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Role of External Verifiers

These groups include those organizations that are involved in the external verification of SEs financial and social audits (such as the New Economics Foundation). They are important because they form a key part of the process by ensuring the accountability of SEs. Therefore they assist the stakeholder committee in providing an accurate assessment of the accountability of key groups within the SE.

These groups also set the standard for social auditing and accounting, with many different programmes having been developed (including SROI, Local Multiplier 3, Prove It, Looking Back to Move Forward and so on). Utilizing these approaches adds to the credibility of SEs’ governance processes by showing that they use (and meet) an ‘industry standard’. This can facilitate accountability throughout an SE and influence perceptions of transparency and legitimacy.