List of 16 Social Audit Standards (SASs) with ICAI Framework (2023)

The ICAI has published the final set of its “Social Audit Standards (SASs)” along with the framework. Social Auditors are required to follow these 16 SASs in the social audits commencing on or after January 14, 2023.

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.

Further, compliance with SASs is mandatory requirements for social auditors while carrying out social audits for social enterprises listed on social stock exchange.

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

ICAI Announcement dt. 14/01/2023: Social Audit Standards (SASs)

ICAI Announcement dt. 04/02/2023: Framework for Social Audit Standards (SASs)

ICAI Announcement dt. 10/02/2023: A Primer on the Concept of Social Stock Exchange

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

The Institute of Chartered Accountants of India (ICAI) has published sixteen Social Audit Standards (SASs), which correspond to the sixteen subject areas specified by SEBI and must be complied with by social auditors when it comes to impact reporting for social audit engagements. When carrying out an impact assessment, one must adhere to these standards, which lay out the minimal conditions that must be met. Additional requirements could be outlined in the form of laws or regulations, and they should be adhered to whenever they come into play. Following is the list of 16 SASs published by ICAI in January 2023 edition:

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 2018 Regulations, to regulate Fund Raising Activities of the Social Enterprises.

According to the SEBI Notification, the ICAI has been given the duty of serving as the “Self-Regulatory Organization (SRO)” for the purpose of regulating the field of social auditors.

India’s Social Stock Exchange (SSE) is innovative. The new SEBI circular defining the process for Indian NPOs to list on an SSE requires a paradigm shift in how NPOs work, their governance, and their legal compliance. The SSE platform allows Social Enterprises (SEs) to access public funding from institutional and non-institutional investors.

Access to public markets requires greater transparency, tougher disclosure standards, independent impact evaluations, and accountability to investors for using money according to stated intentions. SEBI has introduced significant investor protections in the SSE framework, such as requiring NPOs to have a three-year track record. These rules open a new conduit for SEs to obtain finance.

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


  1. Bipin Das
  2. Kamal Kant
  3. Prem Sharma
    • Devendra Deore
  4. Gaurav

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