Corporate Governance and Social Responsibility in Managerial Accounting Practices

ACT145: Managerial Accounting Project

Contents
Introduction......................................................................................................................................2
Importance of Corporate Governance.............................................................................................2
Corporate Social Responsibility Initiatives by firms in Oman........................................................3
Code of Conduct and Ethical Values in Managerial Accounting Practices....................................4
Conclusion.......................................................................................................................................4
References........................................................................................................................................5

Introduction
The Corporate Governance is a way where a corporation policies for itself. There are different
methods like the sovereign state that includes instating the customs, policies and the laws to the
employees which are coming from the highest to the lower levels. The corporate governance is
considered to be increasing the company accountability with avoiding the disasters, before they
tend to occur. The well-executed corporate governance is similar to police department affairs
where there is a weeding out and elimination of problems with prejudice.
Importance of Corporate Governance
There has been a major change in the ownership structure where there are public financial
institutions and mutual funds which are considered to be the largest shareholders in large
companies (Elghuweel, Ntim, Opong, & Avison, 2017). The effective control is on the
management where the pressure is on management to become efficient, transparent with
accountability. The management needs to focus on the consumer-friendly policies for protecting
the social groups and then protect the environment. The major importance is on the social
responsibility where the Board of Directors have the right to protect the customers, employees
and the shareholders. There have been growing scams which leads to misuse of the public
money. The avoidance of the scams and the financial irregularities could be possible through the
corporate governance (Hashim & Amrah, 2016). The shareholders are inactive in the
management where the proxies are not allowed for speaking in meetings. There are big
companies which are selling the goods in the global market. Hence, they have to attract the
foreign investors and customers as well. For this, they tend to follow the foreign rules and
regulations. There are certain business transparency which are for promoting shareholder trusts.
The financial records, earnings reports and the guidance is to create accounting with the records