RopesTalk Using the COSO Internal Control Framework for Sustainability Reporting
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Jul 20, 2023 Join Jeff Thomson, former CEO of the Global Institute of Management Accountants, Shari Littan, Director of Corporate Reporting Research at IMA, and Doug Hileman, an ESG consultant with over 40 years of experience, as they dive into the COSO Internal Control Framework for sustainability reporting. They discuss the urgent need for effective internal control in light of new sustainability requirements. The trio elaborates on the framework's evolution, its importance for transparency, and the collaboration needed across disciplines to enhance sustainability disclosures and corporate governance.
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COSO Produces Broad Supplemental Guidance
- COSO issues many supplemental guides and thought pieces to address evolving risks and technologies.
- Jeff Thomson highlights COSO work on fraud, AI, blockchain, and integrated reporting.
2023 Guidance Focuses On Trust
- The 2023 supplemental guidance builds on prior COSO work but centers on trust and confidence in sustainability data.
- Jeff Thomson says the keyword for this guidance is trust and confidence, not COSO itself.
Sustainability Data Is Different
- Sustainability data differs from financials: it is often qualitative, unstructured, and modeled.
- Jeff Thomson warns those data traits raise the bar for controls and cross‑functional learning.