Social Auditing and Its Applicability to Maltese Co-Operatives*

Peter J. Baldacchino, Shana Bugeja and Simon Grima

A chapter in Contemporary Issues in Audit Management and Forensic Accounting, 2020, vol. 102, pp 273-301 from Emerald Group Publishing Limited

Abstract: The main objective of this chapter is to evaluate whether social auditing is applicable to Maltese co-operatives and, if so, to lay out the possible characteristics of such an exercise. The chapter adopts a mixed research methodology with semi-structured interviews being conducted with 14 local experts, and a questionnaire being addressed to 11 Maltese co-operative managers. The findings indicate that the Maltese co-operative identity is as yet emergent and that, consequently, if a social audit is introduced now, controversies would easily arise on the audit’s frequency, publication, scope and composition of the audit team. Nonetheless, a social audit may ultimately be modelled on the Beechwood process and on the reporting indicators of the Euro Co-op Social Reporting Working Party. It would involve the examination of both the qualitative and quantitative aspects of a co-operative, concluding with recommendations for improvement. Furthermore, the exercise would need to be monitored by the Maltese regulator, the Co-operatives Board, and best be conducted regularly, say, every 3 years, by an inter-disciplinary audit team. Therefore, the chapter concludes that the introduction of such a regulatory exercise as part of the Maltese co-operative framework would ultimately be beneficial, ameliorating the co-operative movement. Yet, it is strongly recommended that, prior to its introduction, Maltese co-operatives work further on developing their fundamentals.

Keywords: Co-operatives; co-operative identity; social audit; auditing; Malta; Economic Aspects (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:csefzz:s1569-375920200000102020

DOI: 10.1108/S1569-375920200000102020

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