A new report from KPMG reveals that 75% of companies globally are unprepared for external audits of their environmental, social, and governance (ESG) data, with stricter regulations impending. Stricter global, EU, and US rules, mostly set for the 2024 reporting season, aim to mitigate misleading environmental claims and ensure transparent climate-related disclosures. However, only 25% of the 750 surveyed companies feel adequately prepared for such regulatory shifts. While over half of the companies undergo some level of external ESG auditing, a mere 14% obtain reasonable assurance for all their ESG disclosures as mandated by new regulations. The level of preparedness varies, with larger companies and those in France, Japan, and the US being more ready compared to their counterparts.
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