Completing the Puzzle |
Businesses today face heightened expectations for transparency about how they play their part in society and the world, with profit being only one of many criteria by which their contribution is measured. And integrated reporting, which encompasses elements of traditional financial, sustainability, and governance reporting, represents a growing trend that responds to these new expectations. However, there are no mandated reporting standards or frameworks in place, but a number of initiatives are under way by governmental and non-governmental groups to develop such frameworks, principles, codes, and management systems, significant among these being the International Integrated Reporting Committee (IIRC). As a result, companies that wish to move towards integrated reporting may encounter several dilemmas around relevance, assurance, scope, and other issues.
A new article titled “Completing the puzzle,” by Eric Hespenheide, Global Leader of Risk Services, Sustainability and Climate Change, Deloitte & Touche LLP, and Nick Main, Global Managing Partner, Sustainability and Climate Change, DTTL talks about a partial remedy that may be found in external assurance as, in a manner similar to a financial audit, an assurance engagement of such a report can be carried out. This third-party assurance can add credibility to the report while potentially providing insights that might help the organization strengthen underlying processes and controls over reporting.
This article was originally published in the ICGN 2011 Yearbook.
Completing the puzzle
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