Companies make promises from the day they are registered. Their brand, their marketing promises, and their promises for change when faults are discovered all pile up to a list of guarantees made to the public. While the financial statements of companies are verified by third-party auditors for fraud, the non-financial information released by companies is not required to be verified. Corporate social responsibility (hereafter referred to as CSR) is a corporation's assessment and of the company’s effects on issues related to social and environmental responsibility. Monitoring and reporting the corporate social responsibility efforts of companies is more important in the modern day than ever because in recent years, the public faith in corporations has seen a steady decline. With this public decline in confidence, it is becoming increasingly important for companies to prove their credibility. While credibility is not an easy thing to prove, there are ways for companies to hold themselves accountable to the public. One of the most effective ways for companies to prove their credibility can come from standardized reporting that can be compared among companies and third party verification of the information in CSR reports.
Levkiv, Anzhelika, "Corporate Social Responsibility and Accounting: 2 CSR Case Studies and a Literature Review" (2018). University Honors Theses. Paper 527.