Implications of Sustainability Reporting and Assurance
The IAFA-IAASA Conference held on November 1, 2024, focused on the implications of sustainability reporting and assurance for accounting education. Key themes discussed included corporate reporting transformation, regulatory expectations for entities and auditors, and education challenges in the ever-evolving landscape of standards and technology. The conference emphasized the role of regulators in ensuring high-quality reporting and assurance in the face of significant challenges within reporting entities. Kevin Prendergast, CEO of IAASA, shared insights on the transformative nature of sustainability reporting frameworks and the mandatory assurance framework that is reshaping the reporting landscape.
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Presentation Transcript
The Regulatory Perspective IAASA-IAFA Conference 1 November 2024 Implications of sustainability reporting and assurance for accounting education Kevin Prendergast Chief Executive Officer IAASA
Disclaimer IAFA-IAASA Conference 1 November 2024 The views expressed are my own and do not necessarily reflect the views of the Board or the staff of IAASA
Key Themes IAFA-IAASA Conference 1 November 2024 TRANSFORMATION OF CORPORATE REPORTING REGULATORY EXPECTATIONS - ENTITIES REGULATORY EXPECTATIONS - AUDITORS EDUCATION CHALLENGES LOOKING INTO THE FUTURE AN OPPORTUNITY???
Corporate Reporting Transformation IAFA-IAASA Conference 1 November 2024 Sustainability Reporting Framework Mandatory Assurance Framework Reporting Landscape and Role of Regulators CSRD transformative for corporate reporting and assurance Significant challenges for reporting entitites in data quality Role of regulators in ensuring high-quality reporting and assurance
IAFA-IAASA Conference Regulatory Expectations - Entities 1 November 2024 Short, medium and long term demands Technical understanding Ability to utilise technology Abillity to interact with other areas of activity Continuous change, in standards, strategy, technology
IAFA-IAASA Conference Regulatory Expectations - Entities 1 November 2024 Wave 2 companies SMEs Value chain Technical, operational, strategic challenge
IAFA-IAASA Conference Regulatory Expectations - Auditors 1 November 2024 Minimum competency requirements for assurance practitioners CPD requirements Ethical requirements Business decision
Education Challenges IAFA-IAASA Conference 1 November 2024 Requirements are in addition to ongoing statutory audit Neither third level, nor firms, nor bodies can address individually Core education for accountants, and skillsets
Looking into the Future IAFA-IAASA Conference 1 November 2024 International developments, integration, market demands, politics Use of AI, GenAI, and new tools to integrate operations, management, reporting Professional skillset will move to synthesis, assessment, mediation and communication, while still understanding the concepts
An opportunity??? IAFA-IAASA Conference 1 November 2024 ADVANCED USE OF CUTTING-EDGE TECHNOLOGY, INCLUDING AI SUSTAINABILITY AS A VALUES CONCEPT ATTRACTIVENESS OF THE PROFESSION 03 02 01 STARTS BEFORE FIRMS, BEFORE BODIES, BEFORE THIRD LEVEL COMPELLING VISION, PROPERLY COMMUNICATED 04 05
Resources IAFA-IAASA Conference 1 November 2024 Letter to Recognised Accountancy Bodies re CPD Letter to Audit Committee Chairs www.iaasa.ie www.iaasa.ie
