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The world has gone beyond manual ways of doing things; as technology evolves in the 21st century, only organizations and small businesses that are smart enough use it as a form of leverage against competitors. Leverage gives one ... Read More
  The Chief Compliance Officer (CCO) plays a very important role in the attempt to ensure that a company complies with regulations guiding the profession. Every company with a department for regulatory compliance has a CCO. Compliance means establishing adequate supervision and ... Read More
Cloud accounting software is hosted on remote servers, and provides accounting capabilities similar to the SaaS (Software as a Service) business model. Cloud accounting software is particularly more useful for ... Read More
The main reason for setting up any business is to make profit. Businesses can only make profit when they consistently meets the demands of their customers. Administration and compliance are essential parts of a business that attention should be paid ... Read More
Payroll is a company's records of its employee's wages, bonuses, and withholding's. Payroll is a major expense for businesses. How does payroll work? Employees keep a record of the number of hours, days, or weeks that they have worked, depending on the ... Read More
It is common knowledge that companies that do not take auditing records seriously are positioning themselves for ominous compliance implications. Truly, servicing clients and managing employees can be tasking, yet, good records management should not be taken for granted. With ... Read More
  The Federal Executive Council, the highest Executive decision making organ in Nigeria just approved a new National Tax Policy for the country. The policy will now be endorsed by the National Economic Council to recognize the Federal System of Government given ... Read More
With the current economic realities in Nigeria, it is evident that most organizations cannot withstand regulatory punches - yet, myriads are incessantly falling victims of such. In 2015/2016 alone, regulatory tides were against large corporations that were fined over N1billion due to ... Read More
FEDERAL INLAND REVENUE TAX AUDIT- How to Prepare For It Did you get one of those scary audit notices from the FIRS in your mailbox? Do not fret because you are not alone. It is a yearly practice for the ... Read More
The Capital Gains Tax Act contains comprehensive guidelines on how Capital Gains should be taxed. It also included the terms, conditions, and clauses attached to their taxation. It is made up of 47 sections, with subsections embedded in them. It is however ... Read More

ARE YOU AN ACCOUNTANT OR SMALL BUSINESS OWNER? WHY YOU NEED SAGE ONE CLOUD ACCOUNTING SOFTWARE

In today’s global economy, the demand for businesses to operate sustainably has never been higher. Stakeholders, from investors to consumers, are increasingly holding organizations accountable for their environmental, social, and governance (ESG) practices. This has given rise to sustainability audits—a systematic process for evaluating an organization's performance across these critical dimensions.

What Are Sustainability Audits?

Sustainability audits involve a comprehensive evaluation of a company’s social, environmental, economic, and governance practices. They assess whether organizations are operating in ways that minimize harm to the environment, benefit society, and uphold ethical governance.

Key components of sustainability audits include:

1. Environmental Assessment: Examining impacts such as energy consumption, greenhouse gas emissions, water usage, and waste management.

2. Social Assessment: Evaluating labour practices, human rights adherence, community engagement, and product safety.

3. Economic Assessment: Analysing financial stability, supply chain efficiency, and economic contributions to communities.

4. Governance and Management Assessment: Reviewing governance structures, leadership accountability, transparency, and stakeholder engagement practices.

The Benefits of Sustainability Audits

Sustainability audits offer a range of benefits that make them invaluable for businesses:

1. Improved Transparency and Accountability: Audits enable organizations to demonstrate their commitment to sustainability and maintain open communication with stakeholders.

2. Risk Management: Identifying and addressing sustainability risks helps companies avoid reputational damage, regulatory penalties, and financial losses.

3. Cost Savings: Implementing sustainable practices can lead to significant cost reductions through energy efficiency, waste reduction, and streamlined supply chains.

4. Enhanced Reputation and Brand Value: Organizations that prioritize sustainability often enjoy increased trust and loyalty from customers, employees, and investors.

5. Regulatory and Standards Compliance: Sustainability audits help businesses meet the requirements of global frameworks such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).

Types of Sustainability Audits

Sustainability audits are not one-size-fits-all. Depending on organizational goals, audits can take several forms:

1. Internal Sustainability Audit: Conducted by an organization’s internal team to evaluate and improve sustainability performance.

2. External Sustainability Audit: Performed by independent third-party auditors to provide objective assurance on ESG performance and reporting.

3. Certification Audits: Focused on verifying compliance with recognized standards, such as ISO 14001 for environmental management or ISO 26000 for social responsibility.

The Rising Need for ESG Auditing Expertise

As the pressure mounts on businesses to provide credible ESG disclosures, the role of sustainability auditors has become pivotal. Beyond compliance, sustainability audits empower organizations to lead with integrity and make informed decisions that benefit all stakeholders. Businesses that proactively embrace this approach not only ensure their longevity but also contribute meaningfully to a sustainable future.

In conclusion, sustainability audits are more than a regulatory requirement—they are a strategic tool for building resilient, ethical, and forward-thinking organizations. With the growing importance of ESG, the expertise of sustainability auditors is poised to remain an essential asset in driving responsible business practices.

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