For many organizations, limited assurance on their EU CSRD reporting will soon become a legal requirement. Even if you are not yet subject to this obligation, taking a proactive approach can offer strategic advantages by enhancing trust among stakeholders. A smooth assurance process begins with well-organized procedures and reliable data, preventing surprises and strengthening your position regarding compliance and market expectations. Our accountants and consultants support you not only in obtaining assurance but also in various other phases of the ESG process.

ESG and assurance   

In the context of EU ESG (Environmental, Social, and Governance) reporting, organizations may encounter two types of assurance. According to the CSRD (Corporate Sustainability Reporting Directive) guidelines, limited assurance is currently the standard, while reasonable assurance may follow at a later stage. Below is a brief explanation of both:   

1. Limited assurance: When providing limited assurance, we, as accountants, offer a moderate level of certainty regarding the report. We assess whether the information is plausible and in compliance with applicable regulations. Our approach combines standard techniques such as inquiries and data analysis. The nature, scope, and timing of our activities are determined based on our professional judgment. We may also use techniques such as inspection, recalculation, reperformance, observation, and external confirmation.   

2. Reasonable assurance: Reasonable assurance involves a more thorough examination, providing a higher level of certainty. This requires a combination of standard techniques, including inquiries, inspections, recalculations, reperformance, observation, external confirmations, and data analyses. The specific procedures we apply depend on the situation, with the scope and timing determined by our professional judgment.   

Mandatory limited assurance   

Under the CSRD, organizations will increasingly be required to obtain limited assurance on their sustainability reports. Key requirements include:   

• Starting in 2024: Large, publicly listed companies must comply with CSRD, including obtaining limited assurance.   

• Starting in 2025: This requirement extends to other large enterprises that fulfill certain criteria .   

• Reporting standards: Sustainability performance must be reported according to the European Sustainability Reporting Standards (ESRS).   

Voluntary limited assurance   

Even if you are not legally required to obtain limited assurance, preparing for it in advance can offer significant benefits:   

• Strategic preparation: By aligning with future standards now, you reduce the risk of surprises and compliance issues later on.  

• Stakeholder trust: Limited assurance enhances the confidence of investors, customers, and other stakeholders in the reliability of your ESG reports.  

• Efficiency: Early preparation on  assurance processes helps avoid costly and time-consuming corrections in the future.   

Limited assurance at Crowe Peak: Our approach   

At Crowe Peak, we apply a thorough, customized approach to ensure your ESG reports meet legal requirements and instill trust among your stakeholders. Our step-by-step process not only guarantees data quality but also provides actionable insights to improve your processes.   

1. Information gathering   

We begin by conducting targeted discussions with management and key staff members to understand how your ESG data is collected and reported. For example, regarding CO2 emissions, we examine the measurement methods and calculations used. This analysis helps us identify strengths and weaknesses in your current reporting processes.   

2. Process observation   

After gathering information, we observe how data collection and management processes are carried out in practice. This allows us to assess whether processes are functioning effectively or if there are risks and inefficiencies that can be improved. By doing so, we provide both compliance assurance and opportunities for optimization.   

3. Document review   

We examine key documents and reports to assess the completeness and reliability of the reported information. We verify that the information appears accurate and complete, identifying any errors or inconsistencies. This ensures that data is responsibly documented.   

4. Data analysis   

We conduct in-depth analyses by comparing figures to previous data, relevant benchmarks, and sector information. This helps us detect trends or anomalies that may require further attention, providing you with control over your sustainability performance and risks.   

5. Steps toward reasonable assurance   

After obtaining limited assurance, you can further refine your report through a full audit, known as “reasonable assurance.” This offers a higher degree of certainty, with more extensive procedures to verify the completeness and reliability of your ESG data. Although reasonable assurance is not yet mandatory for ESG reporting, striving for this level of assurance can still be beneficial.   

With our specialized approach, we ensure that your ESG reports not only meet legal standards but also demonstrate trust, reliability, and transparency to all stakeholders—essential in a world where sustainability is becoming a strategic priority.   

Crowe Peak’s ESG and CSRD services   

In addition to assurance services, Crowe Peak offers a comprehensive suite of services to support your organization in meeting ESG and CSRD assurance obligations at every step:   

• ESG upskilling workshops: Training programs covering the fundamental requirements of ESG and CSRD for all relevant teams within your organization.   

• Double materiality analysis (DMA) review: Review  and validation sessions  validating the procedures followed throughout the DMA, including validation of the final material topics.   

• CO2 calculations assurance: Assurance of CO2 emissions calculations across three scopes:  Scope 1 (direct emissions), scope 2 (indirect emissions from energy consumption) and scope 3 (indirect emissions across the value chain). 

• CSRD readiness scan: Assessment of the current state of governance, strategy, and internal controls in relation to CSRD compliance.   

• Gap analysis: Identification of reporting and data gaps relative to ESRS requirements.   

• ESG KPI maturity scan: Evaluation of the reliability of selected ESG indicators.   

• Review of sustainability strategies and emission data: Validation of strategic decisions, reports, and relevant data, including Scope 3 emissions.   

• EU taxonomy compliance check: Assessment of compliance with criteria for activities classified as sustainable under the EU taxonomy.   

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