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Meaning
The process of measuring, observing, and informing stakeholders of the social and environmental repercussions of an organization’s actions is known as social accounting.
A social audit is a formally conducted examination of a company’s policies, code of conduct, and social responsibility efforts.
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Objective
The major goals of social accounting are to assist society by offering various services and to keep track of them.
A social Audit evaluates how the company’s operations affect the surrounding area and environment.
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Timing
Daily social transaction recording is done as part of continuous social accounting.
Social auditing is essentially a routine procedure done following the preparation of financial statements.
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Remuneration Type
Accountants are paid through social accounting.
Social Audit pays auditors for their work.
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Level of Details
Extremely thorough and includes all information pertaining to social transactions and records
Statements and records are used in social auditing on a sample basis.
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Performed by
Accountants carry out social accounting.
Auditors carry out social auditing.
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Legal status
Accounting principles control social accounting.
The Standards on Auditing govern social auditing.
