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To enhance credibility and reduce burden on supervisory bodies, many companies have opted to have their sustainability report or parts of it audited in the past. They have decided to do so even if they published their non-financial information on a voluntary basis.
From the fiscal year 2024 onwards, the non-financial statement/ sustainability reporting of a company that is obligated to report will be subject to mandatory assurance in accordance with Section 324b HGB-E. In the first few years the audit will be conducted with limited assurance.
Part of our sustainability services is the audit of sustainability reports. We audit mandatory and voluntarily prepared reports. The focus within the auditing process will be on:
- statutory audits pursuant to § 324b et seq. HGB-E of non-financial statements pursuant to Sections 289b et seq. and Sections 315b et seq. HGB-E (ESRS framework)
- Assurance of sustainability information of German subsidiaries of corporate groups from other EU countries or third countries in accordance with ESRS or other frameworks (e.g. GRI or IFRS S1 and S2 of the ISSB)
- Voluntary audits of sustainability reports in accordance with ESRS or VSME and other frameworks
- Inspections according to § 11 Packaging Act
All sustainability services can also be offered across borders in co-operation with the respective Nexia national companies.
We currently perform the assurance of sustainability reports with limited assurance based on the ISAE 3000 revised auditing standard. In addition, we observe the statements of the profession and the future auditing standard ISSA 5000 ED, which is yet to be adopted by the EU Commission.
When preparing a sustainability report for the first time, we recommend a customized, accompanying audit of the preparation process. This involves a regular review and evaluation of all process steps, from the materiality analysis to the organization of data collection and processing, the determination of quantitative and qualitative data points and the application of the EU Taxonomy Regulation.
The aim of an accompanying audit is to identify and correct any errors or deficiencies in time to ensure the successful preparation of an auditable sustainability report.
The main phases of our audit approach include:
Implementation of audit procedures
- Assessment of the materiality analysis
- Validation of the quantitative and qualitative information in accordance with the ESRS based on suitable evidence and documents
- Assessment of the disclosures in accordance with Article 8 of the EU Taxonomy Regulation
- Labelling of reporting in accordance with the requirements of the electronic reporting format ESEF
Further Sustainability Services:
What should a comprehensive sustainability report contain? How do I implement the ESRS? Does the EU taxonomy affect me?
Our team of experts will advise you on upcoming sustainability obligations and the preparation of auditable, compliant reports.
All information and an overview of our services can be found here.
A strong sustainability strategy not only ensures legal compliance, but also strengthens your corporate image and provides long-term success for your business (model).
Our experts are dedicated to support you. We implement your sustainability objectives with precision, ensuring you remain competitive in the market.
Read more about our advisory services here.
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Do you have questions about the topic and want to find out more about ESG? Explore our sustainability portal (german only) valuable insights and information or reach out directly to our experts for personalized support.
