A rapid and substantial shift towards social impact and risk reporting is underway, driven by the covid-19 pandemic and a year of social upheaval.
Changing expectations of corporations by investors, employees and consumers are forcing companies of all sizes to increasingly account for social risk the material risks to a company from major social trends – pushing sustainability further into the orbit of finance departments.
As we approach financial reporting season, measuring and reporting on the S in ESG will be a key focus for companies throughout the economy.
In response, a new report entitled CPAs and the New Social Contract: The Rise of the Warrior Accountant suggests that Ontario s professional accountants should step up to the plate and use their expertise in measuring and disclosing company information to improve sustainability reporting.