This part of the research on the report is conducted on various ASX listed Australian based

companies to determine whether they follow social accounting or not. Social accounting also
takes a big part in the growth of company in social and environmental way.

1. Data Analysis and Findings

When it comes to running a business often time it is understood as to simply earn profits and
grow the business. This is the face information that every people can understand about
business. This is just a single side of the coin; the other side includes a sustainable
development as well as social integrity. For a company to be successful in the long run, it
should maintain it’s performance not only in monetary side but should involve in environmental
and social side. But this side of the company can only be seen as a voluntary work. There are
different approaches for conducting social accounting. Managers and HR directors conduct the
inside-out social accounting process while the stakeholders are the key personnel to conduct it
outside the organization and compare the information. So, both the social accounting can be
linked with the conventional accounting of the business. The financial distribution shows the
company’s potential, and the social reports displays the environmental and social impacts
(Zicari, 2021). In the case of conducting the same research on various ASX listed companies in
Australia, sustainable report can be seen in every company as social accounting is a part of a
company being sustainable. The social and environmental aspects make a company into a
sustainable one. This side of the company can help in the growth of a company in a positively
manner around the local level which can gain more value.

Social accounting can also offer responsibility and democracy to an organization, causing it to
be more interested in it over time and develop conventional interest. In comparison to the
history of social accounting, which was not recognized as a gem in a firm, the present time
period can develop a more practical and relevant social accounting. Changes in a company's
policies and working environment also affect social accounting. They may be monitored
alongside the social problems that plague society, and improved accounting can help to
eliminate the problem in the public's view (Gary, 2001). From the company’s 2020
environmental, social and Governance Report, the company has proposed to help to a cause to
a society and to the environment in a briefly manner. For the community commitment, the firm
has decided to contribute to the science of hearing with the help of other institutions and start-up
companies in the field of hearing science and technology. It has also mentioned about focusing
on its product quality and reliability for the people they provide which can help people to build up
confidence. And for the environmental contribution, the company will implement the
environmental management system that are recognized by international frameworks. The
company has promised to move to renewable energy sources that will also contribute towards
reducing green house gases emissions and the final point made by the company was to
enhance their supply chain sustainability that will identify any environmental risk in the programs
conducted by the firm. (Cochlear Limited, 2020).

Non-profit organizations, such as NGOs, are likewise affected by social accounting difficulties.
They may be a corporation, but the number of projects that the corporation entails is handled on
a case-by-case basis. When compared to other organizational levels, this type of activity does
not match, and different criticisms have been leveled at those NGOs that focus on allocating
new projects but do not monitor organizational performance, which includes social values.
Furthermore, some organizations do not adhere to strategic planning, resulting in a divergence
from the others. Some well-known NGOs, such as Oxfam and UNDP, have been highlighted as
having this issue, which involves combining two separate departments to work as one (Raynard,
1998).

Over 200 companies were found to have engaged in fraud or corrupt behavior during the Covid-
19 pandemic, according to a survey of over 200 ASX listed companies, with 83 percent of the
companies believing that the organization was on the verge of greater loss due to the
vulnerability created by the fraud accounting. Employees were identified as the primary source
of fraud in the covid-19 incident, according to a report prepared by KPMG forensic (KPMG,
2020). Comparing these issues displayed by the report commonwealth bank of Australia have
decided not to have these types of frauds in their system as it also violated the social
accounting sectors and have mentioned those aspects in their report. The firm has decided to
reduce operational footprints and understanding the impacts of climate changes in banking
sector. Having a customer relation which is to be resulted to have a low carbon economy and to
pursue careers that are provided by the climate change. (commonwealth bank, 2021).

Ethics is a fundamental requirement for any organization that must be followed by professional
accountants or the public's trust in the company will be eroded. Maintaining ethics, on the other
hand, is critical and can help the organization in the long run. It can provide independence and
objectivity, and it can help any client make an unbiased conclusion. It is not good for the
company if the advice is influenced by outside sources. The second is the accountant's honesty
to the clients, as being honest and forthright with any client builds trust and confidence, and the
accountant never offers information to anybody that he or she believes is inaccurate or
misleading. The other is secrecy, in which the accountant must preserve the flow of information
since some information is critical to the organization and should not be shared with the outside
world because it can expose the company's weaknesses, which others can exploit. The final
one is professional behavior, which demonstrates professionalism in the field of accounting,
where ethics plays an important role in adhering to the norms and regulations that govern the
working body's authority. Ethics in the accounting industry, which is also a backbone for
anything related to finance and money, is critical for any working organization and corporation
(University of West Florida, 2017).

2. Conclusion and Hypothesis

To conclude, the research performed on various ASX listed Australian based companies on the
topic of social accounting to determine whether Australian companies follow social accounting
or not. When the research done on three of the most known ASX companies displayed similar
activities and involvement to diversify and support the human rights and workspace. Every
company wants a peaceful working environment for the employees and care about the health
and safety of the workers. The other point similar was the environmental aspects the company
wants to have an impact on. They are willing to change the working progress with renewable
energy sources and degradable material for products that will have a least percentage of impact
on the environment. Next common task was the contribution for the climate change and how
companies can mitigate the working process that will harm the climate and adapt to a newer
method of workspace that can reduce the impact on the climate thus having interest in climate
change.

To sum up the hypothesis, every company should be involved in the social accounting and
having a reputation outside of the company as well. Not only it will help to gain the company a
new stage of names but will be beneficial to the environment and the people surrounding the
environment. If the big companies perform social accounting, so will the smaller ones because
road to success is also looked into the bigger and successful ones which can set an example on
small scale industries to follow social accounting. With the comparison in the task and activities
almost all companies do follow social accounting in a small way or in the bigger picture. So new
can assume that Australian companies follow social accounting practices on their classical
business models.
 3. References

References
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