ICAI releases Framework for Social Audit Standards

The Institute of Chartered Accountants of India has released Framework for Social Audit Standards. The Framework defines and describes the elements and objectives of a social audit performed by social auditors. It provides a frame of reference for Social auditors when performing social audits i.e., social impact assessment of projects/programs executed by social enterprises.

It also clarifies the responsible party, the engaging party, if any, and other stakeholders who are the intended users of social audit report.

ICAI in the framework has clarified that this Framework does not itself establish standards or provide specific requirements for the performance of area-specific social audit engagements relating to specific thematic areas within social objectives such as Poverty, Climate Change, Health, etc.

Social audit standards (SASs)1 contain essential procedures and related guidance/ criteria, consistent with the concepts in this Framework, for the performance of such areaspecific social audit engagements. The respective social audit standards may be referred for the area specific social indicators.

Click here to read the framework