Drawing on interviews with more than 50 accountancy, finance, and internal audit professionals, along with responses from over 900 survey respondents, the report has three key messages:
- The nature of process flows related to sustainability data require a re-appraisal of accepted internal control concepts to ensure they are applied appropriately.
- Successful implementation of internal control over sustainability data fundamentally relies upon the executive management of the organization embedding sustainability objectives as core strategic objectives, monitored by robust key performance indicators (KPIs).
- Data ownership that embraces internal control must be established, especially in areas where control consciousness is not fundamental to personal conduct, and all those involved in internal control must have the appropriate skill sets to fulfill their responsibilities.
The research was conducted as part of a long-standing memorandum of understanding between the Association of Chartered Certified Accountants (ACCA) and The IIA. Under the agreement, the two bodies are focused on advancing their members’ careers, enhancing governance practices, and serving the public interest.