Insights into assurance of ESG reporting
The latest episode of the Workiva ESG Talk podcast delves into the world of environmental, social, and governance reporting, featuring an interview with XBRL Chair (and Vice Chair of PwC US) Wes Bricker and XBRL International CEO John Turner. They discuss the evolving landscape of ESG reporting, touching on topics such as the Corporate Sustainability Reporting Directive (CSRD), new SEC rules, and the pivotal role of the XBRL standard in supporting sustainability disclosure and analysis worldwide.
They explore the evolving landscape of sustainability reporting and the increasing demand for high-quality, transparent and digital disclosures from investors. As the push for digital disclosures gains momentum, assurance on tagging becomes paramount, ensuring consistency, transparency, and trustworthiness in ESG reporting.
Wes Bricker emphasises the importance of assurance in digital information, stressing the need for investors to have confidence in both the reliability of underlying information, and the XBRL tagging of the data. He also points out that while there are already requirements in Europe, there is a policy process that many other countries will need to work though.
With most investors accessing ESG information in its digital form, it’s crucial that they can be confident in the accuracy of that information and the accuracy of the tagging. John Turner advocates for standardised assurance rules for digital assurance, to enhance reporting quality, international analysis, and investor trust, calling for a global approach to assurance and audit standards in this field, to streamline processes and reduce costs associated with the independent review of XBRL tagged reports.
The podcast provides valuable insights into the digitalisation of ESG reporting, offering listeners a deeper understanding of the evolving landscape and its implications for stakeholders.
For more insights, tune in to the full episode, which should be available from 12pm UTC today.
