Accurate information is becoming a currency. There is growing pressure on business for disclosure, driven by factors including regulations on emissions and reporting, the Copenhagen climate conference, the growth of wider society’s expectations, industry consolidation and investor activism.

As a result, companies see assurance as something of a magic bullet that lends credibility to disclosures of environmental, social and governance (ESG) performance.

Unfortunately, the assurance business is ill-equipped to meet the growing demand for its services. Standards are in flux; adherence varies. Statements are often vague and too opaque to be of much use. The potential for conflicts is considerable. And costs can exceed those of reporting itself.

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