Sustainability and Ethical Management †Myassignmenthelp.Com

Question: Discuss About The Sustainability And Ethical Management? Answer: Introducation: The study focus on an international company PricewaterhouseCoopers's, (PWC), it is a multinational corporation headquartered in London, United Kingdom. It is the second largest company in professional services in the world. It has extended its operations through FDI in most countries including Australia. In Australia, PWC has located its offices at One International Towers Sydney, Watermans Quay, Barangaroo NSW 2000. This is a strategic place that enhances access to many clients across Australia. PWC operates on three principles namely; be good, be bold and be part of it. By being good, the company aims to do the right thing by the voice the society so as to secure a foundation for growth. They live by their value and purpose of the operation. To be bold by tackling any problem that is worth solving. They work with others especially society members, and this helps in investing in community change. Finally, be a part of it in that the management supports especially the employees be part of creating a switch to the society. The principles are of great importance to the company mainly because they help it to keep a track with its purpose. The purpose of PWC is to build trust with the society and solve significant problems in the society. Changes that come with tax reforms and the capital market, PWC offers advice to the clients so that they change with changing systems and without making uninformed decisions. Also, the principles have defined the culture of PWC, which is a real culture of helping the society. Aforementioned has helped ensure that the company engages only in what ensures environmental sustainability. PWC conducts ethical practices in agreement with the legal and moral requirements. 2. How I rate Ethics of PWC The companys code of conduct is partially good; the principle are based on the purpose of the company and core set of shared values, and defines a standard framework around how it is expected to behave and to do the right thing. The company gives a correct judgment of audits on the financial statements for the clients. The company is leading in performance, and many customers would recommend it. It provides an accurate and fair statement for financial positions and therefore investors can make informed decisions of whether to invest in an audited company or not (PWC fraud academy, 2013). However, in 2014, PWC was involved in two scandalous activities. A company Tesco admitted to having overstated the profits at one time, PWC had audited the company. Also, it was also fined $25millio for helping a Japanese company to launder money, with this scandal though PWC claimed it conducted the business unaware. Earlier the media had listed that some audit firms receive bribes to give a false s tatement that will show the client that the company is worth being invested on and is performing well from the financial position figure (PWC, 2016). PWC is engaging in SDG to ensure global sustainability despite the complexity of these goals. It is working on helping corporate, and has started offering the tools at a low cost, and this will enhance the understanding the agenda with ease, (Salvin, 2016). The company also teaches the employees on the expected code of ethics. If an employee violates them, they sack them. For examples (Jason, 2014), an ex-accountant employee was sacked after shouting on a client to have their issue solved. PWC held that yelling at a potential client was violating ethics of the company. Clearly, the top management is ethically upright. 3. PWC stakeholders PWC has some stakeholders; this includes clients who are PWC customers, the CPA institutes, the media, the NGOs, staff members, and suppliers. PWC values all its stakeholders, and it continually engages with them so as to understand local stakeholders' needs and find ways to create solutions. That helps in decision-making for appropriate responses. The clients are most interested in the impact the company has on the market, i.e., how high or low it is rated therefore they must be engaged and updated on how healthy the business is affecting the market (Valentin and Vitaliy, 2007). For the CPA institutes, these are the regulators in the profession services industry. They mainly determine the rising trends in the sector and issues they need to address, and PWC complies in time so as to keep up with rising issues. 4. How PWC deal with stakeholders Stakeholders are parties who are directly or indirectly affected by actions of the company. To remain ethical, PWC ensures there is a balance between company objectives and stakeholders goals. Stakeholders issues are addressed after a rigorous consideration of the impact of the action on the performance of the business. To the shareholders who are the owners of the company, they attend a general meeting on the yearly basis. During the meetings they are presented with right details of the real value of the enterprise, and they enjoy dividends and interests. The media is most interested in a company's corporate social responsibility, PWC engages with the media often. The media can make or break the image of an organization. Also, it engages with NGOs, and they have better knowledge on the local needs that need to be solved. They thus partner to offer solutions. With the PWC staffs and partner, PWC engages with them as the voice of people is most important. Since they interact with the clients and community as a whole, PWC listens to them so as to collaborate and help achieve CR strategic priorities (PWC Australia, 2017). Most importantly, the customers (businesses) are offered outstanding audit services to ensure integrity, transparency and accountability is always maintained. Over the recent years, this company has never involved in phony activities or colluded with a customer to give deceitful information to fulfill personal interests. In fact, it ensures that all the accounting and audit services are offered based on the principles provided by the international financial reporting standards boards. By complying to the provisions, PWC ensures professionalism is upheld which is vital in maintaining healthy ethical practices. 5. How PWC Australia deal with Social, Environmental and Economic Issues PWC Australia has continually ensured environmental sustainability. It is very committed to managing how it impacts its environment. In 2007, it was the first company in the industry to be neutral certified. That is usually under National carbon offset standards (NCOSs). This has enabled the company to reduce its emission of carbonated gas since. It joined a network of organizations so as to engage and stay connected with a group of leading businesses pursuing an environmental agenda. The company values the economy of the country, and it offers advisory services on economic and financial at a fee. It has a diverse range of clients including the federal government. The Australian digital environment has increased Cybercrime, money laundering, bribery, and corruption. The company is in the forefront of ensuring its operations are not so affected by this and will help in stabilizing the economy of Australia at large. 6. How PWC compare to others in the industry In spite of few scandals that taint image, the company is committed to improving society standards. (PWC media center, 2016) Yearly, Australia spends more than a half trillion dollars for social purposes. They direct them to health, welfare and education this contributes to a third of Australia's GDP. The organization maintains a lead in the industry in ensuring a sustainable environment, ensuring that industrial hazards are curbed early enough with the advice it offers. It's also clearing its social image. However, PWC is a giant in offering auditing, accounting and financial advisory services. Most companies in the industry strive to reach its level. Most large companies prefer contracting PWC which has fundamentally helped in ameliorating growth and development. Notably, PWC takes a frontier role in promoting compliance to professionalism and adoption of best practices. It desires to lead while others to follow. Therefore, it compares to others as the leader by offering outstandin g services and giving of ethical and social responsibility practices a priority. 7. The corporate governance of PWC Australia Corporate governance looks into the system of rules, practices, and processes which a company follows and ensures that there is a balance between the stakeholders and the community as a whole (Goergen, 2012). PWC Australia is committed to good corporate governance that enhances long-term interests of shareowners, strengthens accountability and helps build public trust in the Company. The Governance Board oversees PwC Australia and is made up of 11 partners who elect the Chair and Deputy Chair. It reports to its shareholders as owners of the Company. The responsibilities of the board include: Providing input into firm strategy, Approving and overseeing partner matters (partner admissions, setting partner policies, retirements and transfers, protecting the interests of partners, Oversight of the partner income scheme, Decisions on the original investments and transactions, conducting partner votes). The corporate governance has helped PWC be more ethical with the board ensuring use and upholding of moral systems (Mallin, 2011) References Clements, J. (2015) PwC Australia statement on UK referendum. https://www.britishchamber.com/blog/pwc-australia-statement-uk-referendum accessed 10 May 2017 Goergen, M. (2012) International Corporate Governance. Prentice Hall: Harlow. Jason, M. (2014) Fired PwC employee breached firm's ethics in Comcast complaints. https://www.bizjournals.com/sanjose/news/2014/10/13/fired-pwc-employee-breached-firms-ethics-in.html accessed 10 May 2017 Mallin, C.A. (2011) "Corporate Governance Developments in the UK" in Mallin, Christine A (ed), Handbook on International Corporate Governance: Country Analyses, Second Edition, Edward Elgar Publishing. PWC (2017) Governance Board. https://www.pwc.com.au/about-us/governance-board.html accessed 10 May 2017 PWC 2016 living our purpose ad value: PWC code of conduct PWC Australia (2017) Corporate Responsibility. https://www.pwc.com.au/corporate-responsibility.html (accessed 10 May 2017) PWC fraud academy (2013) Code of conduct: A barrier or breakthrough for corporate behavior. PWC media centre (2016) under pressure: Australias $510bn social purpose market. https://www.pwc.com.au/press-room/2016/social-good-apr16.html accessed 10 May 2017 Slavin, T. (2016) Corporations Ethical editor speaks to Malcolm Preston: global sustainability leader at PwC, about why companies have to engage seriously with the SDGs. https://www.ethicalcorp.com/sdgs-we-need-more-just-sunshine-stories accessed 10 May 2017 Valentin, Z and Vitaliy, Z. (2007). "Corporate Governance and Firms Efficiency: The Case of a Transitional Country, Ukraine," Journal of Producti