In This Episode:
Join energy coach David Arkell and John Pooley, producer Lysandra Naom, and guest Jeanette Hill from CPA Canada on a Forbes inspired episode all about accountants and sustainability. This episode features CPA Canada resources, roles accountants play in sustainability and net-zero, data for reporting, sustainability assurance, and more. Check out our 360 Carbon Excellence Program. Links mentioned in the episode: Sustainability Sustainability Reporting Updates ESG Symposium 2023 Value Creation Program ESG Certificate
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Highlights
CPA Canada's Mission in Sustainability: CPA Canada supports Canadian accountants with resources, standards, and international partnerships, focusing on improving financial literacy, ethical accounting, and the integration of sustainability into organizations.Accountants in ESG and Long-Term Value: Accountants analyze sustainability risks, integrate ESG into business models, and help organizations focus on long-term value creation. Their expertise in risk management and financial controls enhances the quality of ESG data.Significance of ISSB Standards: CPA Canada played a key role in establishing the International Sustainability Standards Board (ISSB), which provides global guidelines to improve consistency and transparency in sustainability reporting.Net Zero and Risk Management: CPAs guide organizations in Net Zero initiatives by assessing capital allocation, climate-related risks, and policy compliance. Their governance expertise positions them to lead emissions reduction and Net Zero plans effectively.Educational Programs for Sustainability: CPA Canada offers ESG resources, including a four-course certification and a 2023 symposium, to equip CPAs and business professionals with the knowledge needed to integrate sustainability into financial decision-making.Key Insights
Importance of Reliable Data: Accountants ensure organizations use accurate data for sustainability reporting, establishing baselines for tracking Net Zero progress. This includes managing the complexity of Scope 3 (supply chain) emissions data.Materiality in Sustainability: Materiality assessments identify sustainability factors that impact an organization’s value. Accountants must understand material issues for their specific operating environment and effectively communicate them to stakeholders.Assurance for Sustainability Disclosures: Independent assurance, particularly for greenhouse gas data, enhances the credibility of sustainability reports. The International Auditing and Assurance Standards Board is developing standards to improve assurance quality for these disclosures.Role of Governance in ESG: Governance provides the framework for achieving environmental and social goals. Accountants play a vital role by establishing controls and processes to align sustainability objectives with financial goals for comprehensive reporting.CPA Canada’s Vision for Ongoing Learning: Through resources like the four-course certification program, CPA Canada supports professionals in their ESG journey, emphasizing that sustainability knowledge is now essential for business decision-making.