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Auriga Accounting has a team of registration experts who can provide complete guidance to register your CSR-1 Registration.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for registration
Your CSR-1 Registration
Auriga Accounting has a team of registration experts who can provide complete guidance to register your CSR-1 Registration.
Our team of experts will get in touch with you and collect all necessary documents and details
We fill out and file your application for registration
Your CSR-1 is registered
CSR stands for Corporate Social Responsibility. It refers to the ethical and socially responsible behavior of a company or organization. CSR encompasses the voluntary actions that businesses take to address and improve their impact on society and the environment.
The primary goal of CSR is to go beyond the profit-oriented objectives of a company and consider the interests of various stakeholders, including employees, customers, communities, and the environment. It involves integrating social and environmental concerns into business operations and interactions with stakeholders.
Applicability: The CSR provisions are applicable to companies meeting any of the following criteria in the preceding financial year:
CSR Spending Requirement: The Act mandates that eligible companies must spend at least 2% of their average net profits made during the three immediately preceding financial years on CSR activities.
CSR Committee: Companies meeting the above criteria are required to constitute a CSR Committee of the Board comprising at least three directors, including at least one independent director.
CSR Policy: The CSR Committee is responsible for formulating and recommending a CSR policy to the Board of Directors. The policy outlines the CSR activities to be undertaken by the company, including the sectors or areas in which the company intends to make its contributions.
Reporting: The company is required to disclose its CSR initiatives and expenditure in its annual financial statements and the Director’s Report. This disclosure includes details of the CSR projects or programs undertaken, the amount spent, and the manner of implementation.
Increased Customer Loyalty and Trust: Consumers today are more conscious of social and environmental issues. By demonstrating a commitment to CSR, companies can attract and retain customers who prefer to support businesses that align with their values. CSR initiatives can foster customer loyalty and trust in the brand.
Employee Engagement and Retention: CSR activities create a sense of purpose and pride among employees. When companies actively contribute to society and the environment, it boosts employee morale, engagement, and job satisfaction. Engaged employees are more likely to stay with the company, leading to reduced turnover and recruitment costs.
Competitive Advantage: CSR can provide a competitive edge by differentiating a company from its competitors. Companies that actively invest in social and environmental initiatives may be preferred by customers, investors, and partners over those who do not prioritize CSR.
Access to Capital and Investment Opportunities: CSR can attract socially responsible investors who consider environmental, social, and governance (ESG) factors when making investment decisions. Embracing CSR can increase a company’s access to capital and potential investment opportunities.
Risk Management: CSR practices can help identify and manage potential risks associated with social and environmental issues. By proactively addressing these risks, companies can mitigate negative impacts on their operations, reputation, and financial performance.
Improved Stakeholder Relationships: CSR initiatives enable companies to engage with stakeholders, including local communities, NGOs, government agencies, and suppliers. Building strong relationships with stakeholders fosters collaboration, goodwill, and mutual support.
Innovation and Long-Term Sustainability: CSR encourages companies to innovate and develop sustainable practices. By focusing on environmental stewardship and resource efficiency, companies can reduce costs, drive innovation, and ensure long-term business sustainability.
CSR Committee Formation: Companies required to constitute a CSR Committee under applicable laws will need to document the formation of the committee. This document typically includes the composition of the committee, roles and responsibilities of its members, and the frequency of committee meetings.
CSR Action Plan: A detailed action plan outlines the specific CSR initiatives to be undertaken, along with timelines, resource allocation, and expected outcomes. The action plan provides a roadmap for implementing CSR projects and activities effectively.
Budget and Financial Statements: Companies should prepare a budget for their CSR activities, indicating the estimated costs associated with different initiatives. Additionally, financial statements related to CSR expenditure should be maintained, detailing the actual expenses incurred for CSR activities.
Impact Assessment and Reporting: Companies may need to document the impact assessment methodologies used to measure the effectiveness of CSR initiatives. This includes evaluating the social, environmental, and economic impact of the activities undertaken. Additionally, companies are typically required to prepare CSR reports that provide an account of their CSR initiatives, expenditure, and outcomes.
Documentation of CSR Projects and Partnerships: Maintain documentation related to specific CSR projects, including project proposals, agreements or MOUs with implementing partners, and progress reports. These documents help track the implementation and impact of individual projects.
Compliance and Audit Reports: Companies should maintain compliance and audit reports related to CSR activities. These reports demonstrate adherence to legal requirements, proper utilization of funds, and compliance with relevant regulations and guidelines.
The process of implementing Corporate Social Responsibility (CSR) initiatives can vary depending on the company and its specific goals and resources. However, here is a general framework that outlines the key steps involved in the CSR process
Once the NGO is registered with the ROC, it can then apply for CSR-1 registration with the Ministry of Corporate Affairs (MCA). The MCA will issue a registration certificate to the NGO, which will be valid for three years.
Developing CSR Strategies and Policies: Accounting firms can work with companies to develop comprehensive CSR strategies and policies tailored to their specific objectives and industry. They can help identify key CSR focus areas, define measurable goals, and establish frameworks for monitoring and evaluating CSR initiatives.
Impact Assessment and Reporting: Accounting firms can assist in conducting impact assessments of CSR activities, measuring and quantifying the social, environmental, and economic impact of initiatives. They can help develop methodologies for assessing and reporting on the outcomes and effectiveness of CSR projects.
Financial Management and Reporting: Accounting firms can provide financial management services related to CSR, including budgeting, tracking expenses, and ensuring compliance with financial reporting requirements for CSR expenditures. They can help companies accurately allocate and track financial resources dedicated to CSR initiatives.
Assurance and Verification: Some accounting firms offer assurance and verification services for CSR reporting. They can provide independent audits or assurance opinions on CSR reports, verifying the accuracy and reliability of the information disclosed.
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