A two day long orientation seminar being organised by the Northern India Regional Council (NIRC) of the The Institute of Chartered Accountants of India (ICAI) started at Parwanoo near here on Wednesday and is being attended by over 100 newly elected executive members of ICAI chapters in north India.
Aniket Talati, National Vice President, ICAI emphasized upon the ‘Social Audit’ as an effective tool in the discourse of good governance which is being implemented soon. ICAI is partnering with SEBI in its initiative namely “Social Stock Exchange” and is in the process of finalising the Code of Conduct for Social Auditors who would function under the regulatory framework of Social Stock Exchange (SSE) and conduct Social Audits. It will help to keep the check on those foundations, NGO spending on their CSR to ensure the beneficiaries growth.
"SEBI has already mandated The Institute of Chartered Accountants of India (ICAI) to work on preparing Social Audit Standards. ICAI has been entrusted by SEBI to develop Social Audit Standards and also prepare the course syllabus for certification of social auditors. We are working towards development of Framework for Social Audit and Social Audit Standards in each of the fifteen thematic areas as mentioned in the SEBI’s Technical Group Report on SSE. ICAI also plans to develop and issue a single Comprehensive Framework for Social Audit Standards for audit of Impact Reporting of Social Enterprises listed on SSE and area specific Social Audit Standards with respect to sub – themes of social impact, for example, poverty, nutrition etc. The standards would cover all aspects of assurance of impact reporting like, scope, engagement acceptance, basic principles, audit procedures, assurance report, documentation, etc.” said Talati.