A social audit is a formal review of a company's endeavors, procedures, and code of conduct regarding social responsibility and the company's impact on society. A social audit is an assessment of how well the company is achieving its goals or benchmarks for social responsibility.

KEY TAKEAWAYS

• A social audit is a formal review of a company's endeavors, procedures, and code of conduct regarding social responsibility and the company's impact on society. 
• A social audit is an assessment of how well the company is achieving its goals or benchmarks for social responsibility.
• Ideally, companies aim to strike a balance between profitability and social responsibility.