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COSO Releases New Supplemental Guidance On Achieving Effective “Internal Control Over Sustainability Reporting” (ICSR)

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a study with supplemental guidance for organizations entitled “Achieving Effective Internal Control of Sustainability Reporting (ICSR).” The guidance uses the globally recognized COSO Internal Control-Integrated Framework (ICIF) as its basis.

The new guidance, which expands on a previous COSO study from 2017, is particularly timely given the forthcoming final regulations on climate risk from the U.S. SEC and global standards from the International Sustainability Standards Board (ISSB).

Notable aspects of the ICSR guidance include:

  • References to the role of the internal audit function in sustainability reporting in the scope of the guidance, reflecting their integral part of ICSR.
  • Key themes to consider as organizations continue their journeys toward establishing and maintaining an effective system of internal control over financial and sustainable business information.
  • Insights from companies that are leading the way on ICSR to help more firmly establish the practice within the internal audit profession.

Read more about the study here.