Directors’ critical governance role in integrated corporate reporting

20 June 2022
Accounting
South African Accounting Academy

A key feature of integrated reporting is the board of directors’ responsibility for the integrity of the integrated report and underling reporting process. Executing the Board’s Governance Responsibility for Integrated Reporting is the second installment in IFAC’s integrated reporting assurance series, developed together with the Institute of Internal Auditors, with input from the Value Reporting Foundation. It highlights how boards execute their governance responsibility for integrated reporting and integrated reports.

Installment 1, Accelerating Integrated Reporting Assurance in the Public Interest, outlined the importance of independent external integrated reporting assurance engagements to investors and companies and how to deliver these to enhance the credibility of integrated reports.

This 2nd installment considers how internal assurance activities can be organized in support of boards discharging their responsibility for the integrated report and underlying reporting process. Board accountability for integrated reports and executing a cohesive and coordinated internal approach to integrated reporting assurance provide the basis for improving the quality of integrated corporate reports and better preparing organizations for external assurance.

Click here to download the publication:

https://www.ifac.org/system/files/publications/files/IFAC-IIA-Governance-Responsibility-for-IR.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

Investors and companies require Independent external integrated reporting assurance engagements, and accountants should know how to deliver these to enhance the credibility of integrated reports.
Directors have a fiduciary duty to act in the best interest of the company. If they fail to do so, auditor/independent reviewer may need to consider a possible reportable irregularity.

Relevance to Your clients:

Boards of directors need to oversee multiple internal assurance activities across organizations in discharging their responsibilities for the integrity of integrated reporting.
Directors have a fiduciary duty to act in the best interest of the company.

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