An assessment of assurance of non-financial information among the Top 40 Global companies

Abstract

This study investigates the assurance of Corporate Social Responsibility (CSR) reports among the Top 40 global companies specifically for 2014, 2018 and 2022. The study aims to understand the patterns and drivers behind the development and implementation of third-party assurance practices. By way of a comprehensive content analysis of various CSR reports, the study measures the extent of compliance with recognised regulatory standards such as the Global Reporting Initiative (GRI), International Integrated Reporting Council (IIRC), and various other international assurance frameworks including ISAE 3000 and AA1000AS. The research examines whether proactive corporate behaviours characterised by early and voluntary adoption of sustainability practices correlate with higher levels of third-party CSR assurance. The findings indicate a variety of assurance-related practices, with differences in how companies approach assurance across industries, geographical regions and corporate risk profiles. Some internal and external factors such as regulatory pressure, organisational size, and industry-specific sustainability risks are often important determinants of assurance quality and coverage. The study also highlights the current limitations in reporting and assurance practices, including challenges concerning the voluntary nature of non-financial disclosures and the lack of uniform assurance protocols. By offering insights into the determinants and implications of CSR assurance, this research aims to inform the development of global assurance standards, support the work of assurance providers and guide corporate strategies toward greater transparency and stakeholder engagement.