Pranav Ranadive’s Post

New Sustainability Auditing Standards Update The International Auditing and Assurance Standards Board (IAASB) announced the publication of its finalized International Standard on Sustainability Assurance 5000 (ISSA 5000), aimed at establishing a new standard for practitioners in carrying out sustainability #assurance engagements. Companies are increasingly reporting on sustainability and climate-related risks, opportunities and impacts in alignment with new #sustainabilitydisclosure standards and regulatory requirements, including the #EU’s Corporate Sustainability Reporting Directive (#CSRD), and the International Sustainability Standards Board (ISSB) ‘s new IFRS Foundation sustainability standards #S1 and #S2. Many of the new sustainability reporting systems, including the CSRD, require #externalassurance on #sustainabilityreporting. Key features include: - Applicability of the standard for both #limitedassurance and #reasonableassurance engagements -Its ability to work with both traditional materiality, as well as double materiality, which is used in several sustainability reporting frameworks – including the CSRD – with requirements in sustainability reports to include information on both the risks and impact of sustainability issues on an enterprise (traditional #materiality) as well as on the enterprises’ impacts on environment and society (#doublemateriality) The European Commission has asked the Committee of European Auditing Oversight Bodies (#CEAOB) to advise the Commission on how to incorporate ISSA 5000 into CSRD-related requirements. I’ve linked the standard below for anyone interested in reading it in more detail, but feel free to reach out to me if you have any questions! https://lnkd.in/eCJcxgdd

Join our Masterclass – 10 Step Toolkit for CSRD Reporting. Are you ready to master the Corporate Sustainability Reporting Directive (CSRD)? Our upcoming 3-hour masterclass offers a complete guide, from understanding the regulatory framework to practical insights on data collection and digital tools. 🗓 Date: 29th September 2024 ⏰ Time: 7:00 PM – 10:00 PM (Singapore Time Zone) What will you learn? ✅ CSRD coverage, scope, and applicability ✅ 10-Step Toolkit for effective reporting ✅ Double Materiality Assessment ✅ Digital Tools for seamless reporting Gain the knowledge and tools to navigate the CSRD reporting landscape with confidence! 🔗 For more information, https://bit.ly/3Znyy4v #Sustainability #CSRD #ESG #SustainabilityReporting #CorporateResponsibility #SustainabilityStrategy #SustainableBusiness #Masterclass #DoubleMateriality

#IFAC #Sustainability #reporting #assurance #governance "Building Trust in Sustainability Reporting and Preparing for Assurance: Governance and Controls for Sustainability Information guide highlights how to establish effective governance arrangements and controls to build confidence in sustainability information to: Enable sustainability disclosures to be issued at the same time as financial statements, Reduce the likelihood of modified assurance conclusions or audit opinions, and Meet investors’ expectations that sustainability reporting is prepared with the same rigor and ethical approach as financial statements. This guide expands on Building Trust in Sustainability Reporting, The Urgent Need for Integrated Internal Control which highlights why an integrated internal control environment is essential to enhancing the quality of sustainability information and achieving the integration and connectivity of sustainability and financial information to improve the understanding of the financial effects of sustainability risks and opportunities." https://lnkd.in/dgxUyZMg

Sustainability reporting regulations have become increasingly widespread in the EU. #CSRD introduces the requirement for companies to report on both impact and financial materiality, a notable departure from earlier standards. This thesis investigates how three large Swedish companies are integrating these double materiality requirements, utilising a multiple case study approach to analyze the role of management controls from a Management Control System (MCS) Package perspective.

With the International Sustainability Standards Board (ISSB) accelerating its reporting mandates, UK businesses must act now. Are you ready for the new sustainability reporting requirements? How will these changes impact your financial disclosures? The CFO considers the nuances around the UK authorities previous decision to delay the implementation of the standards and whether they may be implemented faster than expected. 🌲 #Sustainability #ISSB #Reporting #UKBusiness #Compliance #FinancialDisclosure

What do you know about Sustainability Reporting? The International Sustainability Standards Board (ISSB) issued the IFRS S1, effective January 1, 2024 which focuses on the general requirements for disclosing sustainability-related financial information. Such disclosures aim to provide valuable insights for users of general-purpose financial reports, helping them make informed decisions. The standard aims to enhance transparency and accountability in sustainability reporting and supports global sustainability goals. While its adoption is currently voluntary, the standard is applicable to all entities that are required to prepare general-purpose financial statements. The four fundamental areas that companies are required to disclose include their: 🍀Governance 🍀Strategy 🍀Risk management 🍀 Metrics and targets With the increasing importance of sustainability reporting, the International Auditing and Assurance Standards Board (IAASB) has proposed ISSA 5000. This new standard will provide auditors with guidance for auditing companies' sustainability disclosures. 🌟Share your thoughts about this standard in the comments. Hit the 🔔 for notifications and don’t forget to connect as well.😉 Repost ♻️ to your network to join us in learning about Sustainability. Have a nice evening.✨ #Sustainability #SustainabilityReporting #Linkedinwithmabeldarko

⚡CSRD golden resource alert! Today the Global Reporting Initiative (GRI) published the CSRD ESSENTIALS guide, aimed at supporting the interpretation of the Corporate Sustainability Reporting Directive, a resource that will help accelerate #csrdreadines. Some of the key points are: 📌 Scope, timing and interactions with existing standards 📌 Legal interconnections, highlighting the pieces of legislation that are linked or are modified by the CSRD 📌 Double materiality assessment insights 📌 Reporting format, as the CSRD integrates sustainability within annual reporting, combining financial and non-financial data 📌 Small and Medium Enterprises (SMEs), implementation procedures, and penalties The guide is available for download at: https://lnkd.in/dj8xujgh Image source: CSRD ESSENTIALS (GRI, 2024)

The Corporate Sustainability Reporting Directive (CSRD) is here. Enforced since January 2024, the CSRD stands as the most substantial transformation in reporting standards in the past 25 years. It's akin to introducing a new set of accounting principles, promising profound changes in corporate reporting requirements.   Initially targeting large organisations previously under the Non-Financial Reporting Directive (NFRD), the CSRD's reach will gradually extend to encompass more businesses over the years. Ultimately, it's expected to impact around 50,000 companies within the EU.   💡But here's the twist: even if your business isn't directly impacted for another couple of years, the interconnectedness of the business ecosystem means many SMEs find themselves drawn into the compliance web. With numerous SMEs serving as suppliers to multinational corporations and other entities within the CSRD's scope, navigating these new requirements poses challenges for both SMEs and MNCs, especially alongside existing sustainability and ESG concerns.   Join us for an insightful webinar led by John Curran, Managing Director of Blue Planet Consulting Limited, as he delves into the CSRD's background, objectives, and anticipated outcomes. Gain valuable insights into how this directive will impact businesses and, more importantly, discover practical strategies to navigate its requirements effectively.   📅 Wednesday 13th March 🕙 10:00 AM - 11:00 AM 💡 Members Only 🔗 Link is in the comments to register   Darragh Gaffney Bernadette McGahon Dermot Casey Josh Blake. Lorraine O' Farrell Mary Byrne #csrd #corporatereporting #sustainability #compliance

DOUBLE MATERIALITY AND THE CSRD The recent EU directive known as the Corporate Sustainability Reporting Directive (#CSRD) has garnered widespread attention. This directive aims to substantially improve the way organizations disclose their sustainability practices as well as the impacts. So, what do companies impacted by this new directive need to do? The Corporate Sustainability and Responsibility Directive (CSRD) now requires companies to provide more detailed and extensive disclosures. Organizations must now include a wider range of information in their reports, covering their sustainability effects, risks, and prospects. This directive makes it mandatory for businesses to carry out what is known as a DOUBLE MATERIALITY ASSESSMENT. But what exactly does DOUBLE MATERIALITY mean? The crucial aspect here is the word ‘double.’ It signifies that companies must assess the significance of a sustainability issue from two different standpoints. 'Impact Materiality' pinpoints the environmental, social, and governance issues that hold the most importance for the business to benefit multiple stakeholders. On the other hand, 'Financial Materiality' centres on creating economic value for the benefit of investors or shareholders. Together, impact and financial materiality, are sometimes collectively referred to as double materiality or just materiality. Companies that do not become CSRD compliant will suffer major repercussions. Apart from the harm to the reputation of the company itself, it can also be faced with financial penalties. The focus on sustainability by consumers and investors is ever on the increase, and non-compliance can also negatively impact customer loyalty as well as the loss of confidence from potential and existing investors. Want to know more? 👇 Check out the below and explore how you can refine your sustainability reporting and ensure you're aligned with the evolving EU standards. Link to modules page: https://lnkd.in/exWf5RXf If you would like to know more about us, our other modules and frameworks: Check us out 👉 https://lnkd.in/dH92vjWj 👈 or Get in touch 👉 practicalsustainability.coach@gmail.com 👈 Connect with us 👉 PracticalSustainability 👈 Let's get started! 👍 #organization #businessgrowth #implementation #business #SustainabilitySolutions #ESRS #CSRD #Reporting #CSR #newdirective

THE CSRD FOLLOWS THE CONCEPT OF DOUBLE MATERIALITY WHICH REQUIRES ORGANISATIONS TO DISCLOSE BOTH THE IMPACT THEIR BUSINESS ACTIVITIES HAVE ON THE ENVIRONMENT AND PEOPLE AND HOW SUSTAINABILITY GOALS AND RISKS IMPACT THEIR FINANCIAL HEALTH. 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 𝐰𝐞 𝐬𝐞𝐞 𝐭𝐡𝐞 𝐦𝐚𝐧𝐝𝐚𝐭𝐨𝐫𝐲 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐚 𝐝𝐨𝐮𝐛𝐥𝐞 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐢𝐭𝐲 𝐚𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 𝐟𝐫𝐨𝐦 𝐚 𝐫𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐝𝐢𝐫𝐞𝐜𝐭𝐢𝐯𝐞. ▶▶ What this means is that many entities will have to upskill on how to apply this within their organisation. Being an onerous process, companies are likely to either outsource the work or consider developing a dedicated sustainability department. ▶▶ Also noteworthy, is that each material matter is required to have a policy set for it. This requires that a strategy or management decision, which must include action plans and targets, be devised for every material sustainability matter. ➡️ 𝐇𝐨𝐰 𝐰𝐢𝐥𝐥 𝐝𝐨𝐮𝐛𝐥𝐞 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐢𝐭𝐲 𝐢𝐦𝐩𝐚𝐜𝐭 𝐲𝐨𝐮𝐫 𝐫𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐩𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬 𝐚𝐧𝐝 𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞? ★ 𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐭𝐡𝐞 Ince (Pty) Ltd 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐓𝐞𝐚𝐦 𝐭𝐨 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐞 𝐨𝐧 𝐞𝐟𝐟𝐞𝐜𝐭𝐢𝐯𝐞𝐥𝐲 𝐫𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐭𝐨 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 𝐂𝐒𝐑𝐃 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞. #WeAreInce #sustainabilty #CSRD #doublemateriality #climatechange #ESRStandards #ESGStandards #reporting #regulatorycompliance #incecsrd