital, as it is expected to fulfil certain required obligations to the society wherein which it functions (Mehedi and Jalaludin, 2020). Operations of CSR in any business strives to meet ethical, commercial,. The full terms of this licence maybe seen at http://creativecommons.org/licences/by/4.0/ legalcode
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