Audit control is an integral part of each company’s control procedures required for gaining the trust of clients and partners as well as managing the company. In the era of sustainability, various stakeholders demand that non-financial information should be gathered, presented and certified in the same way as financial information.
Regulators are increasingly introducing stricter regulations, making non-financial reporting mandatory not just for the largest corporations, financial services providers or insurance companies (for example as under NFRD, Directive 2014/95/EU) – on 21 April 2021, the European Commission adopted a proposal for a Corporate Sustainability Reporting Directive (COM/2021/189), which will extend the scope of sustainability reporting to all large companies. The regulation also foresees a limited audit of the sustainability information by a third-party assurance provider.
Although it might increase the administrative burden of corporations, sustainability reporting is important for transparency and achieving the European Green Deal goals. It enables all stakeholders to get valid and accurate sustainability-related information as well as make informed investment decisions.
Grant Thornton Baltic auditors can review and certify sustainability reports in accordance with international standards such as Global Reporting Initiative and Integrated Reporting.
This is an opportunity to increase the creditability of your business, develop and improve your reporting practices and stand out as a sustainability leader in the community.
If you have similar challenges and questions, please contact our specialists.