The Institute of Chartered Accountants of India (ICAI) has taken an important step in advancing India’s quest for greater transparency, accountability and investor protection. This underscores ICAI’s critical role in shaping the nation’s financial landscape, and its commitment to promoting ethical and responsible practices in business and finance.
ICAI has always led the revolution in the financial field. Through pioneering initiatives such as Sustainability Reporting Maturity Model (SRMM) 2.0, Social Auditing Standards, Business Responsibility and Sustainability Reporting (BRSR) Certificate Program and SSAE 3000, ICAI is leading India towards robust assurance and A new era of reporting.
ICAI’s Sustainability Reporting Standards Board (SRSB) has launched version 2.0 of the Sustainability Reporting Maturity Model, a structured framework designed to assess and guide the progress of cross-organizational sustainability reporting practices. The model enables organizations to self-assess their existing practices, identify areas for improvement, and create a baseline for progress in sustainability reporting.
SRMM 2.0 will serve as a roadmap for BRSR-compliant organizations to enhance their sustainability reporting practices over time, helping them move from mere compliance to more strategic and impactful reporting in line with their business goals and contribute to a more sustainable future.
In addition, the social audit standards developed by ICAI provide organizations with a systematic approach to assessing and enhancing their social impact, supporting ICAI’s mission to encourage responsible business behaviour.
The launch of the Business Responsibility and Sustainability Reporting (BRSR) certificate program underscores ICAI’s commitment to developing professionals with the practical skills to navigate the evolving landscape of sustainable business practices. The program empowers individuals to guide business growth while adhering to responsible practices.
Recently, SEBI revised its Business Responsibility and Sustainability reporting format, from FY23-24 it will be mandatory for the top 150 listed entities to have reasonable assurance on the core of the BRSR and it will be phased in by all 1000 reporting companies by FY2026 the standard. 27.
In line with the quest for credible reporting, ICAI launched SSAE 3000 to establish a benchmark for assurance engagements related to non-financial information, including sustainability reporting. The standard ensures the reliability and consistency of reporting, increasing investor confidence in the accuracy of disclosed data.
Collectively, these actions underscore ICAI’s commitment to promoting transparency, accountability and investor protection. This major effort has transformed the investment landscape and underscored India’s leadership in non-financial reporting and assurance.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament under the Chartered Accountants Act, 1949 to regulate the profession of Chartered Accountants in India. Under the jurisdiction of the Ministry of Corporate Affairs, with over 783,000 students and over 378,000 members, ICAI is one of the largest professional accounting bodies in the world with a long tradition of service to the nation. Today, ICAI has an extensive network of 5 regional committees and 168 branches in India. It has 47 overseas branches and 34 representative offices in 47 countries and 81 cities around the world.