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Internal control over sustainability data

The new report, Internal control over sustainability data, reveals that there is a real opportunity for accountancy, finance, and internal audit professionals to drive the sustainability agenda by applying internal control principles to sustainability-related data. Together, they can deliver strategically important, meaningful work and make a strong contribution to building sustainable businesses, which are essential for the future of the capital markets, the global economy, and the planet.

Research Partners:

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Internal control over sustainability data report cover

Trustworthy sustainability data is vital

According to Anthony J. Pugliese, President and CEO of The Institute of Internal Auditors (The IIA), “By focusing on how we apply internal controls to sustainability data, our professions can collectively strengthen trust, support better decisions, and help build truly sustainable businesses. This report offers a clear path forward and a compelling call to action for accountancy, finance, and internal audit professionals to lead the way.”

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.

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