ICAI receives UN Award for its contribution to sustainability reporting, initiatives

NEW DELHI: The Institute of Chartered Accountants of India (ICAI) received ISAR Honours 2023 by the United Nations Conference on Trade and Development (UNCTAD) for its initiative Sustainability Reporting Standards Board (SRSB).

“ICAI’s initiative SRSB received the highest score in this year's ISAR HONORS session among 70 initiatives from around the world. ICAI has also received UNCTAD ISAR Chair for the 40th session, second consecutive session,” the institute said.

Sanjeev Kumar Singhal, central council member from ICAI chaired the UNCTAD ISAR session during the World Investment Forum held from October 16-20 in Abu Dhabi.

“ISAR Honours recognizes policy, institutional and capacity-building initiatives to encourage and assist enterprises to publish data on their contribution to the implementation of the 2030 Agenda for Sustainable Development and facilitate good practices in this area,” it said.

Speaking on the occasion, Aniket Sunil Talati, ICAI president said: “We are honored with this recognition, such accolades will further inspire us to work hard to promote and adopt the best sustainable practices in the country. Embracing sustainability practices in business is the need of the hour and ICAI has been at the forefront of leading this movement by setting up the Sustainability Reporting Standards Board in 2020, to formulate standards that are in sync with the Indian economy while being benchmarked to International practices and to enhance the quality of sustainability reporting framework in India.”

In 2022, ICAI formed a Section 8 Company namely– ‘The Institute of Social Auditors of India (ISAI)’, with an objective of fostering proficient, ethical and world-class social auditors, profession responding to the needs and expectations of the stakeholders, the institute informed.

ICAI also issued 16 audit standards on social audits across 16 thematic focus areas, making India the first country in the world to have social impact assessment standards.

It is also offers a certificate course on business responsibility and sustainability reporting and another course on on social audit for NISM Series XXIII: Social Auditors Certification Examination.

Ranjeet Kumar Agarwal, ICAI vice-president said: “We are thrilled to receive this ISAR Honours. This is a historic moment for ICAI and the entire country. Such awards will support our ambition to build a more sustainable economy for the future. ICAI is working in tandem with the regulators and institutions proactively taking all necessary steps to develop and strengthen the Sustainability Reporting framework in India.”