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Demand for confidence in sustainability disclosures is growing as government regulations deepen and stakeholder expectations rise. The transparency requirements are no longer a complementary feature of the companies’ value proposition, but a need that must be integrated into the business operating model for long-term success and viability.
The CP approach to Sustainability Assurance
We provide assurance on your sustainability information, requirements, and achievements, tailored to your needs. Our main areas of focus are:
- Assurance on sustainability reports
- Compliance and alignment with specific standards or set of principles (i.e. Wrap Waste Measurement and Reporting, SECR)
- Adherence to principles and labelling schemes (ie. Better Cotton Initiative, sustainable bonds issuance and bank covenants)
Once the selected subjects and indicators are ready for assurance, we use the following approach:
- Obtain an impression of sustainability management.
- Assess the robustness of the sustainability data management systems, including internal control mechanisms.
- Verify the completeness, accuracy, and comparability of the data reported.
- Support management with recommendations for improvement of sustainability management and reporting.
In providing third party verification, Cooper Parry relies on two main types of standards, ISAE 3000 and ISRS 4400, as well as proprietary methodologies.
ISAE 3000 offers two different types of assurance options – limited or reasonable assurance, depending on the level of evidence collected by the auditor to form a conclusion.
ISRS 4400 is the standard for agreed upon procedures engagements. No assurance is provided by the auditor, but the users of the report will draw their own conclusions based on the auditor’s work.
Food for thought
Providing assurance on sustainability reporting helps enhance the quality of disclosures, and therefore provides both management and stakeholders comfort on the progress made towards set objectives. The growth in sustainable finance, including green bonds and loans, means investors also require greater transparency in sustainability disclosures.