Successful business leaders recognise the need to focus on sustained value creation. Now more than ever, this requires a broader view of growth than just increased output and short-term financial returns, as significant mega trends are putting to the test the resilience, sustainability and impact of organisations’ strategies and business models.
The audit has played, and continues to play, a critical role in building trust in financial reporting. But today’s broader assurance model is not always an easy fit with corporate reporting that is transitioning to a model that is broader, more forward-looking and more integrated.
We propose an approach focused on providing insight into various dimensions of an organisation’s reporting. This would let stakeholders look behind what’s reported to understand where an organisation is on its reporting journey.
Organisations’ internal and external reporting are already beginning to evolve to reflect the new demands of a changing world and a broader set of drivers of value creation. The assurance profession should support and accelerate this journey – but we need to be prepared to think outside the box about how trust can be built in innovative ways.