India became the first country to mandate (CSR) in the year 2010. India has become the first nation to take a huge stride in creating a comprehensive and holistic framework for fostering social audit ecosystem. This assume much importance and relevance considering that the India will be holding the G20 presidency in 2023. Apart from the corporates, social audit has also played a vital role in assessment of social welfare programs of the government. A social audit aims at providing information to definite group of stakeholders. Social audit is conducted form the perspective of various stakeholders who can influence by the activities of the entity. Social audit can bring benefits like enhanced credibility to help in policy making decision, support stakeholders. A very large numbers of investors are using social and environmental performance for their investment decision. Social audit framework is required to be developed as a different field altogether and the existing traditional audit framework may not be applied as it is. The challenges are many evolutions of literature applicability and implementation of the social audit standards. Substantial efforts will be required for the creation of frameworks formulation of standards and building the necessary ecosystem for social audit. One of the core characteristics of social audit is transparency. Social auditing leads to transparent reporting and communication to stake holders and thus inculcates the trust on the business through transparency.