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. |
Read More: Difference Between MNC and TNC
![difference between social accounting and social auditing](https://thegkeducation.com/wp-content/uploads/2022/01/Accounting-Vs-Auditing-min-1.png)
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.
Read More- Advantages and Disadvantages of MNC
I do not even know howw I ended up here, but I thought this post was great.
I don’t know who you are bbut certainly you are going to a famous blogger if you aree not already 🙂 Cheers!
Sounds actually interesting. I wonder if I could submit one or two questions?
Nice sir