ICAI is working to build a bridge between sustainability related risks and corporate financial reporting
Even as the Institate of Chartered Ac countants of India (CAT) Is known for regulating the accountancy profession
and maintaining stringent examination and education standard. It has been venturing into sustainability by undertaking regulatory initiatives and creating awareness among its students, members, stakeholders and the masses.
Speaking to Education Times, CA Aniket Sunil Galati, president, ICAI says, “The ICAI is playing a significant role in strengthening the sustainability eco-system in the country in several ways. It had constituted Sustainability Reporting Standards Board (SRSB) in February 2020 with the mission to formulate globally comparable, and understandable standards for measuring and disclosing non-financial information about an entity’s progress towards United Nations Sustainable Development Goals (SDG) 2030. The Institute is working on two crucial aspects. Firstly, to promote compliance with existing accounting and sustainability related disclosure requirements. Secondly, to strengthen assurance framework to build a bridge between sustainability related risks and corporate financial reporting.”
The Case can learn about green finance and sustainable investment, including green bonds, social impact bonds and sustainable funds.” – CA Aniket Sunil Talati, president, ICAI
Carbon Neutral Initiative
Pointing to some of the green initiatives that the statutory body had undertaken in the recent past, Talati says that the ICAI had organised the ’21st World Congress of Accountants (WCOA) 2022, popularly known as the ‘Olympics of the Accountancy Porfession’ under the aegis of the International Federation of Accountants (IFAC). “This was the first ever sustainable and carbon neutral WCOA, held in India with the highest number of participants in the history of WCOA. More than 10,000 global think tanks (including professional accountants, economists, global CEOs/CFOs, academicians, industry leaders) from over 120 countries attended the conference on a physical cum virtual mode. With around 8,000 metric tonnes of carbon credits bought for the event. WCOA 2022 was identified as a Carbon-Neutral Event.”
Strengthening measures
ICAI has been working on both the regulatory front as well as for creating awareness through educating students, members, stakeholders and the masses strengthening the sustainability reporting ecosystem in the country. “As part of the regulatory initiatives, ICAI is also responsible for regulating the profession of social auditors,” he says.
Online certificate courses
On how Cash can be infused with green skills, Talati talks about capacity building of the Castle in sustainability which can be achieved by conducting online Certificate Course on Business Responsibility and Sustainability Reporting (BRSR) conducted regularly by ICAI. “This helps the professional to associate with corporates to prepare and promote use of high-quality business responsibility and sustainability reporting,” he adds.
The CAs can also receive training on providing assurance and verification services on sustainability reports. They can learn about green finance and sustainable investment, including green bonds, social impact bonds and sustainable funds. This will enable them to support sustainable financial initiatives.
This article was first published by ICAI at the following URL: https://www.icai.org/new_news.html?news=9876
