Social Audit Standards (SASs) of ICAI: Exposure Draft for Comments

Sustainability Reporting Standards Board of ICAI has released an exposure draft of ‘Compendium of 16 Social Audit Standards (SASs)’, in line with the SEBI Notification dt. 25/07/2022 on Regulations for Fund Raising by Social Enterprises at Social Stock Exchange.

The comments/ suggestions can be sent online/ through email/ by post, latest by 28/09/2022, for consideration by SEBI/ ICAI in the finalization thereof.

As per SEBI Notification, the ICAI has been entrusted with the responsibility of being the ‘Self-Regulatory Organization (SRO)’ for regulating the profession of Social Auditors.

ICAI Announcement dt. 05/08/2022: Exposure Draft of Compendium of Social Audit Standards for Comments

Social Audit Standards (SASs) of ICAI, as per SEBI Notification on 'Social Stock Exchange' to Regulate Fund Raising by Social Enterprises

The SASs apply whenever an independent social audit of a social enterprise is carried out. Social enterprise may be ‘for profit’ or ‘not for profit’ organisation. The SASs may also have application, as appropriate, to other related functions of social auditors. While discharging their social responsibility, it is the duty of social auditors to ensure that the SASs are followed. If for any reason a social auditor is not able to perform a social audit in accordance with the SASs, his report should draw attention to the material departures therefrom. Social Auditors are expected to follow SASs in the social audits commencing on or after the effective date specified in the respective SASs, post finalisation thereof. Further, compliance with SASs is mandatory requirements for social auditors while carrying out social audits for social enterprises listed on social stock exchange.

List of 16 Social Audit Standards (SASs) of ICAI (Exposure Draft)

ICAI has issued exposure draft of 16 number of Social Audit Standards (SASs) in line with 16 thematic areas notified by SEBI for compliance by social auditor in impact reporting in respect of social audit engagements:

i) SAS 100: Eradicating hunger, poverty, malnutrition and inequality

ii) SAS 200: Promoting health care (including mental health) and sanitation; and making available safe drinking water

iii) SAS 300: Promoting education, employability and livelihoods

iv) SAS 400: Promoting gender equality, empowerment of Women and LGBTQIA+ communities

v) SAS 500: Ensuring environmental sustainability, addressing climate change including mitigation and adaptation, forest and wildlife conservation

vi) SAS 600: Protection of national heritage, art and culture

vii) SAS 700: Training to promote rural sports, nationally recognised sports, Paralympic sports and Olympic sports

viii) SAS 800: Supporting incubators of social enterprises

ix) SAS 900: Supporting other platforms that strengthen the non-profit ecosystem in fundraising and capacity building

x) SAS 1000: Promoting livelihoods for rural and urban poor including enhancing income of small and marginal farmers and workers in the non-farm sector

xi) SAS 1100: Slum area development, affordable housing, and other interventions to build sustainable and resilient cities

xii) SAS 1200: Disaster management, including relief, rehabilitation and reconstruction activities

xiii) SAS 1300: Promotion of financial inclusion

xiv) SAS 1400: Facilitating access to land and property assets for disadvantaged communities

xv) SAS 1500: Bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection

xvi) SAS 1600: Promoting welfare of migrants and displaced persons

SEBI notifies Regulations for Fund Raising by Social Enterprises at Social Stock Exchange

SEBI notifies the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2022, to insert a new Chapter X-A on ‘Social Stock Exchange’ in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018,  meant for Regulations on Fund Raising by Social Enterprises, vide Notification dt. 25/07/2022.

SEBI Notification dt. 25/07/2022: Regulations for Fund Raising by Social Enterprises – New Chapter X-A on ‘Social Stock Exchange’ inserted in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018

Related Posts:

ICAI forms ‘Institute of Social Auditors of India (ISAI)’, an SRO

Leave a Reply