The annual report should include an affirmation that financial statements have been prepared by management and audited by an independent, qualified, and competent auditor.

Larger and publicly listed companies are expected to follow international auditing standards, such as IAS and GAAS.

The audit committee of the board should oversee financial and nonfinancial reporting as well as the audit and assurance processes.

ISA Standards (700), require the auditor to disclose key audit matters that arose during the audit.

Companies are increasingly expected to provide assurance that sustainability information is reliable for internal management and external reporting.

This requires that the company clearly establish the scope, definition, and internal collection process for the data.