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‘The Walls Are Closing In’ on ESG Audit Requirements

Media Mention October 16, 2023

‘The Walls Are Closing In’ on ESG Audit Requirements

October 16, 2023, Agenda

Andy Jack’s commentary was included in an Agenda article exploring regulations ordering companies to have ESG-related data audited and how companies are preparing for these new requirements. Andy’s commentary focuses on data assurance and the steps companies’ audit committees are taking to ensure they are compliant.

Andy said that most companies are “just now accepting the reality that mandatory reporting with requirements for third-party assurance and increasing liability risk exposure will be unavoidable. [S]tepped up enforcement against greenwashing has also been a wake-up call for companies to button down environmental claims.” He added that a lot of the preparation for ESG assurance is “not unlike what happened in the initial rollout of compliance with the SOX 404 mandate […] While it is not yet the case that third-party assurance firms must be engaged directly by audit committees (as is the case with external auditors of financial statements), audit committees should apply some oversight to management’s ESG assurance processes and engagement of third-party assurance providers.”

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