Describe differences between Social audit and Takeover audit.

A social audit is a way of measuring/understanding/reporting and ultimately improving an organization's social and ethical performance. A social audit helps to narrow gaps between vision/goal and reality/ between efficiency and effectiveness. It is a technique to understand/measure/ verify/ report on and to improve the social performance of the organization. Social auditing creates an impact upon governance. It values the voice of stakeholders/ including marginalized/poor groups whose voices are rarely heard. Social auditing is taken up for the purpose of enhancing local governance/ particularly for strengthening accountability and transparency in local bodies. Social audit is a process of reviewing official records and determining whether the reported expenditures reflect the actual money spent on the ground. A social audit is a formal review of a company's endeavours in social responsibility. The key difference between development and social audit is that a social audit focuses on the neglected issue of social impacts/ while a development audit has a broader focus including environment and economic issues/such as the efficiency of a project or programme. A social audit is an official evaluation of an organization's involvement in social responsibility projects or endeavours. For example, a local family store makes a clothing donation to an NGO that has a homeless shelter for women and children. The store makes a similar donation three times a year. This is something that a social audit might uncover. Factors examined by a social audit include records of charitable contributions, volunteer events and efficient utilization of energy, transparency, work environment and employees wages. Takeover audit: To provide the desired results to an investor and to ensure that the acquisition is executed in the most effective manner, the concept of the takeover audit has been evolved; the takeover audit provides a cost benefit analysis to suggest a strategic plan for the long term investment strategy. The audit provides for the Acquisition Audit as well as the inter-se Transfer performed by the acquirer. Takeover Audit for merger/acquisition/takeover could be done as three parts: pre-acquisition, post-acquisition and sell-side. Internal auditors or professionals with this domain expertise can contribute significant value by ensuring that a vibrant due diligence process is in place and operating as intended. A rigorous audit vide due diligence process help companies take advantage of legitimate new business opportunities while at the same time help minimize the risks. A strong audit cum due diligence process is critical to ensure that the acquirer is fully aware of all aspects of the proposed transaction and provides access to vital intelligence that is used to negotiate the final price and integrate the new subsidiary more effectively.