BKR at EUFIN’s 18th Workshop on European Financial Reporting at the University of Piraeus in Athens

Published on Sep 8th, 2023

Iulia Lascau, BKR EMEA’s vice-chair and Managing Partner of Argus Audit SRL, Romania was joined by our Executive Director, Alistair Bryant MBE to listen to part of the proceedings at this year’s EUFIN Conference in Athens on September 1st.

We asked Iulia to share her thoughts from the session on ‘Sustainability reporting: What do we expect for sustainability reporting in the EU and the world following the adoption and implementation of the CSRD?’, which highlighted the critical importance of sustainability in today’s business landscape.

Here is a brief review of the key points:

  • Emphasis on Sustainability: Sustainability is no longer optional but a crucial imperative for organizations. This assertion aligns with the global shift towards responsible and ethical business practices.
  • Beyond Financial Reporting: Reporting goes beyond financial reporting is spot on. In the modern business world, stakeholders, including investors and consumers, increasingly demand comprehensive reports that include environmental, social, and governance (ESG) factors.
  • Indispensable Role of Governance and Auditors: Iulia aptly underscores the pivotal role of governance structures and auditors in ensuring the success of contemporary businesses. Governance sets the tone for sustainability efforts and establishes a strategic direction, while auditors provide the necessary assurance and verification to build trust among stakeholders.
  • Trust-Building and Accountability: Auditors play a vital role in building trust not only with stakeholders but also with society at large. This trust is built through accountability, transparency, and internal controls for sustainability purposes.
  • Complex Landscape of Sustainability: The statement acknowledges the intricate and multifaceted nature of sustainability. In today’s world, businesses must navigate a complex landscape of environmental and social responsibilities, and the partnership between governance and auditors is crucial in achieving this.
  • Integral Components of Corporate Strategy: Environmental and social responsibilities should be integral components of corporate strategy. This reflects the growing recognition that sustainability is not a standalone initiative but must be integrated into an organization’s core operations and decision-making processes.

“Overall, the essence of the discussions at the EUFIN Conference, emphasizes the necessity for strong governance and auditing practices in promoting sustainability and responsible corporate behavior”, says Iulia, “these insights are highly relevant and provide valuable guidance for organizations aiming to thrive in a world where sustainability is paramount.”