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Management audit is a systematic examination of decisions and actions of the management to analyse the performance. Management audit involves the review of managerial aspects like organizational objective, policies, procedures, structure, control and system in order to check the efficiency or performance of the management over the activities of the company.
Social Accountability 8000 (SA 8000) is an international standard for social accountability management systems.It was developed in 1997 by Social Accountability International, formerly the Council on Economic Priorities Accreditation Agency, by an advisory board consisting of trade unions, NGOs, civil society organizations and companies. [1]
To conduct the actual social audit, the volunteers among the NREGA beneficiaries are selected from 'gram sabhas' or village assemblies by DRPs. [25] An application under the RTI to access relevant official documents is the first step of the social audit. Then the management personnel of the social audit verify these official records by ...
The lower the audit risk, the higher the materiality will be set. In terms of the Conceptual Framework (see "materiality in accounting" above), materiality also has a qualitative aspect. This means that, even if a misstatement is not material in "Dollar" (or other denomination) terms, it may still be material because of its nature.