Difference Between Social Accounting and Social Auditing

DIFFERENCE BETWEEN SOCIAL ACCOUNTING AND SOCIAL AUDITING

Basis	Social accounting	Social audit
1. Meaning	Social Accounting is the process of measuring, monitoring, and reporting to stakeholders the social and environmental effects of an organization’s actions.	A social audit is a formal review of a company’s procedures, and code of conduct regarding social responsibility and the company’s impact on society.
2. Objective	The main objectives of social accounting are to help society by providing different facilities by enterprise and to record them.	To assess the impact of the company’s operations on the local community and environment.
3. Timing	Social Accounting is carried out on a continuous basis with the daily recording of social transactions;	Social auditing is basically a periodic process and carried out after the preparation of statements
4. Level of Detail	Very detailed and captures all details related to social transactions and records.	Social auditing Uses statements and records on a sample basis.
5. Performed by	Social accounting is performed by Accountants	Social auditing is performed by Auditors.
6. Remuneration Type	Provides Salary to an accountant.	Provides Auditing fee to auditors.
7. Legal status	Social accounting is governed by accounting standards.	Social auditing is Governed by Standards on Auditing.

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In brief difference of social accounting and social auditing

1. Meaning

Social Accounting is the process of measuring, monitoring, and reporting to stakeholders the social and environmental effects of an organization’s actions.
A social audit is a formal review of a company’s procedures, and code of conduct regarding social responsibility and the company’s impact on society.

2. TIMING
Social Accounting is carried out on a continuous basis with a daily recording of social transactions
Social auditing is basically a periodic process carried out after the preparation of statements.

3. OBJECTIVE
The main objectives of social accounting are to help society by providing different facilities by enterprise and to record them.
To assess the impact of the company’s operations on the local community and environment.

4. Level of Detail
Very detailed and captures all details related to social transactions and records
Social auditing Uses statements and records on a sample basis.

5. Remuneration Type
Social accounting Provides salaries to accountants.
Social Audit Provides Auditing fee to auditors.

6. Legal status
Social accounting is governed by accounting standards
Social auditing is Governed by Standards on Auditing.

7. Performed by
Social accounting is performed by Accountants
Social auditing is performed by Auditors.

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