Distinguish, differentiate, compare and explain what is the Difference between Financial audit and Social audit. Comparison and Differences.

Difference between Financial audit and Social audit

1. In Financial audit, performance data are collected by management/employees. In Social audit, performance data are collected through interviews. observations/ and focus groups.

2. In Financial audit, Independent/external audit team reviews the data. In Social audit, Independent/external audit team reviews the data.

3. In Financial audit, Auditor/team issues a statement on whether the data are a fair presentation of the affairs of the business. In Social audit, Audit team submits a report on whether the data reflect the goal(s) of the project.

4. Financial audit is done on Financial accounts whereas Social Audit is done on social audit accounts.

5. In financial audit majority are Shareholders whereas in Social audit majority are Stakeholders.

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About Author: Jeniffer Fleming