Social Audit Failure: Legal Liability of External Auditors

Larelle Ellie Chapple () and Grace Y. Mui
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Larelle Ellie Chapple: Queensland University of Technology
Grace Y. Mui: Thye & Associates

A chapter in Social Audit Regulation, 2015, pp 281-299 from Springer

Abstract: Abstract Social auditing refers to the practice of external assurance or evaluation of an organisation's socially responsible reporting assertions. Usually, the reporting frameworks organisations use, such as the Global Reporting Index, are voluntary codes of reporting. For auditors accepting an engagement to review or assure such social reporting, the appropriate standards may be similarly voluntary. It is only during this century that financial accounting and reporting has developed a universal set of standards for assurance work on such engagements. By briefly tracing the history of financial reporting audit standards from no regulation, to self-regulation, to mandatory regulation, this chapter highlights the challenges to regulation of social audit faced by auditors, and identifies issues pertaining to auditor liability on social audits. Discussions about potential liability can be a useful lens to critique proposed solutions. Quality standards and social auditing Social audit regulation, issues and challenges

Keywords: Global Reporting Initiative; Legal Liability; Social Reporting; Audit Standard; Auditor Independence (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/978-3-319-15838-9_14

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