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As the demand for organisations to prepare information in relation to ESG & sustainability continues to increase through changes in regulatory requirements or stakeholder expectations, there is a growing need for assurance over the information prepared.
Proposed changes in regulations in Australia will require companies reporting under Chapter 2M of the Corporations Act 2001, that exceed certain thresholds, to prepare and have audited or reviewed a sustainability report. The sustainability report will be included as part of their annual report and include climate related financial disclosures. Refer to our insights around mandatory climate reporting.
You may also want to report non climate related ESG or other sustainability metrics and have those assured, or your suppliers may request you have GHG emissions assured.
For many companies, their first year of mandatory sustainability reporting will also be their first year of assurance. It is important that systems, processes, and controls are in place from day one of the reporting period. Changes to systems or processes may be required to allow you to gather the data to report.
As part of getting ready for assurance we can undertake a risk and opportunity assessment and gap diagnostics, as well as help with ‘assurance readiness’ ahead of reporting and assurance – whether mandatory or voluntary, reasonable or limited assurance.
Our process will assist in identifying any gaps in your systems, processes, controls and documentation that may impact the ability for limited or reasonable assurance to be provided. Undertaking an assurance readiness engagement early with us will allow sufficient time to implement any required changes and minimise any risks associated with transitioning to assurance.
The mandatory assurance requirements start with limited assurance and increase to reasonable assurance over time. When the legislation and assurance framework are finalised, our experts will be ready to provide assurance over your mandatory reporting and assurance requirements.
If you are not captured by mandatory assurance requirements, your suppliers, financiers, or stakeholders may request assurance over climate (GHG emissions), ESG or other sustainability metrics. We can provide limited or reasonable assurance using existing assurance standards.
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