Verify
Organisations assure information to make sure it is reliable for use in decision-making
Overview
Before making decisions, organisations – and often their stakeholders
An entity or individual that can reasonably be expected to be significantly affected by the organisation’s activities, products and services, or whose actions can reasonably be expected to affect the ability of the organisation to successfully implement its strategies and achieve its objectives. Source: Global Reporting Initiative (GRI); OECD Due Diligence Guidance for Responsible Business Conduct; OECD Well-being Framework; Value Reporting Foundation (VRF) Integrated Reporting FrameworkStakeholder
- the organisation’s processes and practices are sufficient to produce reliable information on sustainability performance; and
- the resulting performance information is complete and accurate.
Assurance
The methods and processes employed to evaluate an organisation’s disclosures about its performance, as well as its underlying systems, data and processes, against suitable criteria and standards in order to increase confidence in the information for use in decision-making. The results are shared in a written conclusion called an assurance statement. Source: Adapted from AccountAbility Source: Based on International Standards for Assurance Engagements (ISAE) 3000 Source: Adapted from International Standards for Assurance Engagements (ISAE) 3000Assurance
Limited assurance
Reasonable assurance
Assurance can involve a degree of information verification
The act of showing or checking that something is true or accurate. Source: Oxford English DictionaryVerification
Assurance is most important for decisions that may have significant consequences for an organisation or its stakeholders.
Unlike with financial decisions, where organisations themselves bear most of the consequences of making the wrong decision, it is the affected stakeholders who often bear the consequences of the wrong decisions related to sustainability. For this reason, it is increasingly acknowledged that assurance of sustainability information should include the perspectives of the stakeholders experiencing the impact.
Organisations typically establish their own internal assurance processes for information used in day-to-day management decisions. Some engage third-party assurers for greater independence, or as a way of advancing their internal practices. The third-party assurer and the organisation must agree appropriate underlying subject matter
The phenomenon that is measured or evaluated by applying criteria. Source: International Standards for Assurance Engagements (ISAE) 3000 The benchmarks used to measure or evaluate the underlying subject matter. Source: International Standards for Assurance Engagements (ISAE) 3000Underlying subject matter
Criteria
Organisations that want confidence that their performance or processes have met a certain required level of attainment can seek certification
The action or process of providing someone or something with an official document attesting to a status or level of achievement. Source: Oxford English DictionaryCertification
Resources
Assurance standards
Through the assurance process, organisations can gain confidence that they are applying a standard or criteria as intended. These standards will typically be implemented by a third-party assurer.
AA1000 Assurance Standard
A set of criteria that demonstrates adherence to AccountAbility’s four principles: inclusivity, materiality, responsiveness and impact. Assurance using this assurance standard can cover an organisation’s practices as well as sustainability performance information.
Use this resource to:
- Verify: Assure a report or the organisation’s practices with reference to the AA1000. The subject matter for an assurance engagement is not pre-defined in the AA1000, meaning this assurance standard is commonly used to assure external reports prepared according to other reporting standards.
Report Assurance Standard
Report Assurance standard that provides criteria to assess the application of SVI’s Social Value Principles as evidenced in a report. Assurance is conducted acting in the interests of the affected stakeholders, an important distinction versus other assurance standards that are currently available.
Use this resource to:
- Verify: Assure a report that has been prepared in accordance with the Principles of Social Value. The Principles of Social Value and associated practice standards help organisations measure and manage the social value generated through their business activities. This means the assurance standard is best applied to a report that has been prepared in accordance with the principles from the outset. The assurance standard is used to assess application of the principles, it does not assure accuracy of performance information.
Principles for Responsible Banking Assurance Guidelines
Accompanying assurance guidelines for the Principles for Responsible Banking.
Use this resource to:
- Verify: Assure adherence to the Principles of Responsible Banking.
SDG Impact Seal and Assurance Framework
Forthcoming: Assurance criteria for demonstrating adherence to the SDG Impact Standards for Enterprises, Private Equity Funds or Bonds, and associated certification.
Use this resource to:
- Verify: Certify that an organisation’s systems and processes adhere to the SDG Impact Standards.
Certifications
In addition to those listed below, many other organisations provide certification on a range of products or specific sustainability topics, which may have more or less relevance depending on an organisation’s industry.
B Corp certification
Certification awarded when an organisation achieves a score of 80 on the B Impact Assessment.
Use this resource to:
- Verify: Become B Corp Certified. Organisations undergo verification including interviews, submitting documentation, and as necessary site reviews, to increase confidence that the company’s score is accurate and the required 80-point score has been achieved.
SDG Impact Seal and Assurance Framework
Forthcoming: Assurance criteria for demonstrating adherence to the SDG Impact Standards for Enterprises, Private Equity Funds or Bonds, and associated certification.
Use this resource to:
- Verify: Certify that an organisation’s systems and processes adhere to the SDG Impact Standards.
Social Value Management Certificate
Certification process that assesses to what extent the Principles of Social Value are embedded in an organisations systems and processes. The certificate has three levels that set out a progression for organisations looking to continuously improve how they optimise social value for their stakeholders.
Use this resource to:
- Verify: Certify that an organisation’s systems and processes adhere to the Principles of Social Value.
Definitions
Assurance
The methods and processes employed to evaluate an organisation’s disclosures about its performance, as well as its underlying systems, data and processes, against suitable criteria and standards in order to increase confidence in the information for use in decision-making. The results are shared in a written conclusion called an assurance statement.
Source: Adapted from AccountAbility
Certification
The action or process of providing someone or something with an official document attesting to a status or level of achievement.
Source: Oxford English Dictionary
Criteria
The benchmarks used to measure or evaluate the underlying subject matter.
Source: International Standards for Assurance Engagements (ISAE) 3000
Limited assurance
- Reasonable assurance: risk of misstatement of the assurance opinion is reduced to a low level through extensive procedures. The assurance provider obtains sufficient evidence to confirm whether the subject matter conforms to the criteria.
- Limited assurance: risk of misstatement is reduced through the collection of evidence but not to the low level required by reasonable assurance. Assurance providers provide comfort over whether the underlying subject matter plausibly meets the criteria.
Source: Based on International Standards for Assurance Engagements (ISAE) 3000
Reasonable assurance
- Reasonable assurance: risk of misstatement of the assurance opinion is reduced to a low level through extensive procedures. The assurance provider obtains sufficient evidence to confirm whether the subject matter conforms to the criteria.
- Limited assurance: risk of misstatement is reduced through the collection of evidence but not to the low level required by reasonable assurance. Assurance providers provide comfort over whether the underlying subject matter plausibly meets the criteria.
Source: Adapted from International Standards for Assurance Engagements (ISAE) 3000
Stakeholder
An entity or individual that can reasonably be expected to be significantly affected by the organisation’s activities, products and services, or whose actions can reasonably be expected to affect the ability of the organisation to successfully implement its strategies and achieve its objectives.
Source: Global Reporting Initiative (GRI); OECD Due Diligence Guidance for Responsible Business Conduct; OECD Well-being Framework; Value Reporting Foundation (VRF) Integrated Reporting Framework
Underlying subject matter
The phenomenon that is measured or evaluated by applying criteria.
Source: International Standards for Assurance Engagements (ISAE) 3000
Verification
The act of showing or checking that something is true or accurate.
Source: Oxford English Dictionary
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