ICAI Released Exposure Draft Compendium of Social Audit Standards for Comments

The Institute of Chartered Accountants of India(ICAI) has released Exposure Draft Compendium of Social Audit Standards for Comments.

“Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022” dated July 25, 2022, has been issued in The Gazette of India regarding formation of Social Stock Exchange https://www.sebi.gov.in/legal/regulations/jul-2022/securities-and-exchange-board-of-india-issue-of-capital-and-disclosure-requirements-third-amendment-regulations-2022_61171.html. The notification defines Social Stock Exchange as “A separate segment of a recognized stock exchange having nationwide trading terminals permitted to register Not for Profit Organizations and/ or list the securities issued by Not-for-Profit Organizations in accordance with provisions of these regulations.”

According to the aforementioned notification, The Institute of Chartered Accountants of India (ICAI) has been given the duty of serving as a self-regulatory organisation for the purpose of controlling the practise of social auditors. The ICAI’s Sustainability Reporting Standards Board has created the following in this regard:

(i) Draft Preface to the Social Audit Standards
(ii) Draft Framework for the Social Audit Standards
(iii) Draft Social Audit Standards (SAS) on all the sixteen thematic areas specified in the above mentioned notification.

The downloadable version of the Exposure Draft is available at: https://resource.cdn.icai.org/71191srsb57193.pdf

Comments can be submitted using one of the following methods, so as to be received not later than August 26, 2022:

1. Electronically

Click on https://forms.gle/eFUnUZcXFzJzyCRC7 to submit comment online (Preferred method)

2. Email:

Comments can be sent to: [email protected]

Sustainability Reporting Standards Board,
The Institute of Chartered Accountants of India,
ICAI Bhawan, Post Box No. 7100,
Indraprastha Marg, New Delhi 110 002