NEW YORK and LONDON, April 6th, 2023 – AccountAbility, the trusted global ESG consulting and standards firm with a close to three-decade history in helping leaders build better companies, welcomes the release of a groundbreaking study from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) with supplemental guidance for organizations to achieve effective internal control over sustainability reporting (ICSR), using the globally recognized COSO Internal Control-Integrated Framework (ICIF).
"The COSO guidance provides a comprehensive approach for organizations to assess and enhance their internal controls over sustainability reporting. By following the guidance companies can improve the reliability and usefulness of their sustainability information, thereby helping them build trust and confidence with external stakeholders and in managing sustainable business operations," comments Mr. Robert H. Herz, AccountAbility Advisory Board member, and a principal author of the COSO report.
As organizations continue to place greater emphasis on environmental, social, and governance (ESG) issues, the importance of accurate and reliable sustainability reporting has never been greater. Effective internal control over sustainability reporting is key to ensure that organizations are reporting accurate and reliable data, which is necessary to build trust with stakeholders and to make informed business decisions.
COSO is recognized as a leading authority on internal control, and its framework has been widely adopted by organizations around the world. By developing guidance on internal control over sustainability reporting, COSO is helping organizations begin or continue their journey towards establishing and maintaining an effective system of internal control over financial and sustainable business information.
“AccountAbility supports COSO efforts to help organizations achieve effective internal control over sustainability reporting. As we adapt and adopt the relevant and timely guidance, we will build trust and confidence in ESG/sustainability reporting, public disclosures, and enterprise decision-making. These principles will assist AccountAbility in providing clients with improved controls and governance processes over the collection, review, and reporting of sustainability information,” comments AccountAbility CEO Mr. Sunil (Sunny) A. Misser.
AccountAbility believes that effective internal control over sustainability reporting is critical to the success of any organization, and the firm is committed to supporting COSO's efforts to promote leading practices in this area. By working together with clients and partners, the firm is helping ensure that sustainability reporting is accurate, reliable, and transparent, all essential components for building trust with stakeholders and advancing sustainable business practices.
AccountAbility is a global consulting and standards firm that works with businesses, investors, governments, and multilateral organizations to innovate and advance the global sustainability / ESG agenda by improving the practices, performance, and impact of organizations. We focus on delivering practical, effective, and enduring results that enable our clients to succeed. AccountAbility operates globally through a highly qualified team from offices in New York, London, Riyadh, and Dubai. The firm is the recipient of multiple business awards from the Financial Times, Forbes, and Capital Finance International. Learn more at www.accountability.org.