A snapshot of sustainability assurance market in New Zealand

IF 2.1 Q2 BUSINESS, FINANCE
Pei-Chi Kelly Hsiao, Tom Scott, Zeting Zang
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引用次数: 0

Abstract

Purpose

This study aims to provide a snapshot of voluntary sustainability assurance in New Zealand (NZ) in 2020. we assess the frequency of different assurance elements and discuss aspects of current practices that potentially contribute to the audit expectation gap. we also test whether the determinants of voluntary sustainability assurance in NZ are consistent with international findings.

Design/methodology/approach

For 118 companies listed on the New Zealand Stock Exchange in 2020, we hand collected data on whether sustainability information was assured, subject matter assured, assurance level, outcome, provider, disclosure of detailed procedures, standard referenced and criteria applied. we then examine the influences of voluntary sustainability assurance using both univariate and regression analysis.

Findings

Approximately 20% of listed companies that disclosed sustainability information provide a sustainability assurance report, indicating low levels of assurance compared to international practices. we note that the presence of different forms of assurance and certification, placement of sustainability information before financial statements and the associated audit report and mixture of assurance levels potentially contribute to the audit expectation gap. Further, voluntary sustainability assurance practices are diverse, and there are notable differences between Big Four accounting firms and other providers in terms of assurance level and standard referenced. Consistent with prior studies, we find size and industry classification as two main drivers of voluntary sustainability assurance.

Originality/value

We contribute NZ-specific insights to the sustainability assurance literature. The findings on voluntary sustainability assurance practices and reflection on the audit expectation gap are timely and relevant to the new climate-related disclosure mandate and pending assurance requirements.

新西兰可持续发展保险市场概览
本研究旨在提供2020年新西兰(NZ)自愿可持续性保证的概况。我们评估不同保证要素的频率,并讨论当前实践中可能导致审计期望差距的方面。我们还测试了新西兰自愿可持续性保证的决定因素是否与国际调查结果一致。设计/方法/方法针对2020年在新西兰证券交易所上市的118家公司,我们收集了关于可持续发展信息是否得到保证、保证的主题、保证水平、结果、提供者、披露详细程序、参考标准和适用标准的数据。然后,我们使用单变量和回归分析来检验自愿可持续性保证的影响。发现披露可持续发展信息的上市公司中,约有20%提供了可持续发展保证报告,与国际惯例相比,保证水平较低。我们注意到,存在不同形式的鉴证和认证,将可持续性信息置于财务报表和相关审计报告之前,以及鉴证水平的混合可能导致审计期望差距。此外,自愿性可持续保证实践是多样化的,四大会计师事务所与其他供应商在保证水平和标准参考方面存在显著差异。与先前的研究一致,我们发现规模和行业分类是自愿可持续性保证的两个主要驱动因素。原创性/价值我们为可持续发展保证文献提供新西兰特有的见解。关于自愿可持续保证做法的调查结果和对审计期望差距的反思是及时的,与新的与气候有关的披露任务和未决的保证要求相关。
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来源期刊
Pacific Accounting Review
Pacific Accounting Review BUSINESS, FINANCE-
CiteScore
3.80
自引率
9.50%
发文量
36
期刊介绍: Pacific Accounting Review is a quarterly journal publishing original research papers and book reviews. The journal is supported by all New Zealand Universities and has the backing of academics from many universities in the Pacific region. The journal publishes papers from both empirical and theoretical forms of research into current developments in accounting and finance and provides insight into how present practice is shaped and formed. Specific areas include but are not limited to: - Emerging Markets and Economies - Political/Social contexts - Financial Reporting - Auditing and Governance - Management Accounting.
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