ICAI Receives UN Award for its Contribution to Sustainability Reporting

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The UNCTAD (United Nations Conference on Trade and Development) working group on International Standards for Accounting and Reporting (ISAR) has recognized the Institute of Chartered Accountants of India (ICAI) for its Sustainability Reporting Standards Board (SRSB) initiative. ICAI’s SRSB achieved the top score during the ISAR HONORS session for 2023, outperforming 70 initiatives worldwide.

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Additionally, ICAI has been appointed as the UNCTAD ISAR Chair for the 40th session, marking its second consecutive term. CA. (Dr.) Sanjeev Kumar Singhal, a Central Council Member from ICAI, chaired the UNCTAD ISAR session at the World Investment Forum held from October 16 to 20, 2023, in Abu Dhabi.

Reasons Why ICAI was given this honour

ICAI, with a strong commitment to sustainability and the SDGs Agenda, established ‘The Institute of Social Auditors of India (ISAI)’ as a Section 8 Company in 2022.
ISAI’s primary mission is to cultivate skilled, ethical, and globally competitive social auditors who can effectively address stakeholder needs and expectations.
ICAI took a pioneering step by issuing 16 audit standards for social audits across 16 thematic focus areas, making India the first nation in the world to have such standards for social impact assessment.
ICAI is actively engaging with various stakeholders, urging organizations to embrace a responsible and growth-oriented framework for sustainable reporting.
To build capacity and raise awareness, ICAI offers a Certificate Course on Business Responsibility and Sustainability Reporting and an extensive training program for Social Audit, particularly for the NISM Series XXIII: Social Auditors Certification Examination.

Initiatives taken by ICAI

The institute has undertaken significant initiatives like hosting the Carbon Neutral World Congress of Accountants (WCOA) in 2022, launching a Sustainability Literacy Drive, organizing ESG round tables, and presenting both national and international Sustainability Awards.
Regular publications of technical literature further enhance awareness and knowledge, contributing to a sustainable ecosystem.
As part of its commitment to sustainability, ICAI is working towards becoming carbon neutral across all its locations throughout India.
It is actively reducing paper consumption by promoting paperless operations, advocating for e-meetings, and offering e-journals.
The institute also takes part in nationwide Tree Plantation Drives and various other sustainable activities, all aimed at fostering a sustainable future.

About ISAR Honours

ISAR, part of UNCTAD, is an intergovernmental working group dedicated to enhancing the quality and global comparability of financial reporting and non-financial disclosure. This includes areas such as environmental concerns, corporate governance, and corporate social responsibility. It was launched in 2018 with the goal of promoting best practices in sustainability reporting and reporting on the Sustainable Development Goals (SDGs) at both national and international levels.

The ISAR Honours program acknowledges and celebrates policy, institutional, and capacity-building initiatives that encourage businesses to share data regarding their contributions to the implementation of the 2030 Agenda for Sustainable Development. It also aims to promote and facilitate good practices in this crucial area, fostering a culture of sustainability and responsible reporting.

About ICAI

ICAI, established under the Chartered Accountants Act of 1949, is a statutory body in India with a parliamentary mandate. Its primary mission is to regulate and promote the Chartered Accountancy profession in the country. The Ministry of Corporate Affairs oversees its administrative functions.

ICAI holds a unique position as the largest professional Accountancy Body globally, boasting over 8.50 lakh students and nearly 4 lakh members. It has a rich history of contributing to the nation’s welfare. Presently, ICAI operates through a vast network comprising 5 Regional Councils and 171 Branches within India. Additionally, it has 47 Overseas Chapters and 34 Representative Offices, extending its reach to 81 cities worldwide, spanning across 47 countries.

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