COSO releases new (ICSR) supplemental guidance
Mar 30, 2023
On March 30, 2023, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a groundbreaking study with supplemental guidance for organizations to achieve effective internal control over sustainability reporting (ICSR), using the globally recognized COSO Internal Control-Integrated Framework (ICIF). COSO believes its use will build trust and confidence in ESG/sustainability reporting, public disclosures, and enterprise decision-making.
The supplemental guidance points to several key themes as organizations and practitioners work toward establishing and maintaining an effective system of internal control over financial and sustainable business information. Although ICSR is not yet well established in practice, the paper discusses crucial insights that can be gained from the experiences of those organizations that are leading the way. This new supplemental guidance is timely given upcoming final rules on climate risk from the SEC and ISSB. The guidance is global, and applies to accounting, reporting, and assurance.
Review the press release and the COSO-ICSR report on COSO's website.
