The Institute of Chartered Accountants of India (ICAI) has taken a momentous step in advancing Indias pursuit of enhanced transparency, accountability, and investor protection. This underscores ICAIs pivotal role in shaping the nations financial landscape and its commitment to fostering ethical and responsible practices within the realms of business and finance.
ICAI has consistently led transformative shifts in the financial sphere. Through path breaking initiatives like the Sustainability Reporting Maturity Model (SRMM) 2.0, Social Audit Standards, the Business Responsibility and Sustainability Reporting (BRSR) certificate course, and SSAE 3000, ICAI is steering India toward a new era of robust assurance and reporting in sustainability.
The Sustainability Reporting Standards Board (SRSB) of ICAI has introduced the Sustainability Reporting Maturity Model version 2.0-a structured framework aimed at evaluating and guiding the advancement of sustainability reporting practices across organizations. This model empowers organizations to self-assess their existing practices, identify areas for improvement, and establish benchmarks for progressing in their sustainability reporting endeavors.
SRMM 2.0 will serve as a roadmap for organizations aligned with BRSR guidelines to enhance their sustainability reporting practices over time, helping them move from mere compliance to more strategic and impactful reporting that aligns with their business objectives and contributes to a more sustainable future.
Furthermore, ICAIs establishment of Social Audit Standards provides organizations a systematic method to evaluate and enhance their social impact, bolstering ICAIs mission to encourage responsible corporate conduct.
The launch of the Business Responsibility and Sustainability Reporting (BRSR) certificate course underscores ICAIs commitment to nurturing professionals equipped with practical proficiencies to navigate the evolving landscape of sustainable business practices. This initiative equips individuals to guide businesses toward growth while upholding responsible practices.
Recently, SEBI has revised its Business Responsibility & Sustainability Reporting format and commencing from the financial year 2023-24 foremost 150 listed entities shall mandatorily undertake reasonable assurance of the BRSR Core, which will gradually be adopted by all 1000 reporting companies by the FY 2026-27.
Aligned with its pursuit of credible reporting, ICAIs introduction of SSAE 3000 establishes a benchmark for attestation engagements related to non-financial information, including sustainability reports. This standard assures reliability and consistency in reporting, enhancing investor confidence in the accuracy of disclosed data.
Collectively, these actions emphasize ICAIs dedication to promoting transparency, accountability, and investor protection. This significant effort transforms the investment landscape and highlights Indias leadership in the field of non-financial reporting and assurance.
The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountancy in India. The Institute, functions under the jurisdiction of Ministry of Corporate Affairs, with more than 7.83 Lakh Students & over 3.78 lakh members, ICAI is one of the largest professional accounting bodies in the world, with a strong tradition of service to the nation. Today ICAI has wide network of 5 Regional Councils and 168 Branches in India. It has 47 Overseas Chapters and 34 Representative Offices and presence in 81 cities and 47 Countries of the world.