Final answer:
A social audit is a systematic evaluation of how well a firm is meeting its ethics and social responsibility goals. It helps companies identify areas where they can improve their ethical and social performance and hold themselves accountable to their goals.
Step-by-step explanation:
A social audit is a systematic evaluation of how well a firm is meeting its ethics and social responsibility goals. It involves assessing a company's actions and policies to determine if they align with ethical standards and social expectations.
For example, a social audit might analyze a company's efforts to reduce environmental impact, promote diversity and inclusion, or ensure fair labor practices. The audit process can involve examining financial records, conducting interviews with employees and stakeholders, and reviewing company policies and practices.
Overall, a social audit helps companies identify areas where they can improve their ethical and social performance and hold themselves accountable to their goals.