Further to COSO’s recently released illustrative internal control guidance for sustainability reporting (reported on here), Deloitte’s “Using the COSO Framework to Establish Internal Controls Over Sustainability Reporting (ICSR)” summarizes application of the traditional COSO framework to sustainability-related business information and suggests action steps for companies to facilitate each of the framework’s five components and supporting principles.KPMG’s “COSO ICIF for ESG Reporting” promotes the use of the new illustrative guidance based on the framework’s widespread and global use for financial reporting; its adaptability to non-financial reporting; and users’ ability to leverage existing controls, processes, methodologies, and internal expertise. The resource summarizes each of the five components and supporting principles and explains by example how the principles may be applied to sustainability reporting controls.
Editor’s Note: As previously reported, the Society is collaborating with COSO to host two virtual roundtable discussions on its recently released illustrative guidance: “Achieving Effective Internal Control over Sustainability Reporting (ICSR): Building Trust and Confidence through the COSO Internal Control-Integrated Framework.” The first session will be held on May 11 from 2 pm – 3:15 pm ET for in-house members only. The second session is planned for July 20 from 2 pm – 3:15 pm ET and is open to all members, including law firms, consultants, and in-house members.If you are an in-house member and are interested in attending the May 11 or July 20 sessions, or if you are a non-in-house member and are interested in attending the July 20 session, and you did not already receive an invitation, please email Randi at rmorrison@societycorpgov.org. This post first appeared in the weekly Society Alert!