ESG Statement Assurance & Verification (ISSA 5000)
ESG Statements Audit and Verification has become increasingly important with Bursa Malaysia’s enhanced sustainability reporting requirements, effective from the financial year ending 2023. These regulations mandate that public-listed companies disclose whether their sustainability statements have undergone internal review by auditors or independent assurance in accordance with recognized standards. Additionally, the National Sustainability Reporting Framework (NSRF) Consultation Paper has proposed making external assurance mandatory for sustainability statements to prevent greenwashing.
This evolving regulatory landscape highlights the critical role of external assurance in Malaysia’s sustainability reporting. Independent evaluation of ESG (Environmental, Social, and Governance) statements ensures the accuracy, reliability, and alignment of a company’s sustainability disclosures with standards like Bursa Malaysia, GRI, IFRS, SASB, and TCFD. Companies require assurance to build stakeholder trust, meet regulatory requirements, and demonstrate accountability in their ESG performance.
At SuSciCo, we specialize in providing tailored assurance services that validate the integrity of your ESG reporting. Our expertise helps organizations enhance transparency, manage risks, and strengthen their position as responsible and credible leaders in sustainability.
SuSciCo’s Value Proposition for ESG Report Internal Audit and External Assurance Services
At SuSciCo, we understand the complexities organizations face in ensuring their ESG reports meet regulatory, stakeholder, and market expectations. Our tailored services address the need for robust internal audits and credible external assurance, delivering transparent, reliable, and actionable results.
Regulatory Compliance Expertise
With Malaysia moving towards mandatory external assurance for sustainability statements, we ensure your reports align with Bursa Malaysia requirements, global frameworks like GRI, and emerging standards.
Enhancing Credibility and Stakeholder Confidence
Our independent assurance services validate the accuracy of ESG disclosures, building trust with investors, customers, and partners while mitigating risks of greenwashing allegations.
Improved Internal Controls
We conduct comprehensive internal audits to evaluate and strengthen your data collection processes, internal controls, and governance structures, ensuring your ESG reporting is robust and reliable.
Streamlined Data Accuracy and Completeness
By addressing gaps and inconsistencies in ESG data, we help you produce transparent and accurate reports that stand up to external scrutiny.
Tailored Assurance Engagements
Utilizing globally recognized standards such as ISAE 3000, ISSA 5000, and AA1000AS, we provide scalable assurance solutions designed to meet your organization’s unique needs and reporting scope.
Proactive Risk Management and Insights
Our audits and assurance engagements uncover risks in sustainability reporting, offering actionable recommendations for improvement and long-term value creation.
Key Aspects of ESG Statement External Verification Process
- Scope and Objective Definition
- Define the scope of the verification (e.g., specific ESG metrics or the entire statement).
- Establish the objectives, such as ensuring compliance with standards like GRI, SASB, or TCFD.
- Materiality Assessment
- Identify material ESG topics that are significant to stakeholders and the organization’s operations, ensuring the verification focuses on the most critical areas.
- Data Validation and Accuracy
- Evaluate the completeness and accuracy of ESG data through a systematic review of records, data sources, and methodologies.
- Verify consistency across various data points and against industry benchmarks.
- Assessment of Internal Controls
- Assess the effectiveness of governance structures, data collection systems, and internal review processes supporting ESG reporting.
- Stakeholder Relevance and Transparency
- Ensure that the ESG statement effectively addresses stakeholder concerns and expectations, providing clear and transparent disclosures.
- Issuance of Assurance Statement
- Deliver a comprehensive assurance statement that includes findings, the level of assurance (limited or reasonable), and recommendations for improvement.
By partnering with SuSciCo, your organization gains a trusted ally in navigating the evolving ESG landscape, ensuring compliance, credibility, and measurable progress in sustainability performance. Let us help you lead with transparency and accountability.
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At Zero Waste Earth Store we are incredibly grateful for the exceptional GHG reporting services provided by SuSciCo. Their expertise and dedication played a crucial role in the promotion of our successful recycling campaign. Their accurate measurement and reporting of greenhouse gas emissions allowed us to showcase the significant environmental impact of our recycling efforts. Professionalism, attention to detail, and commitment to sustainability made SuSciCo an invaluable partner in our mission. I highly recommend their services to any organization seeking to make a positive environmental difference. Thank you, Ildar Usmanov, for your outstanding support!
