SlideShare a Scribd company logo
Emerging
Best Practices
Mandatory Requirements – Regulatory frameworks should promote rigor and define the
scope of what companies report and have assured.
Connected Disclosure/Assurance – Aligning sustainability disclosure with financial
reporting and then connecting sustainability assurance with financial statement audit engagements
will maximize value to companies and their stakeholders.
Phased Approach – A proportional and phased approach to new reporting and assurance
requirements, especially for smaller entities, allows time for high-quality implementation.
Level of Assurance – Over time, transitioning from the current practice of limited assurance
to reasonable assurance will further enhance trust and confidence.
TheWayForward
Importance of Reporting – A harmonized, global reporting system provides the best basis
(and “suitable criteria”) for robust, high-quality assurance.
Global IAASB Standards – ISAE 3000 (Revised) is currently the most globally-accepted
standard for sustainability assurance. ISSA 5000 will drive future consistency and quality—for all
practitioners—as mandatory requirements are implemented.
Ethics & Independence – High-quality sustainability information depends on an ethical
framework such as the IESBA Code—addressing reporting / independence considerations.
Level Playing Field – Regulation and enforcement must deliver uniform application of
standards and practice—otherwise doubt / confusion about integrity and reliability will persist.
TheWayForward
High-Quality
Global
Standards
Importance
of an
Ecosystem
Working with Experts – The accountancy profession must work effectively with
sustainability experts to deliver the value-added services of the future.
Corporate Governance – Effective board oversight of all reported information, including
sustainability disclosures, is critical to investor and stakeholder confidence and decision making.
Role of the Profession – Engagement with regulators, policy makers, investors and other
stakeholders is needed.
TheWayForward
Sustainability Assurance: What to Expect?
CALL TO ACTION: The accountancy profession, regulators, preparers,
investors and all users of sustainability disclosures need to engage with
each other and develop a shared understanding of—and commitment
to—delivering high-quality sustainability assurance.
Managing Expectations:
▪ Level of assurance
▪ Scope of assurance
▪ Assurance conclusions
Singapore 2024 Event The Way Forward Slides
IF and WHERE COMPANIES REPORT
• Oversight of sustainability strategy impacts reporting
practice:
̶ Only 89% of companies that did not disclose
sustainability strategy oversight issued a report
with sustainability information.
̶ Companies with Sustainability Committee or
Audit Committee oversight are far more likely to
issue an Integrated Report.
GOVERNANCE: ImpactonReporting
Integrated Report
Annual Report
Sustainability Report
No Report
*Averages sum to 99%
due to rounding
15%
29%
43%
40%
31%
30%
11%
1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No oversight Sustainability / Audit
committee oversight
60%
33%
62%
42%
80%
56%
87%
77%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
GRI SASB SDG TCFD
No oversight
Sustainability / Audit committee oversight
HOW COMPANIES REPORT
• Companies with sustainability strategy oversight are
more likely to reference specific sustainability reporting
standards and frameworks.
• Companies with oversight are twice as likely to employ
TCFD to disclose risks and opportunities.
Where companies report Reporting standards
41%
76%
59%
24%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No oversight Sustainability / Audit
committee oversight
RATE OF ASSURANCE
• Nearly twice as many companies with Audit or
Sustainability Committee oversight obtain assurance
compared to companies that don’t disclose oversight.
GOVERNANCE: ImpactonAssurance
WHO PROVIDES ASSURANCE
• However, oversight had little to no impact on the
decision to engage an audit firm or other service
provider to perform sustainability assurance.
Rate of assurance Who provides assurance
Note – Sustainability committee data is skewed due to roughly half
of assurance coming from Germany and Spain.
Have assurance
No assurance
53%
58%
47%
42%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No oversight Sustainability / Audit
committee oversight
Audit firms
Other service provider

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Singapore 2024 Event The Way Forward Slides

  • 1. Emerging Best Practices Mandatory Requirements – Regulatory frameworks should promote rigor and define the scope of what companies report and have assured. Connected Disclosure/Assurance – Aligning sustainability disclosure with financial reporting and then connecting sustainability assurance with financial statement audit engagements will maximize value to companies and their stakeholders. Phased Approach – A proportional and phased approach to new reporting and assurance requirements, especially for smaller entities, allows time for high-quality implementation. Level of Assurance – Over time, transitioning from the current practice of limited assurance to reasonable assurance will further enhance trust and confidence. TheWayForward
  • 2. Importance of Reporting – A harmonized, global reporting system provides the best basis (and “suitable criteria”) for robust, high-quality assurance. Global IAASB Standards – ISAE 3000 (Revised) is currently the most globally-accepted standard for sustainability assurance. ISSA 5000 will drive future consistency and quality—for all practitioners—as mandatory requirements are implemented. Ethics & Independence – High-quality sustainability information depends on an ethical framework such as the IESBA Code—addressing reporting / independence considerations. Level Playing Field – Regulation and enforcement must deliver uniform application of standards and practice—otherwise doubt / confusion about integrity and reliability will persist. TheWayForward High-Quality Global Standards
  • 3. Importance of an Ecosystem Working with Experts – The accountancy profession must work effectively with sustainability experts to deliver the value-added services of the future. Corporate Governance – Effective board oversight of all reported information, including sustainability disclosures, is critical to investor and stakeholder confidence and decision making. Role of the Profession – Engagement with regulators, policy makers, investors and other stakeholders is needed. TheWayForward
  • 4. Sustainability Assurance: What to Expect? CALL TO ACTION: The accountancy profession, regulators, preparers, investors and all users of sustainability disclosures need to engage with each other and develop a shared understanding of—and commitment to—delivering high-quality sustainability assurance. Managing Expectations: ▪ Level of assurance ▪ Scope of assurance ▪ Assurance conclusions
  • 6. IF and WHERE COMPANIES REPORT • Oversight of sustainability strategy impacts reporting practice: ̶ Only 89% of companies that did not disclose sustainability strategy oversight issued a report with sustainability information. ̶ Companies with Sustainability Committee or Audit Committee oversight are far more likely to issue an Integrated Report. GOVERNANCE: ImpactonReporting Integrated Report Annual Report Sustainability Report No Report *Averages sum to 99% due to rounding 15% 29% 43% 40% 31% 30% 11% 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% No oversight Sustainability / Audit committee oversight 60% 33% 62% 42% 80% 56% 87% 77% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% GRI SASB SDG TCFD No oversight Sustainability / Audit committee oversight HOW COMPANIES REPORT • Companies with sustainability strategy oversight are more likely to reference specific sustainability reporting standards and frameworks. • Companies with oversight are twice as likely to employ TCFD to disclose risks and opportunities. Where companies report Reporting standards
  • 7. 41% 76% 59% 24% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% No oversight Sustainability / Audit committee oversight RATE OF ASSURANCE • Nearly twice as many companies with Audit or Sustainability Committee oversight obtain assurance compared to companies that don’t disclose oversight. GOVERNANCE: ImpactonAssurance WHO PROVIDES ASSURANCE • However, oversight had little to no impact on the decision to engage an audit firm or other service provider to perform sustainability assurance. Rate of assurance Who provides assurance Note – Sustainability committee data is skewed due to roughly half of assurance coming from Germany and Spain. Have assurance No assurance 53% 58% 47% 42% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% No oversight Sustainability / Audit committee oversight Audit firms Other service provider