Current Development of CSR, Sustainability Reporting and Assurance

Running head: AUDITING & ASSURANCE 1
Auditing & Assurance
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AUDITING & ASSURANCE 2
Executive Summary
The report assesses current development of CSR, sustainability reporting and assurance. It
looks at brief definition of the two terms. It also evaluates similarities and differences
between sustainability reporting and CRS. Further, it looks at historical perspective of
sustainability reporting and assurance, it recent development and future for it. Today, there is
an increasing number of organization distributing CSR reports as their yearly financial
statements or as the separate corporate social statements. In spite the growth these reports the
superiority differs. Sustainability reporting is the practice of presenting a company’s values
as well as is governance model, and demonstrating link that exists between its commitment
and its strategy to a sustainable development. It is the modes for executing some lawful
obligation of an organization and proof of accomplishment of the legality to general public.
Given that sustainability reporting and assurance is usually a voluntary process in most
nations, there are no restrictions on which firms could undertake such reporting and who is
providing the assurance services. It was also found out that some of the firms undertaking
sustainability reporting and assurance include the KPMG, E&Y, PWC and Deloitte.

AUDITING & ASSURANCE 3
Table of Contents
Executive Summary...................................................................................................................2
Topic 1: The Expanding Role of the Auditor.............................................................................4
Introduction................................................................................................................................4
Current State of CSR and Sustainability Reporting and Assurance..........................................4
1. Definition and Explanation of CSR and Sustainability Reporting..................................4
2. Similarities and Differences Between CSR and Sustainability Reporting......................5
3. Brief History of the Sustainability Reporting and Assurance.........................................6
4. Current Details on Which Companies Undertake Sustainability Reporting and
Companies Involved in Providing the Assurance Service.....................................................7
5. Future Developments In The Sustainability Reporting as well asAssurance.................8
6. The Frameworks, Guidelines or Standards Used for the Preparation of the
Sustainability Reports, including the Bodies Responsible to These Guidelines....................8
7. Assurance Guidelines and Procedures for Auditor.........................................................9
Conclusion..................................................................................................................................9
Topic 2: Auditor independence................................................................................................10
References................................................................................................................................12

AUDITING & ASSURANCE 4
Auditing & Assurance
Topic 1: The Expanding Role of the Auditor
Introduction
Organizations might communicate their commitment in the sustainability and might
offer their outcomes in their ground through creation or publication of corporate social
responsibility statement. Today, there is an increasing number of organization distributing
CSR reports as their yearly financial statements or as the separate corporate social statements.
In spite the growth these reports the superiority differs (Brown-Liburd & Zamora, 2014, pg
75). This means that CSR do not necessarily give complete information that the learners
want, which as a result intensifies the issues with assessment and comparison of company’s
results accomplished within this scope. The diversion also takes place between reporting
techniques utilized in numerous nations caused by differently employed legislatures on
admission of the non-financial and financial information. The paper thus offers the present
state of the CSR and sustainability reporting as well as assurance with focus on EU, Australia
and the US.
Current State of CSR and Sustainability Reporting and Assurance
1. Definition and Explanation of CSR and Sustainability Reporting
CSR reporting is usually a communication tool envisioned in giving relevant
information, both externally and internally on the organization’s tactic and development in
execution of its CSR theory. Basically, CSR report is usually the concept in which
organizations integrate social as well as environmental components within their operations,
management as well as relation with the stakeholders. Such form of understanding of the
CSR reporting has been advocated by EU and US (Brown-Liburd & Zamora, 2014, pg 76).
European Union defined CSR as one of the responsibility of firms for their effect on the
society. In other words, CSR is the management concept where a company integrates
environmental, social and economic concerns in its interactions and operations with its
stakeholders. Generally, it is considered as sum total of a company’s commitments to a
sustainable development (Cohen & Simnett, 2014, pg 60).
On the other hand, sustainability reporting is usually the means by which an enterprise
communicates all its contribution to a sustainable development process to its stakeholders. In
this procedure, organizations report its entire social, economic and the environmental
practices, performance as well as effects caused by daily operations (Lewis, 2016, pg 350). In
other words, sustainability reporting is the practice of presenting a company’s values as well
as is governance model, and demonstrating link that exists between its commitment and its