Governance structures and principles identify the distribution of rights and responsibilities among different participants in the corporation and include the rules and procedures for making decisions in corporate affairs. Corporate governance is the collection of mechanisms, processes and relations used by various parties to control and to operate a corporation. Corporate governance is necessary because of the possibility of conflicts of interests between stakeholders, primarily between shareholders and upper management or among shareholders. Social audit is a way of measuring, understanding, reporting and ultimately improving an organization's social and ethical performance. In business, a social audit refers to a formal evaluation (or audit) of a company’s procedures and endeavours with regards to corporate social responsibility (CSR) and societal impact. Many companies formulate goals and objectives with regards to CSR initiatives, and the social audit is used to review to what extent they’ve reached their goals. Social auditing creates an impact upon governance. The presentation gives better understanding on the topic.

Abhijith S

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