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Services include a a practical approach to ESG and Financial accountability, accounting automation and tax services.
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ESG AND FINANCIAL ACCOUNTABILITY FRAMEWORK
Environmental, social and governance (ESG) issues have come to the forefront. To some, these considerations have become more important than financial results. With the laser tight scrutiny of social media, ESG performance expectations are high. As divergent key performance indicators emerge, a need for standardization is clear, and is especially important when competitors vie for capital, customer loyalty and approval in a politically charged world.
Here I provide a framework for ESG accountability made practical by linking those factors to financial consequences.
ACCOUNTABLE IS NECESSARY ...
when responsibility is inferred or assigned and authority is expected or delegated.
The modern enterprise is accountable to persons with a direct connection, and to arms-length special interests.
THE BASIC CHARACTERISTICS OF ACCOUNTABILITY INFORMATION ...
are Understandability, Relevance, Reliability and Comparability.
The cost of providing accountability information should not exceed expected benefits.
ALL ACCOUNTABLE PERSONS MUST ...
present information (including plans, budgets, annual reports, financial statements) on the outputs they deliver.
Outputs are the things or services persons produce to archive their goals.
EXPECTED RESULTS MUST ...
be clearly expressed and need to be measurable.
ACCOUNTABILITY PLANS AND REPORTS SHOULD ...
link information on costs of outputs with information on their effects.
Is it cost effective? To evaluate effectiveness of choices, performance and financial information must be broght together.
COMPANY ACCOUNTABILITY REPORTS
should include all organizations / subsidiaries accountable to the Company.
To understand the full responsibilities and achievements and costs incurred, all entities efforts should be consolidated.
EACH ENTITY ACCOUNTABLE TO A COMPANY SHOULD ...
prepare blans, budgets and performance reports.
Such information supports consolidation of company performance reports, enabling comprehensive assessment of Corporate performance.
PLANS SHOULD BE PREPARED BY ...
those who have been assigned or inferred responsibility. Plans should state the results to be achieved, actions to be taken and by whom, estimated costs and performance targets.
Those who assigned responsibility should agree to the plans
PERFORMAANCE REPORTS SHOULD ...
should compare actual and planned results.
Ultimately accountability is reporting. Performance reports include financial statements, annual reports and their key performance indicators.
KEY ACCOUNTABILITY REPORTS SHOULD ...
be made available to company stakeholders.
Stakeholders (shareholders, special interest groups, others) assign or infer responsibility to a company and need relevant key performance information to assess performance and hold the company and its subsiduaries accountable.
PUBLISHED PERFORMANCE INFORMATION SHOULD ...
Shareholders, other stakeholders and creditors rely on information provided to assess the performance of the Company.
Auditing appropriate information assures decision makers of its fairness.
ACCOUNTABILITY PROCESSES WITHIN INDUSTRIES SHOULD ...
be consistent with, and support accountability in the industry and its stakeholders.
A company's systems, focusing on outputs and results, should be designed to support assessment of aligned performance goals by persons within, as well as outside, of the company.
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