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The Institute of Chartered Accountants of Scotland (ICAS) has called for an “urgent” roadmap for sustainability assurance in response to the FRC’s final report from its Assurance of Sustainability Reporting Market Study.
According to the Scottish institute, sustainability assurance professionals should be subject to robust performance and quality management, as well as ethical and independence standards to help establish a level playing field for all those involved in the industry.
As a result, ICAS has urged the UK government to outline its roadmap for sustainability assurance in the UK and to work with the FRC to establish an appropriate regulatory framework “as a matter of urgency”.
Bruce Cartwright CA, chief executive of ICAS, said: “We agree with the FRC that the quality of these services is inconsistent. While we’re encouraged to see such a wide range of sustainability assurance service providers in the UK, it’s vital that we create the right conditions for healthy competition and choice in the market but not at the detriment of quality.
“Ultimately, we believe the UK should take a leading role in this area, and that a robust, but proportionate regulatory framework is key to make sure that stakeholders have high-quality sustainability information to help them make informed decisions.”
He added: “We congratulate the FRC on the publication of the final sustainability assurance market study report and fully support the three key actions it recommends: setting a clear UK policy framework for sustainability assurance, creating a unified regulatory system, and improving the information on the quality of sustainability assurance.”
