RopesTalk Using the COSO Internal Control Framework for Sustainability Reporting
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Jul 20, 2023 Join Jeff Thomson, former CEO of the Global Institute of Management Accountants, Shari Littan, Director of Corporate Reporting Research at IMA, and Doug Hileman, an ESG consultant with over 40 years of experience, as they dive into the COSO Internal Control Framework for sustainability reporting. They discuss the urgent need for effective internal control in light of new sustainability requirements. The trio elaborates on the framework's evolution, its importance for transparency, and the collaboration needed across disciplines to enhance sustainability disclosures and corporate governance.
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COSO's Origin And Global Reach
- The COSO Internal Control Integrated Framework became the de facto global standard for internal control and Sarbanes-Oxley compliance.
- Jeff Thomson notes nearly all U.S. public companies used COSO for Section 404 attestation.
Controls Serve Purpose, Not Just Reports
- Internal control over sustainability supports both trustworthy reporting and achieving corporate purpose.
- Shari Littan says good reporting depends on the strength of underlying activities and oversight.
Break Silos To Get Quality ESG Data
- Sustainability reporting requires cross‑functional collaboration beyond accounting.
- Shari Littan stresses breaking silos so HR, operations, and finance can produce quality ESG information.