Einde inhoudsopgave
Sustainability Reporting in capital markets: A Black Box? (ZIFO nr. 30) 2019/3.2.3.2
3.2.3.2 Assurance
1
A. Duarte Correia, datum 20-11-2019
- Datum
20-11-2019
- Auteur
A. Duarte Correia
- JCDI
JCDI:ADS169089:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Ondernemingsrecht / Jaarrekeningenrecht
Voetnoten
Voetnoten
ACCA defined Assurance in 2004 “Assurance is an evaluation method that uses a specified set of principles and standards to assess the quality of an organisation’s subject matter and the underlying systems, processes and competencies that underpin its performance. Assurance includes the communication of the results of this evaluation to give the subject matter credibility for its users. Auditing, verification and validation are some of the tools and processes by which assurance is obtained. Various organisations (audit firms, NGOs, quality assurance consultants) and individuals (opinion leaders) provide assurance. Assurance often is assumed to apply only to a company’s published reports, but it applies equally to the assurance of the company’s underlying systems and processes, as well as its products, services and governance.”ACCA continued about methodology of assurance:“What level of assurance is offered? There are different levels of assurance • Data – is the information presented accurate and complete?• Systems – are the systems for collecting data and managing performance robust?• Materiality/risk – is the scope of information provided sufficient? What are the implications for the company? • Compliance/responsiveness – is the organization meeting its commitments, responding to stakeholders and complying with standards? • Commentary – how well is the company doing? What else should it be doing in this area?”See, http://www.accountability.org/images/content/1/2/121/FOSA%20-%20Full%20Report.pdf.
See above, on section 2.2. See, https://www.government.se/contentassets/ 0126b664c843479d8696d1be546fe4b6/annual-report-state-owned-companies- 2014 pp. 32.
Siv Nyquist, (2003) 'Environmental information in annual reports: a survey of Swedish accountants', Managerial Auditing Journal, Vol. 18 Iss: 8, pp.682 – 691. pp. 682. Available at: https://www.emeraldinsight.com/doi/full/10.1108/ 02686900310495935 and, Nyquist (2003) citing Bokföringsnämnden (BFN) (1998), Miljöinformation I Förvaltningsberättelsen, BFN U, Vol. 98, No. 2, Stockholm; and , Proposition 1996/97:167, (1996), Miljöredovisning och miljöinformation i näringslivet, (Government’s Bill), Riksdagens tryckeriexpedition, Stockholm. Vol. 167, p. 13).
Directive 2014/56/EU amending Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts, and Regulation 537/2014 on specific requirements regarding statutory audit of public-interest entities. Both available at: https://ec.europa.eu/finance/auditing/directives/index_en.htm. Member States were required to implement the new requirements by the 17th of June of 2016.
See Sweden legal memo ABA pp13, available at: https://www.americanbar. org/content/dam/aba/administrative/environment_energy_resources/resources/sweden_legal_memo.authcheckdam.pdf.
See, www.far.se.
See, https://www.globalreporting.org/resourcelibrary/Standards%20article_National%20standards%20for%20 assurance%20of%20sustainability%20reporting_15%20March.pdf.
See, Wolniak, Radosáaw and Hfbek, Patrycja, “CSR Reporting in France and the Netherlands”, Scientific Journals 34(106) (2013), pp. 91–96 https://www.google. nl/url?sa=t&rct=j&q=&esrc=s&source=web&cd=4&ved=0ah UKEwjr69Cdn9LNAhXGSBQKHc3HDR0QFgg1MAM&url=http%3A%2F% 2Frepository.am.szczecin.pl%2Fbitstream%2Fhandle%2F123456789%2F478% 2F14_ZN_AM_34106_Wolniak_Hubek.pdf%3Fsequence%3D1&usg=AFQjCNGdJI6FjHY_p_h_bBJwm_8k6llGWw page 95.
More information about what is assurance and the different types of assurance currently provided in the market, please see chapter 1.
In Sweden, assurance of sustainability reports is only mandatory for state-owned companies.2 However, companies are required since 1999, to disclose environmental and social information about their business activities in their annual report, in compliance with the Environmental Code. Since the Swedish Companies Act (Aktiebolaslagen, 1975, 10 kap 3) requires that a company’s balance sheet, income statement, notes, and administration report must be audited by at least one public company, it means that the environmental information must be audited together with the financial information (Nyquist, 2003).3 The audit follows the EU legislation.4
Sustainability reports voluntarily published by other companies, which disclose information in accordance with international frameworks as the CDP (former Carbon Disclosure Project), the Global Reporting Initiative, the International Integrated Reporting Council and the UN Global Compact, are not required to be externally assured.5 However, the Swedish Institute for the Accountancy Profession (FAR) issued an assurance standard based on the Dutch Assurance Standard 3410N “Assurance Engagements Relating to Sustainability Reports” published by the former Royal NIVRA (currently NBA).6 The Standard RevR6 Independent Assurance of Separate Voluntary Sustainability Reports was issued in 2004 and updated in 2008 to provide assurance on sustainability reports for the fiscal year 2008, by the Swedish Institute of the Accountancy Profession (FAR).7 This standard complies with ISAE 3000 and it incorporates the AA1000AS principles in accordance with the Global Reporting Initiative Sustainability Reporting Guidelines.8 Since 2008, RevR 6 provides guidance both on reasonable assurance and limited assurance engagements of sustainability reports.9