Workiva Inc. · NYSE:WK
Workiva — Technical Presentation (March 2023)
21 slides from Workiva's technical presentation, March 2023
Slide 1: CSRD Readiness: Lay the foundations for robust assurance
CSRD Readiness Lay the foundations for robust assurance
Slide 2: Introductions
Introductions Henrik Sandin Laura Kelly Chi Gamanya Director, Principle ESG Director ESG Reporting, Solution Engineer Matthew Timmons Specialist PwC Sustainability Workiva Partner, ESG lead, Legal Workiva PwC Business Solutions UK PwC
Slide 3: Timeline
Timeline Reports due in 2029 Sector & SME Standards Reports due EFRAG to submit Sector and in 2026 SME specific requirements to the European Commission CSRD effective Delegate Act for 3rd-country CSRD Proposal CSRD for large European Commission to adopt undertakings** Apr European Commission Jun Jan
Slide 4: What are the requirements
What are the requirements
Slide 5: What?
What? Limited assurance: Assurance • When an auditor is engaged to conduct a review, this is often a limited assurance engagement of non-financial data. Limited assurance is sometimes referred to as negative assurance. When limited assurance is provided, the Auditor is saying that based on their wor
Slide 6: When?
When? 2025 2026 2027 2028 NFRD Corporates Large Corporates Listed SMEs First ESRS First ESRS First ESRS disclosures with disclosures with disclosures with Limited Assurance Limited Assurance limited assurance EC Limited EC Reasonable assurance assurance standards standards Latest Oct '26 Latest Oct
Slide 7: Roadmap to reasonable assurance
Roadmap to reasonable assurance
Slide 8: Assurance obligation
Assurance obligation Assurance by the statutory auditor is the “default” Independent third-party assurance • Mandatory starting with the first reporting period e nt re nd t y as Tra • With limited assurance e a e r on ns p e d-p nc ab iti Transition to reasonable assurance d le on In hir ura as to •
Slide 9: Levels of assurance summary
Levels of assurance summary The evidence collected has to be ‘sufficient’, depending on the risk profile and circumstances of the engagement. Generally speaking, Key considerations in moving to reasonable assurance the higher the level of assurance, the higher level of comfort required (which is pai
Slide 10: Current assurance approaches
Current assurance approaches Assurance requires the subject matter to be appropriate and the reporting criteria to be suitable. For those areas that are not currently subject to assurance, the challenge is often in defining sufficiently objective and robust criteria that allow for consistent and com
Slide 11: What does good look like?
What does good look like?
Slide 12: Governance is integral to Assurance
Governance is integral to Assurance Sustainability issues and corporate reporting are impacting compliance frameworks and traditional lines of defence Governance will facilitate businesses in delivering the transition to sustainable business strategies, acting as a foundation for value creation thro
Slide 13: EU CSRD: Impact on approach to Governance
EU CSRD: Impact on approach to Governance ESRS 2 creates obligations to introduce a formal governance framework - Directors must have oversight of compliance with the directive and ESRSs A reporting undertaking must state how its board composition; governance arrangements; and management structure s
Slide 14: How 'reporting-confident' are you?
How ‘reporting- Your external confident’ are you? ESG claims Your external ESG claims are just the Sustainability tip of the iceberg. There are a number strategy of critical components which sit beneath the surface, and though not necessarily visible, each needs to be Assurance strategy in place to
Slide 15: Governance
Governance
Slide 16: EU CSRD: The Audit Committee
EU CSRD: The Audit Committee Key considerations 1 Audit Committees of EU PIEs will oversee assurance of sustainability reporting and explain how the audit committee contributed to the integrity of the sustainability reporting and what the role of the audit committee was in that process. Audit commit
Slide 17: EU CSRD: The Subsidiary Board
EU CSRD: The Subsidiary Board Key considerations The board’s composition and remit will require careful consideration and review. The traditional mix of legal and finance 1 may not be appropriate. The role of sustainability expertise is likely to occupy a role. Oversight of material risks and opport
Slide 18: Next steps
Next steps
Slide 19: ESG Reporting Accelerator
ESG Reporting Accelerator PwC and Workiva are partnering to offer a unique immersive and interactive “ESG Reporting Accelerator” workshop and support their clients in their ESG Reporting journey. If you are interested and would like to take part or obtain more details, please contact Matt Timmons & L
Slide 20: Questions
Questions CO workiva
Slide 21: CSRD Readiness Webinars
CSRD Readiness Webinars Hear from the experts Andie Wood, Workiva’s VP of Regulatory Strategy, and Henrik Sandin, Workiva’s Principal ESG SME, discuss with experts from PwC about investor expectations, foundations for assurance and efficient collaboration for future-ready, compliant sustainability r