Social Accounting and Auditing establishes a framework for ongoing monitoring, evaluation and accountability to stakeholders both internal and external to the organisation.
Social Accounting can help an organisation to investigate its performance against social, environmental and economic objectives, and ensure that it is working in accordance
with its values. In the private sector, social accounting is aligned with corporate social responsibility.
Social responsibility is the idea that a company should embrace its social responsibilities and not be solely focused on maximizing profits. Social responsibility entails developing
businesses with a positive relationship to the society in which they operate. According to the International Organization for Standardization (ISO), this relationship to the society
and environment in which businesses operate is "a critical factor in their ability to continue to operate effectively.