No sustainability without accountability

This chapter provides an insightful exploration of the transformation of financial reporting and the parallel rise of corporate social responsibility (CSR) reporting. It traces the evolution of financial reporting, emphasising its genesis in response to the separation of ownership and managerial functions, thus necessitating mechanisms to instil accountability. It further elucidates how CSR reporting has become instrumental in augmenting traditional financial statements by extending its purview to encompass not just economic aspects, but also social and environmental dimensions. This, in turn, reflects the evolving expectations regarding corporate accountability and transparency. In summation, the chapter advocates for a comprehensive understanding of the evolving landscape of reporting, emphasising the indispensable role of CSR reporting in tandem with financial reporting and underscoring the pivotal importance of assurance in buttressing the authenticity and accountability of corporate social responsibility disclosures in the contemporary business environment.