Creating Connections
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Creating Connections
B u i l d i n g Tr u s t i n I n f o r m a t i o n a n d
Reporting Processes
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Session objectives
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Welcome and introduction
Assurance in the context of <IR>
Panel perspectives
Table discussion
Panel Q&A and debate
Feedback and closing remarks
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Introductions
Chair and panel members
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Michael Nugent, Chair, Technical Director – Framework Development at the IIRC
Merran Kelsall, IAASB, and Chairman & CEO, Australian Auditing and Assurance Standards
Board
Kathy Nieland, PwC US Assurance and leader of the US Sustainable Business Solutions
Practice
Diana Hillier, PwC Partner, Author of ‘Inspiring Trust Through Insight’
Roger Simnett, University of New South Wales, Member of the IIRC Assurance Working Group
and Assurance Steering Committee
Supported by:
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Rachel Poole, PwC London, Integrated Reporting and Sustainability Assurance specialist
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Nicolette Behncke, PwC Germany, Integrated Reporting and Sustainability Assurance specialist
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Assurance on <IR>
Michael Nugent
Chair, Technical Director – Framework Development at the IIRC
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Assurance and the IIRC
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Discussion Paper and
Consultation Draft
feedback
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Importance of
suitable criteria
Aims of <IR>
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Quality of information
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Corporate reporting
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Broad base of capitals
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Value creation over time
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Credibility and Trust
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“Investment grade” reports
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Assurance = enhanced confidence
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Other mechanisms, e.g.:
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Leadership
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Internal systems
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Internal audit
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Stakeholder involvement
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Overview
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Continue the debate
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Roundtables
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Responses – December
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Summary early 2015
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Next steps
Source: http://www.theiirc.org/resources-2/assurance/
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Assurance on <IR>
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Introduction to the Discussion
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About <IR>
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Benefits of assurance
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Practical and technical challenges
Exploration of Issues
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Fundamental assurance concepts
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Analysis of the Framework
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Assurance standards for <IR>
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Methodology issues
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Stakeholders
Accountants
Others
Technical issues
IAASB, national
standard-setters, and
accounting firms
Other standardsetters and nonaccountant
practitioners
Policy and other
issues
IFAC, IFAC Boards,
and national /
regional bodies
Investors, report
preparers,
academics,
regulators,
civil society
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Practical Implementation Challenges
1.
The nature of assurance
2.
Competent practitioners
3.
Robust internal systems
4.
The cost of assurance
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Technical Challenges
1.
Methodology issues
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Materiality
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Reporting boundary
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Connectivity
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Completeness
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Narrative reporting and future-oriented information
2.
Levels of assurance
3.
Using existing assurance
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Merran Kelsall
IAASB, and Chairman & CEO, Australian Auditing and Assurance Standards Board
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The Nature of Assurance
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Levels of Assurance
100 %
“Reasonable”
(audit)
Limited
(review)
0%
Absolute assurance (unattainable)
“In my opinion … “
“Based on the work I have done,
nothing has come to my attention …”
No assurance
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Diana Hillier
PwC Partner, Author of ‘Inspiring Trust Through Insight’
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PwC ‘Inspiring Trust Through Insight’
Source: http://www.pwc.com/gx/en/audit-services/publications/inspiring-trust.jhtml
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Kathy Nieland
PwC, Assurance Partner, Head of Sustainable Business Solutions Practice (US)
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Table group discussion
20 minutes
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Assurance Challenges – Group Discussion
Implementation challenges:
1.
The nature of assurance
2.
Competent practitioners
3.
Robust internal systems
4.
The cost of assurance
Technical challenges:
1.
Methodology issues
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Materiality
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Reporting boundary
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Connectivity
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Completeness
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Narrative reporting and future-oriented
information
2.
Levels of assurance
3.
Using existing assurance
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Panel Q&A
20 minutes
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Wrap up
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www.theiirc.org/assurance
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Join the debate on the <IR>
LinkedIn group
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Submit a response to
assurance@theiirc.org by 1
December 2014
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