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.
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.
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.
Accountants are paid through social accounting.
Social Audit pays auditors for their work.
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.
Accountants carry out social accounting.
Auditors carry out social auditing.
Accounting principles control social accounting.
The Standards on Auditing govern social auditing.
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