Sustainability Reporting Assurance Services
Tuokko offers assurance services for sustainability reporting and acts as an auditor for sustainability reports in accordance with CSRD requirements.
- Sustainability Reporting Requirements Assessments
- Includes our phase-specific recommendations for different stages of the sustainability reporting process. Our assessments help companies organize all aspects of sustainability reporting, from resource and goal mapping to data collection and final reporting.
- Practice Assurance
- For companies that want to test their current level of sustainability reporting against CSRD requirements.
- Assurance Engagements
Sustainability Reporting Directive
The EU Corporate Sustainability Reporting Directive (CSRD) was approved in 2022, with changes to Finnish legislation taking effect from the beginning of 2024, according to the transitional provisions of the Accounting Act (21.12.2023/1249). In addition to the Accounting Act, changes were made to corporate law (e.g., the Limited Liability Companies Act) and the Auditing Act, which now include regulation on sustainability reporting, including management responsibilities. The role of auditors as verifiers of sustainability reports was also confirmed.
The legal changes also affected corporate law, adding obligations for the board and general meeting of a limited liability company regarding sustainability reporting. The annual general meeting of a limited liability company must appoint a verifier for the sustainability report. In the first reporting year, this appointment is not mandatory if the current auditor continues and also acts as the verifier for the sustainability report.
Sustainability reporting requirements apply to limited liability companies, cooperatives, insurance companies, and credit institutions, as per Chapter 7 of the Accounting Act. Associations and foundations, for example, are not required to prepare sustainability reports.
How should companies prepare at this stage?
For the year 2024, large publicly listed companies, as well as credit institutions, will prepare and publish a sustainability report according to CSRD in the spring of 2025. The reporting obligation will gradually expand, and from the year 2025, all large companies defined in the Accounting Act (both listed and unlisted) must publish a sustainability report in the spring of 2026.
A large company is currently defined as one that meets at least two of the following criteria for two consecutive fiscal years:
- Balance sheet total exceeds 20 million euros
- Net sales exceed 40 million euros
- Average number of employees exceeds 250
These limited liability companies and cooperatives, as defined in the Accounting Act, should initiate an assessment of sustainability reporting requirements and establish a reporting process and organization during the 2024 fiscal year. Sustainability reporting data must be collected from the beginning of 2025. The initial phases of sustainability reporting include conducting a double materiality analysis to identify which sustainability issues are material to the company, determining the topics to be reported in the sustainability report.
Sustainability Reporting Assurance Services at Tuokko
Tuokko offers assurance services for sustainability reporting and acts as a verifier for sustainability reports in accordance with CSRD requirements. Juha-Matti Heino, APA (KHT) and KRT (Authorized Sustainability Auditor), is responsible for sustainability reporting services at Tuokko. Juha-Matti has completed extensive training on ESG reporting and assurance in 2023, earning the KRT Authorized Sustainability Auditor qualification. He is currently assisting client companies in preparing sustainability reports, including providing practice assurance.
