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prosperity as well as many problems to the society. It has necessitated the corporate sector, with huge amounts of funds at their disposal, to invest substantial amounts in social activities so as to nullify the adverse effects of industralisation. Social Accounting, also known as Social Responsibility Accounting, SocioEconomic Accounting, Social Reporting and Social Audit, aims to measure and inform the general public about the Social Welfare activities undertaken by the enterprise and their effects on the society. Social accounting is a method by which a business seeks to place a value on the impact on society of its operations. This might include the following impacts on the environment: waste; the effect on society of the packaging it produces; and how much fuel it uses in its company cars. It can also include the effect on the local community who might have to live in the shadow of its premises, and how it engages with the community, its customers and workforce. (1) Managing risk (2) Reputation (3) Cost savings (4) Brand marketing for e.g. Hero Heart
According to National Association of Accountants (NAA) Committee: The Identification, Measurement, Monitoring and Reporting of the Social and Economic effects of an institution on society.
According to Milton Friedman (Economist):A corporation's social responsibility is to make a profit. 'Social Audit is a method for organisations to plan, manage and measure non-financial activities and to monitor both the internal and external consequences of the organizations social and commercial operations. Source: Social Audit Toolkit (1997) Freer Spreckley, Social Enterprise Partnership