History and significance of CSR and social audit in business: setting a regulatory framework.

Abstract

Corporate social responsibility is increasingly prevalent in companies globally, and consumers are demanding that businesses become more transparent in their actions. Although often difficult, a systematic approach to progress measurement is extremely valuable for both companies and stakeholders. It is therefore of great importance that current literature focuses on effective tools and strategies for the widespread implementation of social auditing. Social auditing must be used as a way to promote transparency and accountability and not as a marketing mechanism internally controlled by the institution. The purpose of social auditing is not to enhance superficial corporate image. It should include all significant environmental and social data and serve as an evaluation system from which further progress stems.