Sustainability Reporting Why is there a demand for independent assurance on sustainability reporting? Describe the features of external assurance over sustainability provided in the Global Reporting Initiative Reporting Framework
There is a demand for independent assurance on sustainability reporting because such assurance enhances the credibility of the reported information. And this might be information that management would have incentives for misstating.
The Global Reporting Initiative (GRI) Reporting Framework states that external assurance over sustainability reports should:
• Be conducted by those with competence in the subject matter and assurance practices
• Be performed in a systematic manner that is evidence-based and includes adequate documentation
• Assess whether the sustainability report is reasonable, balanced, and appropriately inclusive
• Be issued by individuals or organizations that are independent of the company issuing the sustainability report
• Assess the extent to which the report preparer has applied the GRI Reporting Framework in reaching its conclusions
• Report results in a report that is publicly available, written in form, and that states the relationship between the preparer of the report and the issuer of the report
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