Investors drive demand for sustainability assurance

  

Investors seeking to place reliance on corporate sustainability information are driving unprecedented demand for assurance in this emerging area.

This represents a challenge and an opportunity for the global accountancy profession. In response the profession is engaged in determining the framework within which assurance engagements should be carried out and who is best qualified to perform the work.

Using the core assurance skills obtained through the experience of auditing financial statements, the accountancy profession – alongside others performing assurance engagements – is well placed to satisfy this demand.

ACCA’s report Sustainability Assurance – Rising to the Challenge describes the landscape for sustainability assurance and introduces the extant standard and guidance issued by the International Auditing and Assurance Board (IAASB).

Sustainability Assurance – Rising to the Challenge sets out the key issues faced by practitioners providing this assurance work.

ACCA’s research – supported by evidence gathered from a series of virtual global roundtables held in 2022 and 2023, with assurance practitioners and other representatives involved with audit and assurance policy-related matters – sets out seven key messages:

 

·         To avoid a new ‘sustainability assurance expectation gap’ ACCA stresses the importance of international and national standard setters explain what ‘limited assurance’ and ‘reasonable assurance’ mean, and the key differences between the two.

 

·         Standard setters should consider the risk of misleading reporting – green washing – when developing reporting and assurance standards.

 

·         A concept to deal with estimates should be a key focus for the IAASB as much sustainability reporting and assurance work is often based on hypothetical scenarios.

 

·         The unprecedented dependence on subject matter experts (SMEs) for sustainability assurance engagements may suggest the need for further standards and guidance on how to rely on their work.

 

·         The assurance report – the end-product – should be seen as a key priority area by standard setters and policy makers, particularly in dealing with limited/reasonable differences.

 

·         Assurance skills obtained through audit experience remain vital in performing sustainability assurance engagements.

 

·         ISAE 3000 (Revised) and the Sustainability/EER guidance provide a strong foundation for those intending to undertake sustainability assurance engagements before the IAASB’s overarching standard is finalised.

Report co-author, Marianna Rogdaki, Audit & Ethics Lead, ACCA says: ‘ACCA recognises that  it can be a real challenge for practitioners new to this area to come to grips with both the risks and the opportunities of taking on sustainability assurance engagements. This report aims to raise awareness of the current landscape as a good starting point for practitioners to get involved.’

She adds: ‘It is clear that the demand for sustainability information is now higher than ever, with regulators across the globe considering mandatory reporting and assurance requirements.

‘Most notably in the European Union, the European Commission has replaced the Non-Financial Reporting Directive (NFRD) with the Corporate Sustainability Reporting Directive (CSRD) introducing mandatory requirements for more entities, alongside requirements for assurance over published information.’

Report co-author, Antonis Diolas, Head of Audit and Assurance, Policy & Insights, ACCA, says: ‘In our roundtable the importance of professional scepticism was noted. Given the immaturity of sustainability reporting, professional scepticism is even more important where subjective statement often forms part of sustainability reports and are not backed up with sufficient appropriate evidence.’

The report commends the IAASB, the International Sustainability Standards Board (ISSB), and the International Ethics Standards Board for Accountants (IESBA) for their respective swift responses to the call for international sustainability reporting, assurance and ethical standards, reducing the risk of fragmentation.

 

Read the full report here https://www.accaglobal.com/gb/en/professional-insights/global-profession/sustainability-assurance-rising-to-challenge.html

The accountancy profession has a vital role in meeting the green finance challenge says new report from ACCA

At a time when access to cheaper capital is more vital than ever to an organisation’s long-term survival, access to green finance can be a lifeline to businesses. However recent research by ACCA (the Association of Chartered Certified Accountants) and the Institute of Management Accountants (IMA) revealed that business say they’re underinformed on climate finance opportunities and climate risk management. 59% of the respondents to the Global Economic Conditions Survey Q2 2022 said they are not considering using green finance products – an opportunity that must be addressed.

With lenders increasingly offering attractive ‘green rates’ to organisations able to meet sustainability requirements, green finance is cheap capital that can keep businesses in business. Professional accountants’ ability to understand the green finance options needed for the transition to net-zero is key to equipping organisations with this expertise. Having the skills to consider non-financial as well as financial business drivers will also leave the profession well placed to lead in training staff and developing the talent needed for enabling transformation and embedding sustainability.

Report author, ACCA senior subject manager – sustainability, Emmeline Skelton said: ‘Green finance is part of the fundamental narrative of ACCA’s research programme on net zero transition and the role of the accountancy profession.

In a world where key stakeholders are demanding more from companies and their net zero objectives, green finance is fast becoming the hot topic for the finance profession as it explores financing options. The profession needs upskilling, especially in volatile times, where access to capital including green finance is crucial for an organisation’s long-term survival.’

John Lelliott OBE FCCA, Non-executive Director of the Environment Agency and ACCA Sustainability Global Forum Chair said: ‘The accountancy and finance profession’s knowledge and skills in evolving market trends, stakeholder requirements and regulatory changes, will be key to transform organisations to operate in a net zero economy.’

Assad Hameed Khan, head of ACCA Pakistan, said that the timing of this research is apt considering the uncertain economic landscape in Pakistan. Green finance is an engine of competitive advantage for organisations to drive value creation by embracing sustainability into all activities. Long-term nature of sustainability continues to be at the intersection of social equity, economic viability and environmental protection.

Because finance and investment professionals have such a critical role to play in helping organisations adapt to build a more sustainable future, ACCA has taken practical steps to upskill its members. In particular, ACCA has worked together with CFA Institute to jointly launch a Climate Finance course designed by experts from both bodies.

The full report can be accessed at www.accaglobal.com/greenfinanceskills

ACCA welcomes newly qualified members in Pakistan

 

ACCA (the Association of Chartered Certified Accountants) gave an extravagant welcome to the newly qualified ACCA professionals in the country at the New Member Ceremonies held in Karachi, Lahore and Islamabad.

Themed ‘Shaping the future in uncertain times’, the events were a living proof of how ACCA is enabling its members to think ahead and turn challenges into opportunities for the benefit of the society. The events celebrated over 700 newly inducted ACCA members and fellow members who come from diverse backgrounds but follow the same journey as their peers globally. The events also recognised ACCA’s prizewinning students, newly awarded approved employers, Practical Experience Supervisors and winners of ACCA advocacy awards.

ACCA’s head of Pakistan, Assad Hameed Khan, initiated the ceremonies by welcoming the new members including fellows and high achievers, emphasising on the vital role played by professional accountants in nation building as well as contribution towards an inclusive, resilient and sustainable national economic growth.

Speaking to the new members, ACCA President, Joseph Owoloabi, said:

‘Accountancy is an increasingly meritocratic profession, where the content of your character and the quality of your mind and your work mean much more than nationality or background. Your global credentials mean that the welcome mat will be

rolled out for you by top employers all over the world, in all of the 178 countries where our members are active.’

In a video message, President Dr Arif Alvi, said,

‘ACCAs certainly have the potential to change and rebuild the economy of Pakistan. The accountancy profession plays a central role in the economic development of any country. Accountants are uniquely placed to help drive transparency and be at the forefront of the global fight against corruption.’

Chief Guest at the ceremony in Lahore, Governor Punjab, Muhammad Baligh Ur Rehman, said,

‘Pakistan looks forward to ACCA’s strategic business leadership for a better tomorrow.’

Notable leaders who spoke at the new member ceremonies included Kabeer Naqvi, President & CEO, U Microfinance Bank, Faisal Mushtaq, CEO, TMUC, Muhammad Azfar Ahsan, Founder, Nutshell Group, Faisal Qamar, Co-founder and Managing Partner, Decibel HRMS and Sajid Hussain, CEO, SKANS School of Accountancy.

Seed Ventures joined ACCA as this year’s co-organisers. Bank Islami and The Coca-Cola Company were the Strategic Partners. Platinum Partners included SKANS School of Accountancy, U Microfinance Bank, and The Millennium Universal College. Telenor Group Adroit Accountax/ Obox Accounting, National Clearing Company of Pakistan Limited, National Disaster Risk Management Fund, Tabani's School of Accountancy, PAC Group of Colleges and Mirchawala’s Hub of Accountancy supported as Gold Partners. TCM – The Centrum Media joined as Outreach Partner and KPMG and Nutshell Group were the Knowledge Partners.

The event was also supported by the Pakistan Business Council (PBC), Pakistan Stock Exchange, Special Technology Zones Authority, Pakistan Software Houses Association, KP Board of Investment and Trade, The Centre of Excellence in Responsible Business (PBC), ICMA Pakistan, National Incubation Center, Universal Service Fund, Punjab Board of Investment & Trade, Punjab Information Technology Board, Central Power Purchasing Agency, and the CFA Society Pakistan.

ACCA has more than 227,000 fully qualified members and 544,000 future members worldwide. They're among the world’s best-qualified and most highly sought-after business professionals - and they work in every sector, everywhere in the world.

Shop Smart and Save Big During the Ramadan Sale on Iffalcon and TCL Products Exclusively on Daraz

   

Pakistan’s No.1 LED TV Brand TCL and Daraz announces the Exciting Ramadan Sale on Iffalcon and TCL Products. Starting from the today, 15th to the 25th of March, customers can enjoy massive discounts on a wide range of electronics, including TVs, sound systems, and more. 

In addition to the discounted prices, TCL and Daraz also offer free shipping for all orders placed during the sale. This means that customers can shop from the comfort of their homes and have their products delivered right to their doorstep without any additional fees. 

To make the deals even more affordable, monthly installments are offered on all products during the sale period. This allows customers to spread the cost of their purchases over several months, making it easier to manage their budgets while still getting the products they want. 

"We're thrilled to offer such amazing discounts and deals to our customers during the holy month of Ramadan," said Majid Khan Niazi, Head of Marketing TCL Electronics. "We understand that this is a special time of year, and we want to make it easier for our customers to shop for the electronics they need without breaking the bank." 

Iffalcon and TCL products are known for their quality, durability, and advanced features. Customers can expect to find the latest models and technology during the sale, including 4K Ultra HD TVs, smart TVs, and more. Don't miss out on this incredible opportunity to upgrade your electronics and save money—visit the TCL flagship store on Daraz today to enjoy these fantastic Ramadan deals. 

Store Link: https://bit.ly/3l9mjXK

Alibaba.com Highlights Value of Export E-commerce at Textile Asia International Trade Fair

  Alibaba.com, a leading platform for global business-to-business (B2B) trade, has concluded its participation as Gold Sponsor in the 24th edition of South Asia’s leading textile trade show, Textile Asia International Trade Fair. Held at the Karachi Expo Centre from 10-12 March, the event brought together textile industry experts and businesses from around the world in Pakistan to explore the latest trends, challenges and opportunities in the textile sector.

Over three days, the trade fair attracted the attendance of more than 35,000 visitors and over 450 exhibitors. The Alibaba.com booth at the event attracted more than 500 visitors, who interacted with experts from Alibaba.com on-site to learn about the role of B2B e-commerce in transforming the way traditional businesses conduct global trade, as well as the opportunities and tools provided by Alibaba.com to support their export development. Visitors also took part in interactive activities to win prizes, including coupons for free e-commerce training from Alibaba.com.

Engr. Sami Abdullah Al Khanjari, Consul General, Sultanate of Oman also graced the Alibaba.com booth on the last day of the event. “We appreciate Alibaba.com’s effort in facilitating Pakistani textile companies’ global export journey through e-commerce. It shall open new business pathways for Pakistan,” he said.

“The textile industry has been the backbone of Pakistan’s export sector and we are dedicated to helping Pakistani textile companies grow to the next level by exploring online opportunities. To this end, we are greatly honored to be able to meet hundreds of local industry players at the Textile Asia International Trade Fair to highlight the value of B2B e-commerce to them,” said Mr. Rocky Lu, Head of Alibaba.com Pakistan.

“We are delighted with the success of 24th Textile Asia International Trade Fair,” said Uzair Nizam, Project Director, Textile Asia Exhibition - Ecommerce Gateway Pakistan (Pvt) Ltd , the event organizer. “The textile industry is constantly evolving, and it’s great to see global e-commerce players like Alibaba.com joining hands with industry players to promote the industry’s digitalization and help expand the global reach of quality products from Pakistan. We believe that this event has played an important role in shaping the Pakistan’s Textile industry for the future,” says Uzair.

Alibaba.com’s participation at the 24th Textile Asia International Trade Fair was a demonstration of its commitment to supporting the growth and development of the local textile industry. In the 12 months ended March 31, 2022, more than 40 million buyers from over 190 countries sourced business opportunities or completed transactions on Alibaba.com.

ACCA holds Pakistan Public Sector Conference

  

ACCA (the Association of Chartered Certified Accountants) brought together key public financial management stakeholders at the Pakistan Public Sector Conference 2023 held here in Islamabad yesterday. The leaders explored the challenges and the solutions that face public sector professionals as they work towards transforming the public sector finance. The conference was aimed at developing a knowledge sharing platform in Pakistan for key public sector stakeholders, including the government, international development partners, public sector finance professionals and other key enablers in the public sector ecosystem.

The importance of professionalisation and strengthening of Public Financial Management (PFM) remained the main focus of the conversations, as well as the evolving role of finance professionals in building public trust.

Tariq Bajwa, Special Assistant to the Prime Minister on Finance, was the Chief Guest who spoke about the evolving role of finance leadership in the public sector and emphasised on the importance of promoting sustainability-driven capacity building, policies and practices in the public sector.

In the opening remarks, Assad Hameed Khan, Head of ACCA Pakistan, said:

‘Accountancy is at the centre of public sector transformation in Pakistan. Finance professionals need the right skills to improve PFM and drive policy and spending decisions resulting in a resilient, inclusive and sustainable economic development of Pakistan.’

‘ACCA's 67,000 public sector members and future members around the world make an extraordinary difference to the lives of so many, playing a key role in the delivery of public services and setting the regulatory environment to meet societies' global challenges,’ he added.

Dr Irum Anjum Khan, Additional Auditor General, Office of Auditor General of Pakistan, delivered the Guest of Honour address and expanded on the role of the Supreme Audit Institution in building and enhancing public trust in the public sector.

The event also featured two insightful panel discussions with representation from key public sector stakeholders and other key enablers in the public sector ecosystem.

The first panel, moderated by ShahBano Khan, focused on the need to strengthen professionalisation in the public sector. The panellists included Salman Amin from the Ministry of Privatisation, Adnan Rafique from the Department of Auditor General of Pakistan, Inam Ullah Kakra from KPMG and Shahzad Hassan, Accountant General of Pakistan Revenues, Controller General of Accounts.

The second panel discussion deliberated on recent developments in public sector reforms and transformation. The keynote for the session was delivered by Abbas Naqvi, Partner and Head of Risk Management at KPMG. The panellists included Noaman Ali from The World Bank Pakistan, Nadeem Wali from USAID, Kamran Rashid Khan from the Department of Auditor General of Pakistan, Anam Hussain from Oxford Policy Management, and Naveed Aziz from the Foreign, Commonwealth & Development Office.

ACCA’s global head of public sector, Alex Metcalfe, presented on the role of government balance sheets for sustainable public finances. Hammad Yunus, CEO, PFM Solutions, delivered a keynote explaining ACCA’s PFM capacity building framework aimed at strengthening and enhancing the results of PFM reforms through professionalisation

of the public sector and alignment with the national sustainability agenda. It was highlighted that the sustainability reporting and assurance are evolving rapidly and will play an increasingly prominent role in the public sector.

The conference concluded with closing remarks delivered by Asad Mehmood Malik, Head of Business Development – North, ACCA Pakistan.

The event was well-attended and provided a forum for public sector specialists and professionals to stay abreast with the latest in the public sector and learn from the experts. 

ACCA calls on employers to continue to progress flexible working on International Women’s Day

  

As employers around the world today mark International Women’s Day, ACCA is emphasising the importance of flexible working and training in accelerating diversity.

Remote and hybrid work, education and training are proving invaluable in extending access to opportunity and ACCA is calling on employers to maintain the momentum.

Following the completion of a major piece of research surveying 8,000 finance professionals around the world, ACCA has found most people want hybrid working, believing it makes them more productive, with additional benefits reported by women.

ACCA’s 2023 Global Talent Trends report found that while men and women valued hybrid working almost equally (at 88% and 86% respectively), women felt the benefits of remote working more significantly, with 73% of women saying felt they were more productive when they worked remotely, in comparison to 66% of male respondents.

Findings of the research suggest hybrid working also leads to better outcomes overall in terms of mental health and retention, with hybrid workers less likely to leave their organisations. But employers are still working through the potential impact on teamwork and collaboration.

Women felt better able to manage the impact of remote working on collaboration and engagement, with a lower percentage reporting they found collaboration harder when working remotely (43% in comparison to 52% of male respondents), or that they felt more disengaged.  

ACCA Chief Executive, Helen Brand OBE, said: “Flexible approaches to working are bringing significant benefits to all, but can particularly helpful to those where geographical, financial or additional commitments create restrictions that can impact on working location or hours.

“The cultural changes brought about by the pandemic, along with evolving technology, mean remote work and study is now an option for a greater diversity of people. As employers consider the culture of their organisations, it’s important this inclusivity benefit is kept front of mind.”

While not all work and study can be undertaken remotely, such as in the healthcare and construction sectors, increasing flexibility and access where it is an option can increase diversity. ACCA is committed enhancing inclusivity for its members, and future remembers, and remote learning and exams also plays a part in extending the opportunity of professional careers to many more people.

Helen Brand added: “E-learning has brought extra flexibility to study, giving people who live in remoter areas, or with challenging commitments outside of study, the scope to build education into their lives. It opens up the promise of a profession to many who might have been excluded until now.” 

Download the full ACCA Talent Trends report here.

Find out more about ACCA’s International Women’s Day activities here.

Experts stress the need for climate smart agriculture to ensure food security in Pakistan

  

Islamabad, 8th March 2023 – A high-powered policy dialogue titled “Climate-Smart Agriculture and Food Security: Challenges & Way Forward for Pakistan” was organized by Syngenta Pakistan and Pakistan Institute of Parliamentary Services (PIPS) on 7th March, 2023 in Islamabad. With the objectives of highlighting the key challenges facing the food security of the country and identifying viable solutions to mitigate these challenges in the context of climate change, the session brought together key stakeholders from public, private, development and academic sectors including members of the parliament, and representatives from UN FAO, ADB, PMAS Arid Agriculture University Rawalpindi and Quaid-e-Azam University Islamabad who stressed the need for a collective action plan to deal with the rising food insecurity and to promote climate smart and regenerative agriculture in the country to counter the impacts of climate change.

Honourable Speaker National Assembly, Mr. Raja Pervaiz Ashraf, graced the occasion as the Chief Guest and stated that “Pakistan has become highly vulnerable to climate change, and not because of our own doing, which is manifested in the form of recent super floods which had wreaked havoc on our agriculture. It is essential that we protect our agriculture against climatic shifts and utilize sustainable practices to improve our climate resilience. We are at the turning point of our history. It is through persistence and resilience that we will overcome all the changes that our nation is currently facing.”

Senator Seemi Ezdi (Chairperson Senate’s Standing Committee on Climate Change) was of the view that “Women in Agriculture have an important role to play in ensuring the food security of the country. Most of the labor force in the agriculture sector constitutes of women workers. While it gives us a food for thought to upskill the female labor force in agriculture, it also is an indication of promoting more female farmers who are equipped with the latest technologies for dealing with climate change and productivity issues.

Dr Shahida Rehmani MNA appreciated the timely initiative by the Pakistan Institute for Parliamentary Services and Syngenta Pakistan and she expressed the hope that: Certainly, the report of the Roundtable will help committees in Parliament to advocate and oversee national policy-making on climate smart agriculture.

The participants emphasized the need for coordinated efforts to deal with the overlapping crises of climate-change, food-insecurity, water-scarcity and rising temperatures in the country. They appreciated the policy dialogue which not only contributed as a point of reference for valuable discourse on climate-action, but also helped in improving their understanding around the concepts of ‘climate-smart agriculture’, the nexus between climate-change, food-security and sustainable-agriculture.

Free Fire & Jazz Game Now Collaborate to Launch a New Esports League in Pakistan

 

Karachi, March 7, 2023 – Free Fire and Jazz Game Now join hands to launch a new esports tournament, Game Now Free Fire Sea Invitational Qualifiers (FFSIQ). It will feature a prize pool valued at PKR 2 million sponsored by Game Now.

Free Fire is the world’s leading mobile battle royale game with over 1 Billion downloads and has been at the forefront of the esports revolution in Pakistan. Free Fire & Game Now remain committed to empowering the youth through opportunity and developing a sustainable ecosystem for eSports in Pakistan.

Commenting on the occasion, - Syed Babar, Head of Digital Marketing, Jazz, said, "Through the Game Now FFSIQ program, we are committed to providing a platform for Pakistani gamers to showcase their skills and take the first step towards becoming professional esports players. This partnership will contribute to the growth of the esports industry in Pakistan and serve as a source of inspiration for young people across the country."

With a focus on mobile and PC games, Game Now has created a platform that allows players to compete in various games, including popular titles such as Free Fire, Call of Duty Mobile, and many more paving the way for a new generation of gamers in Pakistan and beyond.

Free Fire Esports will launch the FFSI this year, a new multiregional tournament designed to focus on the rivalries between competitive regions. Set to take place in May, the FFSI will host 18 teams from around the globe. The Game Now FFSIQ champion team will earn the chance to represent Pakistan at the global stage at this year's FFSI. 

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Free Fire can be downloaded on both the Apple iOS App and Google Play store.