Three-quarters of companies globally are not ready to have their environmental, social and governance (ESG) data audited externally months before new regulations kick in, according to a new report from KPMG published Tuesday.
Stricter European Union, U.S. and global rules are being introduced, mostly in time for the 2024 reporting season, to replace a patchwork of voluntary private sector practices for listed companies to make climate-related disclosures.
The EU rules will require disclosures be audited while countries adopting the International Sustainability Standards Board's reporting requirements can also demand external checking."Being ESG assurance ready means identifying the relevant regulatory framework and having the right metrics with robust systems, processes, controls and governance for collecting and managing the data," said Larry Bradley, KPMG's Global Head of Audit.
Just over half of companies surveyed currently get some level of external auditing of their ESG disclosures, but of those only 14% are obtaining reasonable assurance and 16% limited assurance for all of their ESG disclosures as new rules will require, according to KPMG's research.
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