Proceedings of the Fifth Asia-Pacific Conference on Global Business, Economics, Finance
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Ebene-Mauritius, 21-23 January, 2016. Paper ID: M627
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Triple Bottom Line Reporting and Auditing in Mauritius-
Perspectives of Academics and Professionals in
Financial Services and Tourism Sector
Ramen. M,
Department of Accounting and Finance,
Faculty of Law and Management,
University of Mauritius, Mauritius.
E-mail: [email protected]
Seechurn. M,
Department of Accounting and Finance,
Faculty of Law and Management,
University of Mauritius, Mauritius.
Jugurnath. B,
Department of Accounting and Finance,
Faculty of Law and Management,
University of Mauritius, Mauritius.
___________________________________________________________________________
Abstract This paper heuristically addresses the three aspects of TBL reporting and auditing and
scrutinizes the possible introduction of TBL reporting and auditing in financial services and
tourism sector. Questionnaires were designed and sent to a targeted sample to collect data on
this subject matter; a sample of professionals and academics was used to elicit their
perspectives, thereby distinction between non practitioners and practitioners was made.
Analysis is principally based on the evaluation of identified drivers, barriers, potential
benefits and recommendations for the implementation of TBL reporting and auditing.
However, this research calls for further empirical research into other sectors with a wider
sample size. It is worth mentioning that this paper is highly original as it is the first study
providing insights of TBL in Mauritius.
___________________________________________________________________________
Keywords: Triple Bottom Line (TBL) Reporting and Auditing, academics, professionals,
drivers, barriers, benefits, sustainability, transparency, Social/Environmental/Financial
Reporting and auditing
Proceedings of the Fifth Asia-Pacific Conference on Global Business, Economics, Finance
and Social Sciences (AP16Mauritius Conference) ISBN - 978-1-943579-38-9
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1. Introduction
In 21st century business era, it would not be wise to evaluate the health performance of an
organization through financial reporting solely. Nowadays, stakeholders are claiming for non-
financial information along with financial information for better accountability and
transparency of business activities (Samyet al., 2009). Hence, the phenomenon concept of
Triple Bottom Line (TBL) reporting and auditing somehow bridges the gap between
stakeholders’ demands and corporate activities. Moreover, as first coined by John Elkington
in the late 1990’ Triple Bottom Line Accounting is a viable approach to measurement of
sustainability.
Figure 1: The 3 aspects of Tripple Bottom Line SVN, Balle, B Corporation, elephant journal, 2013.
[Online] available at http://www.elephantjournal.com/2008/11/triple-bottom-line-business-networks-
svn-balle-b-corporation/ [Accessed 8 April 2013]
The third millennium observes a growing adoption of TBL reporting and auditing by
companies, yet it is still in its infancy. This interest has been triggered by a number of factors
namely environmental concerns such as Global Warming, Ozone Depletion, Climate Change,
Deforestation, among others; Social concerns like Corporate Social Responsibility, Health
and safety, Employment of people with disabilities, benefits to employees (health insurance,
special loans for children studies, housing), among others; And Economic scandals including
Enron, WorldCom, Barings Bank, Tyco International.
In Mauritius companies have recently laid emphasis on TBL activities due to
stakeholders’ concerns, who seeks for transparency and sustainability mainly. Scandals such
as White dot, Medpoint, CT Power have triggered the need for TBL. Moreover, corporate
firms are increasingly engaging in social activities being blood donations, HIV/AIDS, drug,
diabetes awareness campaigns and educational sponsorships programs for needy students
(ProjetSourire by IBL). Government of Mauritius also contributed to the conceptualisation of
TBL by making mandatory CSR and promoting the project of ‘Maurice Ile Durable’. In
addition, National Economic and Social Council (NESC) and Federation of disable people
have recently launched programs to educate and guide employers to employ and care for
disable people.
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2. Literature Review
2.1 Triple Bottom Line Reporting and Auditing
2.1.1 Definition of TBL Reporting
Sumanta Dutta SSRN, (2011) pointed out that TBL Reporting reflects a more
comprehensive mechanism that integrates the traditional financial information along with
non-financial information, which can help firm in enhancing economic value addition, besides
putting it on a firm financial footing
2.1.2 The Need for TBL Reporting
TBL reporting is closely associated with disclosure transparency which is related to
strong corporate governance (Beekes and Brown, 2006). G100 guide TBL reporting (2003)
states that companies protect and enhance their reputation by communicating three spheres
being environmental, social and economic. In addition, according to Baret&Lougee (2006)
and Wallace (2008), sustainability as a strategy seeks long-term improvements in corporate
competitiveness.
According to Simnettet al. (2009) TBL may be conducted when their benefits exceed
their costs. Firstly, TBL information may position employees as an ‘employer of choice,’
whereby employee loyalty, reduction in staff turnover and retention of shall be attained.
Secondly, enhance attractiveness of investment on the market as investors are increasingly
considering TBL aspects in their investment decisions. Thirdly, organizations succeed in
obtaining a differentiated position in the market place as a preferred supplier through TBL
reporting.
2.1.3 Initiatives for TBL Reporting
Several initiatives have been declared such as South Africa’s King report in 2002
suggesting that every South African company report annually on its social, transformation,
ethical, safety, health and environment policies and practices. MP Linda Perham’s (UK June
2002) seeks to establish a new regulatory body for corporate, social and environmental
standards (Hayward, 2002). Moreover, International Integrated Reporting Committee (IIRC)
pictures a concise, clear, consistent and comparable integrated reporting Framework
reflecting the reporting of financial and non-financial information (Brand, 2010)
2.1.4 Definition of TBL Auditing
In its broad sense, TBL auditing is just an in-depth assessment and measurement of how
to report on the financial, social and environmental aspects of an organization was carried out
to determine the firm sustainability and viability (Business Dictionary).
2.1.5 The Need for TBL Auditing
According to the study by Basri and McAvoy(2000)TBL Audit promotes transparency
of companies, whereby auditors shall give reasonable assurance that reporting on economic,
social and environment has been conducted fairly and truly evaluated for decision-making.
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2.2 Environmental Reporting and Auditing
2.2.1 Definition of Environmental Reporting and Auditing
As per Edu et al. (2009) “environmental information is used to disclose the impact of
corporate activities on the natural environment to stakeholders of the corporate entity or
organization.” Environmental Auditing is regarded as the independent, objective, strategic
and systematic audit(ICC, 1991)to identify problems, improve compliance, improve corporate
image and give reasonable assurance on credibility and reliability of environmental reported
information(Simnett et al.,2009; Darnall et al., 2009).
2.2.2 Drivers for environment reporting and auditing
Legitimacy Theory
Today a legitimate organization is one which is in conformity with social norms, values
and expectations. Organizations legitimacy increases when their adaptations result in
homogeneity with other organizations in its environment (Baker and Rennie, 2006).
Institutional Isomorphism: Normative, Coercive and Mimetic Forces
Normative forces relate to what techniques should be used to make companies more eco-
friendly in their activities. Coercive forces refer direct pressures exercised by Legislation and
Regulations while indirect forces occur from a change in community concern, adverse media
publicity “fear Factor”.
Good Corporate Governance
As stated part 5 of section 7 Integrated Sustainability Reporting of Corporate Governance
Report (2003), “Every Company should regularly report to its stakeholders on its policies
and practices as regards to ethics, environment, health and safety and social issues.”
Stakeholders’ Pressures
Environmental crises have raised public and stakeholder awareness of the impact that
corporate activity can have on the environment and the need for appropriate disclosure on
such matters (Dillard et al., 2005)
Comply with Standards
Regarding Environmental Reporting Standards IAS 1 Presentation of financial statements
requires the recognition of environment assets, environment liabilities and environmental
expenses.ISA 32, 39, IFRS 7 and IFRS 9 on financial instruments deal with present and future
risks of hedge accounting, the measurement of environmental derivatives and the treatment of
other financial elements that occur as a result of environmental impacts (Barbuet al., 2011).
On the other hand, for environmental auditing, businesses may adopt the ISO
14001(appendix2). IAS 37 (IASB, 2005) requires companies to recognize and measure
contingent liabilities which may have a legal obligation or a constructive obligation
depending on company’s policy. In addition, IAS 8 (IASB, 2003) requires disclosure in
accounting policies, changes and estimates and errors. Similarly, ISA720 (IFAC, 2012)
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imposes a limited duty on auditors to read and understand disclosures made anywhere in
financial statements. Hence, auditors need to verify the “truth and fairness” of environmental
disclosures in financial statements.
2.2.3 Barriers to Environmental Reporting and Auditing.
Professional Competence: Reliance on Experts/Management Advisors
A lack of expertise and competence represent a serious challenge to the accounting
profession’s ability. KPMG (2005) argue that the measurement of social and environmental
performance is rather a complex task, thus Accountants and auditors use professional
judgement. They may seek advice of an expert or rely on management with respect to the
recognition and measurement of the consequences of environmental matters in the financial
report (ICANZ, 2001). However, by doing so, the auditor’s independence maybe
compromised. Familiarity threat may also be an issue as the auditor shall be working closely
with client management on evaluating environmental issues.
Consistency & Comparability
The relative absence of environmental reporting standards has contributed to the
generation of reports that are not consistent across organizations. This has affected the
comparability and verifiability of environmental reports among organizations (Wallace,
2000). In this context, users of accounts are unable to use information in decision making.
Lack of Regulators
Environmental reporting is basically a voluntary disclosure (Shivaji and Subramaniam,
2008) as it does not materially impact the financial statements.
2.3 Social Reporting and Auditing
2.3.1 Definition of Social Reporting?
Social reporting is a mechanism facilitating transparency, empowering stakeholders to
hold organizations accountable for all related social matters. This form of transparency grants
stakeholders negotiating power and allows true collaborate governance to develop around
particular firms and issues (Hess, 2007).It encompasses both internal and external social
reporting.
Internal Social Reporting
Companies need to ensure that their employees are working in a safe and secured
environment. In Mauritius, the Occupational Health and Safety Act 2005 makes provisions
for hazard free work environments. Being a statutory regulation, companies are bound to
appoint an Occupational Health and Safety (OHS) officer to carry out assessment and
reporting on health and safety conditions prevailing in the organization under certain
condition. Moreover, according to the Training and Employment of Disabled Persons Act
1996companies should employ 3% staff with disabilities thus engaging in diversification of
staffs.
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External Social Reporting
Many authors defined CSR in different ways, yet all heed towards the notion that
businesses are expected to discharge duty towards the society. According to Finance Act 2009
in Mauritius CSR contribution is a legal requirement. As from January 2012 companies
should contribute 2% of their chargeable income for tax purposes.
2.3.2 Definition of Social Auditing?
Social auditing involves the understanding, verifying, measuring, and monitoring of social
programs or services being carried out by companies (Anupekkonenand Sadashiva,2010).
Moreover, a social audit helps to narrow the gaps between vision and reality, between
efficiency and effectiveness (PARTAS, 2010).
2.3.3 Drivers of Social Reporting and Auditing
Legitimacy Theory
Legitimacy theory points out that companies engage in CSR reporting in order to be
accepted by society and maintain existence and “license to operate” as a legitimate entity.
Grayet al. (1995).
Institutional Isomorphism: Normative, Coercive and Mimetic Forces
Normative Force: Social reporting is becoming a norm. Stakeholders like local
communities, the public in general and social activists seek sponsorships in programs being
undertaken. Programs such as “AnouBouzé” are platforms which invite companies to
contribute to social activities.
Coercive Force: Direct pressures exercised by law such as mandatory CSR contribution,
health and safety assessment reports. Indirect pressures are exerted by media attention.
Consequences of negative media attention brings along bad image of company, loss of
goodwill and stakeholders’ loss, while positive media attention shall improve companies
image and act as an indirect way of advertising for the company(KPMG, 2004).
Mimetic Forces: Since 2007 Rogers Ltd has been contributing massively in the fight of HIV/
AIDS and today other companies are following the same trend like SBM which regularly
engages in Blood donation programs throughout the island.
Stakeholder Activism
Stakeholders may seek social reporting and auditing for decision-making and assessment
of human factor in a business. Moreover, social auditing values the voice of stakeholders
including marginalized/ poor groups whose voices are rarely heard (PARTAS, 2010).
International Guidance
Recently, the institute for social and ethical Accountability proposed AA1000s standards
for social auditing (Accountability, 2002) which describe that social accounting and auditing
should be multi-perspective, comprehensive, comparative, regular, verified and disclosed.
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Besides, ISO 26000 (2010) has been put in place to provide guidance to companies on how to
operate in a socially responsible manner. It assists companies in translating principles into
effective actions and shares social best practices globally. The GRI is probably the most
successful attempt to date, at standardising the reporting of social and environmental
information globally (Adams and Frost, 2007). Where firms are investing massively in any
program dealing either with internal or external reporting, it has to be reflected in accounts
under the concept of “true and fair”. Accordingly, auditors under ISA720 (IFAC, 2012) have
an obligation to consider all material matters and gather concrete evidence on the issue.
2.3.4 Barriers to Social Reporting and Auditing
Reliance on Work of an Expert/Management Advisors
The OHS officer has an obligation to report all hazards identified. The auditor is not an
expert and will have to rely on expert (OHS officer) or management (HR Personnel) for social
audit. Reliance is worthy when:
No familiarity or advocacy threats exist to ensure objective reporting on issues.
People involved in social auditing should have professional competence.
Availability of sources of information from external parties for reliability.
Requirements checklists of OHS should be structured, pertinent and proper.
2.4 Financial reporting and auditing
2.4.1 Definition of Financial Reporting
Broadly defined, Financial Reporting is the systematic recording, measuring and
presentation of financial data occurring during an accounting period. Wild, Shaw
&Chiappetta (2009) define Financial Reporting as the communication of financial
information useful for making investment, credit and other business decisions. Well-
established standards and policies are put in place to ensure that financial information are true
and fair, complete, relevant, understandable, consistent, comparable, adequate and reliable
(IASB conceptual framework, 2001).
2.4.2 The Need for Financial Reporting
Financial reporting is conducted in view to give useful information to users of accounts
about the financial position and trend in performance of companies(IASB Framework,
2001).According to Accounting Simplified (2012), IFRS Framework (2010) firstly help
management in assessing financial position of company and decision-making; Secondly,
enable shareholders in assessing risks and returns of their investment and ultimately take
investment decision; Thirdly, illustrate economic performance of firm whereby potential
investors assess the viability of investing in business. Moreover, financial statements help
financial lenders to decide whether it would be wise to provide finance to company based on
the solvency of business. Suppliers and creditors shall assess the liquidity and
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creditworthiness of business to pay its obligation as and when it falls due. Besides, Customers
want to ensure that business will continue to provide product in the future, hence financial
statements is used to assess current and future existence of business. On the other hand,
employees shall use financial statements to assess company’s profitability and future
existence for job security, while for competitors it is a platform to compare and contrast
performance and accordingly improve competitiveness. Also, Government shall use financial
figures to determine correct tax charge and keep record of firm’s economic performance.
2.4.3 What is Financial Auditing?
In a broad sense financial auditing is the evaluation of truth and fairness of final accounts
from an independent party. The financial statement audit has never been more important. In
today's business environment there is more scrutiny and scepticism of a company's financial
statements than ever before. Investors have lost faith in corporate governance and reporting
and they expect more: greater reliability, more oversight and clear evidence of internal
controls (PWC website accessed on Dec, 2012).
2.4.4 The Need for Financial Auditing
As per ISA 200 (IFAC, 2004) objectives and general principles governing an audit of
financial statements, the primary aim of an audit is to enable the auditor to express an opinion
on whether the final accounts are prepared in all material respects, in accordance with an
identified financial reporting framework. Furthermore, according to ISA 540(IFAC,
2009)Auditing accounting estimates, including fair value accounting estimates and related
disclosures and ISA 450 (IFAC, 2009) Evaluation of misstatements identified during the
audit, auditors enhance credibility and reliability by giving reasonable assurance that those
final accounts reflect a true and fair view of business financial position. This means that the
Final accounts are free from material misstatements and that estimates and disclosures are
reasonable. For this to be achieved, auditors shall collect evidences, which should be
sufficient, appropriate, adequate and relevant during a time period (ISA 500 Audit evidence
IFAC, 2008).In addition, the auditor shall ensure the assertions of Management when
preparing the final accounts (see appendix) by conducting Observation, Inspection, External
confirmation, Recalculation, Reperformance, Analytical procedures and Inquiry. Moreover,
auditing of final accounts aims to assess going concern of business, as such ISA 570 (IFAC,
2008) states the auditor is required to consider whether there are events related to business
risks which may cast significant doubts on the entity’s ability to continue as a going concern.
Moreover, auditors have to obtain sufficient appropriate audit evidence regarding the
appropriateness of management’s use of going concern assumption in preparing financial
statements. Examples of big scandals ongoing concern are Enron, WorldCom, MF Global and
Lehman.
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2.4.5 Auditors Opinion
ISA 700 (IFAC, 2004) requires auditors to form an opinion on financial statements,
which are of 2 types:
Unqualified opinion: Financial Statements are in compliance with generally accepted
standards and they give a true and fair view of business. However, unqualified report may
contain ‘Emphasis of Matter’ (ISA 706 IFAC, 2007) is due to doubt; uncertainties which
do not affect the reliability of the statement but are matters that the auditor believes
deserve special attention.
Qualified opinion: Where uncertainty arises due to lack of records and evidence rendering
financial statements not credible, auditors shall express a qualified opinion or a disclaimed
opinion. Moreover, auditors may react similarly in cases of disagreements such as
inappropriate accounting policies, inadequate and misleading disclosures.
3. Methodology
3.1 Research Questions A set of clear, measurable, relevant, specific, and achievable objectives have been set for
this study. These include:
To evaluate awareness of TBL Reporting and Auditing;
To measure the willingness and reluctances of academics and professionals to adopt
TBL reporting and auditing;
To assess the efficiency of current regulators and frameworks in Mauritius in
providing necessary support for such implementation;
To analyse the potential benefits of conducting TBL reporting and auditing.
3.2 Modelling Volatility
A descriptive and exploratory approach has been adopted to carry out this study. To
gather primary data, 2surveys have been carried out. Secondary data was mainly obtained
from accounting and auditing journals, websites, publications and books. 35 respondents out
of 75, from each targeted groups namely professionals and undergraduates in accounting and
auditing field was collected. Professionals included accountants, clerks, auditors and trainees,
while academics included lecturers and graduates. Academics were mainly from UOM in
accounting and auditing field, while targeted professionals were from Hotel industry,
Business Process Outsourcing and Financial Services providers, Audit firms. Time factor was
a significant limitation as the period during which questionnaires were sent was the peak
season for accountants and auditors were involved in finalization of final accounts and filling
of annual VAT return.
3.3 Data
Questionnaires were self-administered to respondents in order to gather the maximum
information required. Data was collected, coded and analysed on SPSS version 16.0. Testing
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of data was completed through descriptive statistics, combination of charts of mode, mean,
median and standard deviation derived from frequency testing and cross-tabulation testing.
Secondly, inferential statistics was used for more complex and explicit testing.
4. Results and Discussion
4.1 Respondents’ statistics for reporting and auditing
Figure 2: In which sector are you employed? * Figure 3: Number of years of working experience in
Category of respondents Cross tabulation auditing field * category Cross tabulation*
Figure 2 shows that the highest proportion of respondents for financial reporting comes
from Financial Services sector compared to Tourism sector. It is to be noted that analysis will
be based on perspectives of academics and professionals where sample size is split into
category 1 representing professionals that is 30 accountants, and category 2 representing
academics including 15 graduates and 15 lecturers only for TBL reporting. Experience level
of each category is displayed in figure 3.
4.2 Measurement of awareness between academics and professionals
Table 1: Percentage of respondents holding awareness of TBL reporting and auditing
Results show that majority of respondents in each category are aware of the TBL
reporting and auditing. It is to be noted that 10 questionnaires will be ignored as these are of
no use since they do not define TBL. Hence sample is reduced to 60 respondents each.
Hypothesis 1
Ho: There is no difference between academics and professionals with respect to awareness of
triple bottom line reporting or auditing
H1: There is a difference between academics and professionals with respect to awareness of
triple bottom line reporting or auditing
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Table 2: Mann-Whitney Tests for awareness of TBL reporting and auditing
Reporting Auditing
Assuming significance level at 0.05, in both cases significance P value=0.557 and 0.518
respectively, so we accept H0 concluding that there is no significant difference between
academics’ and professionals’ awareness on TBL reporting and auditing as per the sample of
this survey. It is to be noted that most accounting undergraduates are familiar as the concept
of TBL auditing and reporting forms part of certain modules. Professionals’ awareness may
be explained due to the actual practice of TBL at work place as corporate governance code is
now mandatory as per amendments in Financial Reporting Act through economic and
financial measures (miscellaneous provisions) Act 2012.
4.3. Relationship TBL Reporting is a MUST! And its Use to Users of Accounts
Table 3: Cross tabulation TBL reporting is a MUST* complete and adequate TBL is of use to
users of accounts
From Table3 it may be observed that respondents’ agreeing upon “ a complete and
adequate TBL reporting is of use to users of accounts” find “TBL reporting being a MUST in
the 21st business era.”
Hypothesis 2
H0: There is no relationship between reporting being a MUST in the 21st century business era
and reporting complete and adequate TBL is of use to users of accounts.
H1: There is a relationship between reporting being a MUST in the 21st century business era
and reporting complete and adequate TBL is of use to users of accounts.
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Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 66.395a 6 .000
a. 7 cells (58.3%) have expected count less than 5. The minimum expected count is .17.
Chi Square value= 66.395 and P value = 0.000 < 0.05, therefore we accept H1it is confirmed
that there is a very strong relationship between the TBL reporting being a MUST in the 21st
century business era and reporting complete and adequate TBL is of use to users of accounts.
This may be true as to stakeholders concerns about the environment and social aspect has
increased the past decades.
4.4 Reporting and Auditing are 2sides of the same coin
Figure 4: Reporting and Auditing are the two sides of the same coin; hence TBL Reporting
should be followed by TBL Auditing. How far do you agree? * Category Cross tabulation
Figure 4 shows that considerable % of respondents in each category is neutral on the fact that
reporting and auditing are the two sides of the same coin. Respondents may be willing to
report or audit TBL yet the lack of guidance and regulators regarding this issue give rise to
reluctances.
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4.5 Ranking of TBL Reporting Drivers Assessment
Table 5 : Percentage of respondents Ranking TBL Reporting
Drivers
Table 5 illustrates the ranking of reporting drivers of TBL by each category of
respondents. It is to be noted that Sustainability and Transparency are the two determinant
drivers which were closely rank first and second by each category respectively. Most
academics ranked transparency driver first compared to most professionals who ranked the
same driver second and third. Similarly, most academics ranked Sustainability driver second
while professionals ranked it first. Interviews with professionals pointed out that reporting
TBL demonstrates a drive towards increased transparency thus promoting sustainability.
Furthermore, it is observed that stakeholders’ activism was mostly ranked third by both
academics and professionals. This may be explained by stakeholders placing increasing
emphasis on understanding the approach of managing the three bottom lines. Storer and
Frost (2002) declared that TBL reporting responses to the increasing demands of the business
community and groups for reporting on environmental and social aspects along with
economic aspect of a firm.
In addition, it is noticed that the ranking of corporate governance is a more important driver
for academics than professionals. Statistics above show that most academics ranked this
driver first to fourth mainly. This may be illustrated by the fact that academics being well
versed with the corporate governance code as it forms part of their teaching and learning
outcomes. Besides, professionals showed relatively less importance since most ranked this
driver fifth. Henceforth, discussions with professionals have revealed that they are likely to
abide by the code for fear of litigation and good image.
Hereafter, statistics show that the driver of good image is indeed a significant driver for
TBL reporting for professionals as most of them ranked it second. This is in contrast with
academics, who ranked the same driver sixth. From such observation, it may be concluded
that TBL reporting somehow acts as advertising in disguise from a professional perspective.
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In contrast, discussions with academics point out that they consider this driver to be more a
benefit than a driver itself. Similarly, this applies to competitive advantage driver as well,
where considerable number academics ranked that driver last.
For globalization trend driver no significant discrepancy arose between academics and
professional ranking globalization trend driver. Ranking revolve around fifth, sixth and
seventh mainly. As such, it may be concluded that this driver is less important compared to
other drivers yet respondents do uphold it as a driver for TBL reporting.
4.6 Ranking of TBL Auditing Drivers assessment
Table 4: Percentage of Respondents Ranking aach TBL Audit Drivers
Statistics illustrates that a complementary relationship is shared between ranking of
Transparency driver and Truth and Fairness driver. It is worth mentioning that a considerable
number of professionals and academics ranked the above drivers first and second mainly.
Interviews with professionals pointed out that by conducting TBL audit, auditors are able to
give reasonable assurance about truth and fairness of figures and this simultaneously
enhances transparency of firm. Similar reaction was observed upon discussions with
academics.
Furthermore, ranking of sustainability and disclosure of material matters are substantial
drivers which were equally important to professionals and academics in determining drivers
to TBL audit. Professionals and academics explain that sustainability driver helps in
determining going concern of firm which is one of main concern of stakeholders. Moreover,
investigations with auditors reveal that disclosure of material matters driver assist them in
scrutinizing any fraudulent activity in disguise under environmental or social aspect. On the
other hand, academics opine that this driver of TBL audit is likely to promote reliability and
credibility of audit reports.
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Statistics display 13.3% academics ranked stakeholders demand third, 20%professionals
and 11.7% academics have ranked it fifth; this may be explained by the fact that stakeholders
depend on the reasonable assurance of auditors. Yet the issue remains that is the financial
auditor the right person to give a reasonable assurance of TBL reporting? This question is
further addressed in recommendations proposed to implement TBL.
Professional Scepticism driver was closely ranked 5th and 6th by academics and professionals
respectively. This can be explained by the fact that auditor is considered as the critical friend
of the company and he or she is bound to have a questioning mind in conducting audit
assignment. Academics and professionals agreed that such diagnostic reasoning process is
imperative for the success of TBL audit.
From statistics of Table 5, it is to be highlight that no significant discrepancy arose
between academics and professional ranking good image driver. Ranking throughout was
quite smooth. In this context, discussions were held with professionals and academics who
concluded that this driver is more to be a benefit than a driver in itself. Besides, statistics
show that globalisation trend driver has been ranked last by the same percentage 16.7 of
professionals and academics. This driver is perceived to be less important compared to other
drivers.
Hypothesis 3
Ho: There is no difference with respect to the ranking of drivers of TBL reporting& auditing
by academics and professionals
H1: There is a difference with respect to the ranking of drivers of TBL reporting& auditing by
academics and professionals
Table 5: Mann Whitney Test Audit Drivers
Assuming significance level at 0.05, it is observed that P value of all drivers are more
than 0.05, therefore we accept H0. This implies that there is no considerable difference the
way of ranking auditing TBL drivers. This may be explained by the fact that both
professionals and academics are relatively sharing the same perspectives on TBL audit matter.
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Table 6: Mann Whitney Test Reporting Drivers
Assuming significance level at 0.05, it is observed that P value of both good corporate
governance and globalization trend is 0.01, thereby we accept H1, meaning that there is a
difference between academics and professionals ranking these drivers. Hence it may be
concluded that academics have given more importance to these drivers compared to
professionals.
However, P value for other drivers are more than 0.05, therefore we accept H0. This
implies that there is no considerable difference between academics and professionals by the
way they rank auditing TBL drivers. This may be explained by the fact that both professionals
and academics are relatively sharing the same perspectives on TBL audit matter.
4.7 Ranking of TBL reporting barriers assessment
Table 7: Percentage of Respondents Ranking TBL Reporting Barriers
Table 8 shows that academics have ranked barriers of TBL reporting with not much of
discrepancy. This is in contrast to professionals’ way of ranking barriers. Hence, it may be
concluded that academics find almost all these barriers as important as each other. The first
barrier being lack of regulators is ranked first and second by most academics and
professionals. Discussions with respondents pointed out that, TBL reporting is a new way of
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reporting in Mauritius and therefore, specific regulators have not yet been assigned to monitor
and regulate it.
Moreover, for barrier additional cost, work and time, academics have almost evenly
ranked it, hence it may be concluded that this barrier is of average importance to academics.
On the other hand, a significant proportion of professionals ranked the same driver second
and third. This may be explained by the fact that accountants will have more responsibilities
yet time to prepare accounts will remain same.
Similarly, academics give moderate importance to the barrier of lack of expertise &
competence as they are moderately versed with reporting of TBL. In contrary, most
professionals ranked the same barrier fourth and fifth. Looking at the ranking as such may be
misleading. Investigations with professionals revealed that accountants do have the expertise
to assess the financial aspect of environmental and social matters mainly. The literature
review mentions standards in place to assist accountants in this matter.
4.8 Ranking of TBL Auditing Barriers Assessment
Table 8: Percentage Respondents Ranking TBL Audit Barriers
According to statistics in Figure 7, it is noticed that significant number of professionals
have ranked barriers reliance on work of expert/ management, lack of expertise, competence
and knowledge and lack of regulators first, second and third respectively. Upon discussion
with professionals, financial auditors have declared that they have to rely on the work of an
expert/ management if they are to conduct TBL audit, as they lack expertise, competence and
knowledge and guidance on environmental and social matters.
Similarly, a considerable number of academics ranked lack of expertise, competence and
knowledge and lack of guidance first and second respectively. Most academics state being a
completely new issue, research has to been carried out to gather information on this matter.
Hereafter, guidance, knowledge and expertise may be acquired on the procedures and scope
of TBL audits.
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Moreover, it is to be note that most academics and professionals ranked the barrier of
additional cost, work, and time last. Respondents it was pointed out that additional cost would
be in terms of paying for trainings, examinations, courses and seminars to acquire the
knowledge of TBL audit. Indeed, such practice will increase work load and audit assignment
may take longer to be completed.
Hypothesis 4
Ho: There is no difference with respect to the ranking of barriers of TBL reporting& auditing
by academics and professionals.
H1: There is a difference with respect to the ranking of barriers of TBL reporting& auditing
by academics and professionals.
Table 9: Mann Whitney Tests for barriers
Assuming significance level at 0.05, it is observed that P value for all barriers are more
than 0.05 for both auditing and reporting ,thereby we accept H0, meaning that there is no
difference between academics and professionals ranking these barriers. This may be
explained by the fact that both professionals and academics are relatively ranking the barriers
by sharing the same perspectives on TBL reporting and auditing matter.
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4.9 Assessment of Potential Benefits of TBL Reporting
Table 10: Extent respondents agree to proposed potential benefits of TBL reporting in %
Table 11 illustrates statistics of academics and professionals with respect to the extent
they agree on the proposed potential benefits of TBL reporting. It is highlighted that most
respondents give a positive response to the potential benefits proposed and no respondents
strongly disagreed to any of them. Moreover, it is noticed that considerable and equal number
of academics and professional agreed that gain competitive advantage benefit and improve
corporate image benefit are indeed benefits of TBL reporting. This is further ascertained by
each category who strongly agreed on this matter. Hereafter, assumption made above in TBL
reporting driver is confirmed.
Similarly, it is observed that most academics and professionals agree and strongly agree that
TBL reporting will enhance transparency and credibility of the firm. Also, this may also be
observed for sustainability. Interviews with respondents relate that engaging in transparency
is promoting sustainability.
Consequently, this explains also the fact that many respondents do agree that TBL
reporting will attract more customers and investors. Stakeholders growing demand for non-
financial information is indeed a determinant factor and has often been discussed in previous
research papers of TBL by G100 Guide TBL Reporting (2003); Kimmet- Institutional
Understanding of TBL Evaluations (2003).
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4.10 Assessment of potential benefits of TBL Auditing
Table 11: Extent respondents agree to proposed potential benefits of TBL audit in %
As per results in Table 12, it is observed that most respondents agreed on the proposed
potential benefits of TBL auditing and no respondents strongly disagreed to any of them. It is
worth mentioning that highest proportion of respondents strongly agree and agree that TBL
reporting enhances transparency and credibility of firms. Interviews with respondents pointed
out that reasonable assurance of firms’ transparency contribute to enhance stakeholders’
commitment vis-à-vis firms thereby promoting sustainability in future.
Consequently, this analysis further asserts that more customers and investors are willing
to consider dealings with such firms. Discussions with academics and professionals show that
Mauritius is a developing country and most firms have already reached maturity level of their
life cycle, hence securing their license to operate by having a good customer cushion is
important for their survival. Thus, it may be concluded this is one of the reasons why firms’
respond to stakeholders concerns.
Moreover, competitive advantage benefit is likely to be agreed by respondents, whereby
professionals stated that this may enhance corporate image and ultimately attract more
customers. On the other hand, academics pointed out that this benefit may be considered as a
competitive positioning tool for firms creating a synergy to respond to competition,
sustainability and stakeholders concern.
Hypothesis 5
Ho: There is no difference between academics and professionals finding that all potential
benefits proposed may be achieved by TBL reporting and auditing
H1: There is no difference between academics and professionals finding that all potential may
be achieved by TBL reporting and auditing
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Table 12: Mann Witney test for proposed potential benefits
Assuming significance level at 0.05, it is observed that P value for all benefits are more
than 0.05 for both auditing and reporting, thereby we accept H0, meaning that there is no
difference between academics and professionals finding that all potential benefits proposed
may be achieved by TBL reporting and auditing. This may be because respondents are
sharing same reasons on each benefit.
4.11 Assessment of Auditing and reporting frameworks
Table 13: Extent respondents agree on TBL framework adequacy and appropriateness in %
From table it is observed that academics and professionals of reporting and auditing TBL
share the same views. This observation is further analysed with a Chi square test.
Hypothesis 6
Ho: Academics and professionals do not find reporting framework appropriate and adequate
and implement TBL auditing compared to academics.
H1: More professionals find reporting framework appropriate and adequate and implement
TBL auditing compared to academics.
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Table 14: Chi square Test for framework adequacy and appropriateness
Assuming significance level at 0.05, it is observed that P value for both Chi Square tests
are more than 0.05 for both auditing and reporting, thereby we accept H0, meaning that
academics and professionals do not find reporting framework appropriate and adequate and
implement TBL auditing compared to academics. This may be explained by the fact that TBL
Reporting and Auditing is a new concept and there is a need to develop frameworks to assist
such activity. This also explains why respondents found that lack of regulators is a
determining barrier.
4.12 Assessment of which regulators would be appropriate to regulate TBL reporting
and auditing
Table 15: Percentage of respondents who find existing regulators appropriate to regulate TBL
Observations from tables above show that respondents do find Financial Reporting
Council (FRC) and Financial Services Commission (FSC) are two regulators that would be
appropriate to regulate TBL reporting and auditing. However, discussions with respondents
argue that necessary amendments need to make each institution before they are fully able to
regulate TBL.
Moreover, it is noted that responses regarding Registrar varied. Most academics mainly
students found that Registrar is not an appropriate regulator. Discussions with them pointed
out that they lack knowledge on the role of Registrar and thus preferred to give a negative
response.
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On the other hand, it is noticed that responses to Bank of Mauritius (BOM) as a regulator was
quite smooth by academics and professionals. It is to be noted that BOM regulated banks of
which Mauritius Commercial Bank and State Bank of Mauritius have been engaging in TBL
activities such as CSR and Go Green engagement.
4.13 Assessment of the extent of importance of recommendations given by academics
and professionals for TBL reporting.
Table 16: Extent respondents agree on proposed recommendations for TBL reporting
implementation in %
Table 17 shows that considerable proportion of respondents give high importance to make
TBL reporting mandatory. Upon discussions, respondents stated that in doing so, uniformity
and transparency will prevail in reported accounts. As such, this will enable stakeholders to
perform proper comparisons within firms. Similarly, promulgation and enforcement of
appropriate reporting standards was also given high importance by most respondents.
Respondents declared that these standards will assist in measuring, characterising and
classifying environmental and social matters.
Moreover, it is noted that most professionals have given moderate importance to
mandatory good corporate governance compared to most academics who find it more
important. Most academics especially lecturers pointed out that in doing so, this may reduce
risk of financial crisis and increase access to external finance. However it is worth mentioning
that lately, amendments to economic and financial measures in Financial Reporting Act in
2012 have made good corporate governance a mandatory statue.
Statistics illustrate that most respondents find it important to improve display of responsibility
and competence from Top to Bottom in a company. If orders come from top then it is also
true that example come from top. It is one of the fundamental duties of those in management
level to display the right attitude, behaviour and be the leader by example. Therefore, it is the
responsibility of management to take decision on whether to report TBL or not. Interviews
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with respondents pointed out that top Management may include TBL reporting as part of
company’s culture or policy.
Furthermore, it is to be highlighted that academics and professionals assigned high
importance to awareness and guidance campaigns by providing for certified training,
seminars and workshops to encourage TBL reporting. Such recommendation will remove the
barrier of lack of guidance faced by professionals and academics. In addition discussions
pointed that respondents promoting awareness of benefits that may be achieved by reporting
TBL. Respondents discussed on provision of sufficient incentives to disclose environmental
and social matters will also encourage respondents to engage on TBL reporting.
In addition, academics and professionals lay emphasis on the recommendation that
Mauritius needs to improve the quality of financial reporting before it can even consider TBL
reporting. Upon discussions it is noted that respondents have criticized current reporting
frameworks due to scandals such as Air Mauritius black-box, Med point, Mauritius
Commercial Bank (MCB)- National Pension Fund (NPF), White Dot and Sunkai. Upon
investigation, respondents pointed out that those scandals involve renowned companies which
by default were supposed to set examples but the case indeed is different.
5. Conclusion
As popularity of TBL reporting and auditing grows in the world trade village, Mauritius
cannot remain indifferent to this matter. Hence, it is imperative to set guidance, frameworks
and measures to assist in TBL matters. By adopting TBL, businesses in Mauritius understand
that they are held to specific principles that are developed by internal and external forces.
Analysis highlighted long-term sustainability and promotion of transparency were the
main drivers chosen by respondents. On the other hand, main barriers were lack of regulators
and lack of expertise and competence which indicates that awareness programs and trainings
are a MUST for successful TBL implementation. In addition, to be the leading company, the
latter has to undertake innovative business strategies. One way of achieving this may be by
aligning TBL reporting and auditing as a strategy.
Taking into consideration drivers, barriers, potential benefits and recommendations, it
may be concluded that the adoption of TBL reporting and auditing is worthwhile in our dot
island. The Moto of TBL may be captured from Andrew W. Savitz and Karl Weber, who
beautifully praised TBL as “Your Company’s sweet spot is where its financial interests
coincide with social and environmental interest.”
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