Social Audit:
A process that enables an organisation to assess and demonstrate its social, economic, and environmental benefits and limitations.
Also measures the extent to which an organisation achieves the shared values and objectives set out in its mission statement.
Below are some elements of Social Audit:
– Statement of purpose
– Obtain the view of external stakeholders.
– Obtain views of the board of directors, staff and volunteers to assess satisfactory ways of working.
– The social audit team manages the social audit and measures performance ready for input into next year’s social audit.
Environmental Audit:
An environmental audit is a systematic, documented, periodic and objective evaluation of how well an entity, its management and equipment are performing, with the aim of helping to safeguard the environment by facilitating management control of environmental practices and assessing compliance with entity policies and external regulations.
Environmental audit helps organisations to identify possible liabilities from their ongoing activities, assess the threat of unethical behaviour and even act as from of marketing for investors especially sensitive to having environmentally and socially questionable representation in their portfolios.