You are a senior auditor for A and B Chemicals plc, a large multinational pharmaceutical company. The company is aware that transparency is essential for successful global operations and that engagement with stakeholders is essential for a transparent reporting process. The company’s board of directors aims to develop its corporate social and environmental reporting and has asked internal audit to lead a discussion on this development. You have been asked to prepare a briefing paper to present to the discussion group in which you:

1. a. Identify the likely stakeholders of the company and explain how their need for information might differ.

b. Describe the type of information that the company’s stakeholders might require that should be included in a corporate social and environmental report.

c. Discuss the benefits to the stakeholders and the company in adopting a responsible approach to social and environmental reporting.