Assessing the Impact of ESG Standards and Regulations on the Audit Process

Andreea Larisa Olteanu (Burca) (), Alina Elena Ionascu () and Bianca Paula Ciumacencu ()
Additional contact information
Andreea Larisa Olteanu (Burca): The Bucharest University of Economic Studies, Romania
Alina Elena Ionascu: “Ovidius” University of Constanta, Faculty of Economic Science, Romania
Bianca Paula Ciumacencu: “Ovidius” University of Constanta, Faculty of Economic Science, Romania

Ovidius University Annals, Economic Sciences Series, 2024, vol. XXIV, issue 2, 605-612

Abstract: The purpose of this paper is to assess the impact of ESG (Environmental, Social, and Governance) standards and regulations on the audit process. The growing significance of sustainability in business, driven by regulatory pressure, stakeholder expectations, and the demand for transparency, has transformed the audit landscape. Auditors now play a key role in verifying ESG disclosures, ensuring compliance with frameworks like the EU Taxonomy, SFDR, and TCFD recommendations, and safeguarding against risks such as greenwashing. As businesses integrate ESG criteria into their strategies, auditors must adapt methodologies to evaluate non-financial, often subjective, data. Independent assurance on ESG reporting is increasingly vital to enhance credibility, meet regulatory requirements, and build stakeholder trust. This evolution highlights the critical role of auditors in promoting transparency, accountability, and long-term business resilience in an environment where ESG factors are reshaping corporate practices globally.

Keywords: ESG (Environmental; Social; Governance); Audit; Regulations; Sustainability (search for similar items in EconPapers)
JEL-codes: M42 M49 (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://stec.univ-ovidius.ro/html/anale/RO/2024i2/Section%205/17.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:xxiv:y:2024:i:2:p:605-612

Access Statistics for this article

Ovidius University Annals, Economic Sciences Series is currently edited by Spatariu Cerasela

More articles in Ovidius University Annals, Economic Sciences Series from Ovidius University of Constantza, Faculty of Economic Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Gheorghiu Gabriela ().