Features of audit of sustainability reporting: empirical experience of the European Union countries

Abstract

One of the key aspects and indicators of corporate social responsibility is the preparation and presentation of sustainability reporting. The issue of high-quality preparation of information on sustainable development is of particular relevance and importance in the modern world. Studying the experience of foreign countries, and analyzing existing in-ternational standards for the preparation and presentation of such reports are an im-portant factor for the effective implementation of this practice in domestic economic realities. The symbiosis of economic, social, and environmental indicators allows bothinterested users of reports to make effective management decisions, and the entity to strategically build its activities.The purpose of the study is to systematize the existing empirical experience of audit of sustainability reporting implemented in the EU countries.The study is based on standards and methodological guidelines for the preparation, presentation and audit of sustainability reports, as well as on scientific research of Ukrainian and foreign scientists on this topic and analytical reviews ofinternational in-stitutions. The following methods were used in the research: graphical -to visualise the results of the study; grouping -to distinguish different types of sustainability reports and the standards applied in their audit; and hypothetical -to develop the research hypothesis. The method of systematisation and generalisation was used to formulate conclusions.The standards applied to the preparation and assurance of sustainability reports were reviewed, as they serve as the basis for the preparation and assurance of such reports. The structure and main features of the legal framework for disclosure of financial and non-financial information were outlined. A comparative analysis of the standards applied over the years was carried out. In addition, the types of sustainability reporting and the standards used for their audit were analysed in the context of European Union countries.