The internal audit profession supports the creation of the International Sustainability Standards Board (ISSB) under the IFRS Foundation

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Applauds the Addition of Value Reporting Foundation and the Climate Disclosure Standards Board at the ISSB for moving global markets towards a unified disclosure standard for climate change reporting and broader ESG disclosures

welcomes the global commitment of 130 trillion dollars by GFANZ to support the Net Zero initiatives announced at COP26

LAKE MARY, Florida., November 4, 2021 / PRNewswire / – The Institute of Internal Auditors (IIA) today announced that it supports the creation of the new International Sustainability Standards Board (ISSB) as part of the IFRS Foundation as an independent standard-setter to sit on alongside the independent IASB. In addition, The IIA supports the consolidation of the Value Reporting Foundation (VRF) and the Climate Disclosure Standards Board (CDSB) within the ISSB to promulgate uniform global standards for disclosures regarding climate change and ESG factors. .

Logo of the Institute of Internal Auditors (PRNewsfoto / Institute of Internal Auditors)

“Today’s ISSB announcement represents an important step towards the much needed global standards for climate change disclosures and sustainable business,” said Anthony Pugliese, CIA, CPA, CGMA, CITP, President and CEO of The IIA. “Investors and other stakeholders need comparable, connected and reliable decision-making information about a company’s ESG performance. To achieve this, the organizations internal audit function plays a central role in providing assurance that the organization uses rigorous internal controls over its climate change and ESG data, and that it communicates reliable information on the sustainability to internal and external users of this information. “

Pugliese is the IIA’s voting member of the International Integrated Reporting Council (IIRC), which recently merged with SASB to form VRF. During today’s finance day at COP26, Erkki Liikanen, Chairman of the IFRS Foundation Trustees, announced the merger of VRF and CDSB within the ISSB to help organizations provide high-quality, comparable information on the impact of sustainability risks and opportunities to make investment decisions. Pugliese added: “With financial reporting, data quality issues were largely solved decades ago. With climate and sustainability reporting, we have made progress over the past decade, but we still have work to do, as today’s announcements indicate. Internal auditors serve a key role in helping to ensure that this information is of high quality, to establish confidence in disclosure and, ultimately, to protect the public interest. “

ISSB news follows another groundbreaking announcement by the Glasgow Financial Alliance for Net Zero (GFANZ) to pledge 130 trillion dollars – 40% of the world’s global assets – to help the world achieve the goals stated in the original Paris agreement. An alliance of 450 of the world’s largest financial institutions and defended by Marc Carney, United Nations special envoy for climate action and finance and former Chairman of the Financial Stability Board, GFANZ will provide the resources needed to move the world towards net zero emissions status.

“GFANZ’s financial commitment reminds us that the internal audit profession performs an essential function within climate finance,” added Pugliese, “due to the inherent understanding of the risks of an internal auditor and internal controls. effective in monitoring, managing and mitigating these risks ”.

About the Institute of Internal Auditors

The Institute of Internal Auditors (IIA) is the most recognized lawyer, educator, and provider of standards, advice and certification in the internal audit profession. Established in 1941, The IIA today serves more than 200,000 members in nearly 200 countries and territories. For more information visit www.theiia.org Where www.globaliia.org.

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SOURCE The Institute of Internal Auditors


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