INTHEBLACK August 2024 - Flipbook - Page 23
INTHEBLACK presents: Social impact reporting explainer
CLICK TO OPEN VIDEO IN A NEW WINDOW
authentically, companies typically employ
either internal measurement processes
or engage external agencies for impact
assessment,” Hong says.
“Internally measured data can undergo
verification by external reviewers or auditors
to enhance credibility. This information can
then be included in various reports such
as an annual report, sustainability report,
or a standalone impact report that is
published publicly.”
Australian Unity worked with SVA to
design a methodology and its financial
auditors provide an assurance review.
“We have helped our auditors build
a system of review to give us confidence
that these 226 outcomes are formed in
a way which are objectively clear, objectively
assessed, effectively measured,” Vise says.
“Clearly, there is not perfection in all 226,
and we will continue to improve them, but
we are using the same principles of audit
in our financial results.”
When reporting their social impact,
Cooke says companies need to be “open,
honest, and transparent and not overstate
what they are doing”.
“It gets a little more complex when you
do something good with the left hand,
but the right hand of the company does
something that is not so good,” Cooke adds.
“It all comes down to leadership. You should
not hide the good stuff you are doing, and you
should not shy away from the bad stuff that
may surface.”
FIT FOR PURPOSE
Smith says social impact reporting is about
more than disclosure.
“It is also about ensuring that your data
is fit for purpose and can be subject to the
evolving assurance requirements,” he says.
“If you want data to be assured, you
need to ensure that your processes and
systems are collating that information
with sufficient quality to be able to meet
those assurance requirements.”
Vise says Australian Unity has been
proactive in sharing its methodology for
social impact reporting.
“If we all measure the same thing in the
same way, it will start to ensure collective
understanding for everyone.
“We would encourage everyone to try
to adopt something consistent, because it
is like an accounting framework,” Vise says.
“A commonality will allow comparison, and
it will allow priority and choices.”
READ
an INTHEBLACK
article on how to
build a career with
social impact
intheblack.cpaaustralia.com.au 23