Reuters recently published an article on ESG auditing. As of today, ESG auditing is in its infancy with no single global, mandatory standard. And efforts to create a more rigorous regime for this type of auditing will take several years to bed down as investors, companies and auditors try to get a handle on new and complex data.
The EU, which is driving the ESG regulatory agenda globally, is only mandating “limited” auditing of corporate disclosures under new rules being rolled out. In three years time, the EU will look at whether the ESG auditing should be raised to the same level as for financial statements.
Under the rules, companies in the EU will have to publish ESG disclosures from 2024. In Britain, 1,300 large companies and financial institutions will be mandated to make climate-related disclosures from April 6 this year.
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