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Comparing PCAOB And AICPA

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A lot of people are familiar financial reporting and the accounting standards that guide that reporting, but sustainability reporting and the assurance thereof is a newer and equally important type of reporting that companies are starting to produce. Why? Because the people of the world are becoming aware of their impact on the environment, and a call for change has been made by society no matter what the cost. However, the problem is, sustainability efforts are hard to account for because they vary across industries, and there are no official guidelines set by such standard setters such as the PCAOB and AICPA, so cross-comparison of two companies within the same industry would be challenging as well.
Implementation Issues
Even if companies …show more content…

Again, GRI is not a mandatory standard for companies to follow, and the guidelines are not very detailed, so reports still tend to vary (Johnstone, et al., 2016). The International Integrated Reporting Council is making an effort to try and integrate sustainability reporting into financial reporting as apart of their efforts to develop global accounting standards, so companies are now reporting an integrated triple bottom line in some instances (James, …show more content…

In addition, the Accountability AA1000 Assurance Standard establishes principles-based standards to guide organizations to determine, prioritize, and address its sustainability challenges (Accountability, 2015). Auditors can use the framework to According to Johnstone, et al. (2016), “The overall goals of these guidelines are to enable sustainability performance with respect to laws, norms, codes, performance standards, and voluntary initiatives; create a continuous platform for dialogue about expectations for responsibility and performance; understand the impacts (positive and negative) that organizations can have on sustainable development; and compare performance within an organization and between different organizations over time to inform decisions”

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