Withum, one of the largest accounting and consulting firms, has rolled out a new outsourcing service offering as part of its Sustainability and ESG Practice. Designed to help companies comply with the European Corporate Sustainability Reporting Directive (CSRD), the mandate requires reporting of detailed sustainability performance as it pertains to the European Sustainability Reporting Standards (ESRS), effective January 2023.
According to the professionals in Withum’s Sustainability and ESG Practice, approximately 50,000 companies worldwide are required to report detailed sustainability performance in compliance with ESRS
“Our new service offering is designed with the right mix of people and technology to help companies navigate the complexities of the CSRD, with minimal disruptions to their organization,” said Joe Holman, principal and practice leader for Sustainability and ESG at Withum. “We aim to reach as many U.S. public companies as possible to help them understand and meet these new reporting requirements.”
The CSRD is being phased in starting in 2024, with the first reports due in 2025. It applies to large companies and listed Small and Medium-sized Enterprises (SMEs) within the European Union (EU), as well as non-EU companies generating over EUR 150 million in the EU market. Notably, over 10,000 U.S. companies may be unaware that they fall under the CSRD’s requirements.
Withum’s new service offers the following features:
- Preparation addressing boundaries, materiality assessment and GAP analysis
- Readiness covered controls testing, documentation and recommendations
- Data collection encompassing questionnaires, emissions and aggregation
- Reporting preparation, audit support and ad-hoc reports
“This new service offering is particularly valuable for companies anticipating CSRD reporting pressures, whether due to direct filing obligations or indirect demands from customers or investors,” added Holman.
To further support companies, Withum will be hosting a webinar titled “ESG Considerations: How USA Firms Can Comply with CSRD Using Outsourcing” on Monday, November 14. “This webinar will provide valuable insights into the CSRD requirements and how companies can effectively prepare to comply,” said Holman.
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