Corporate Social Audit and Accounting for Textile Industry | Original Article

ABSTRACT:

Social Audit is an independent evaluation of the performance and social responsibility of an organization as it relates to the attainment of its social goals. It is an instrument of social accountability of an organization. In other words, Social Audit may be defined as an in-depth scrutiny and analysis of the working of any public utility vis-a-vis its social relevance. Both Social Audit and Social Accounting are the process that enables an organization to assess and demonstrate its social, economic and environmental benefits and help to discharge social responsibility in proper way. As business organization is a social unit, the society, therefore, expects that business organizations will not injure the society in any manner on the contrary, like all good members of the society, it will strengthen it. Thus social Audit and Social Accounting both are essential to measure social performance and social responsibilities through which a business seeks to place a value on the impact on society of its operations. Though it is not compulsory to make these statements and audit, like other top countries some Indian companies like TISCO, CCI, ITC are focusing on social responsibility and also started to make social report for calculating total cost and benefits for performing social responsibility. Key word Social Accounting, Social Responsibility, Social Audit.