From Readiness to Assurance: Wis Australia’s Sustainability Reporting and Assurance Services

For the first time, many Australian businesses must prepare a sustainability report under AASB S2 and have it independently assured under ASSA 5000 — the same discipline that applies to their financial statements. It’s a significant undertaking, and the groundwork of governance, data and controls needs to be in place well before the report is due.

Wis Australia supports you across the full journey; advisory to help you get ready, and independent assurance to sign off. Where we act as your assurance provider, that role is strictly independent and structured to comply with the applicable auditor independence requirements; we do not provide report preparation and assurance on the same engagement. What that means for you is a single trusted team that understands the whole standard end-to-end, with the right people in the right role at each stage. We scale our involvement to your maturity, so you get exactly the support you need and nothing you don’t.

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Who is affected — and when?

The rules apply to entities that lodge financial reports under Chapter 2M of the Corporations Act 2001 and meet certain size or emissions thresholds. They phase in over three groups, so for most businesses the question is not whether but when:

Group	First reporting periods from	Meets two of three: revenue / gross assets / employees	Also captured
Group 1	1 January 2025	≥ $500m / ≥ $1bn / > 500	NGER reporters above the publication threshold
Group 2	1 July 2026	≥ $200m / ≥ $500m / > 250	All other NGER reporters; asset owners with ≥ $5bn under management
Group 3	1 July 2027	≥ $50m / ≥ $25m / > 100	—

Reporting in 2027, not 2026? Start now anyway. The data, systems and governance behind a credible first report typically take 12–18 months to build, so Group 2 and Group 3 entities that begin early avoid a last-minute scramble — and a weaker first report.

A few common questions: an Australian subsidiary of a foreign parent that lodges under Chapter 2M and meets the thresholds must still prepare its own report; companies limited by guarantee with revenue of $1 million or more can be caught; and Group 3 entities with no material climate risks or opportunities can make a simplified statement — though a directors’ declaration and auditor’s report are still required. Not sure where you sit? That’s the first thing we help you work out.

1.  Getting ready

We tell you exactly what’s missing and give you a clear plan to close the gap.

● Readiness assessment and roadmap — Structured workshops across the four reporting pillars (governance, strategy, risk management and metrics) to pinpoint the uplift you need, delivered as a practical roadmap with timelines, accountabilities and measures of success.

● Governance readiness — Board and management education, sustainability governance policies and frameworks aligned to your existing ones, and updated board terms of reference — because governance is assured from the very first year.

● Sustainability strategy — Help setting your strategy, KPIs and commitments, whether stand-alone or built into your existing strategy.

2.  Measuring your emissions

We turn messy energy and supplier data into defensible emissions numbers.

● Basis of preparation — Documenting the boundaries, standards, data sources, judgements and estimates behind your greenhouse gas calculations.

● Emissions calculation — Scope 1 and Scope 2 emissions, and — once your value chain and data are understood — Scope 3.

3.  Understanding your climate risk

We show you where climate genuinely hits your numbers — and where it doesn’t.

● Climate-related risks and opportunities — Identifying the risks and opportunities that could reasonably affect your prospects, informed by stakeholder input and peer/industry review.

● Financial materiality — Assessing which of those matter over the short, medium and long term.

● Financial effects — Determining the current and anticipated effects on your financial position, performance and cash flows.

● Scenario analysis — Support with the two scenarios required by the legislation in Australia (1.5°C and well above 2°C), with specialists on hand for complex quantitative work.

4.  Reporting and assurance

We can help you prepare your report — and, on separate engagements, provide independent assurance.

● Report preparation — Drafting your sustainability report from the workstreams above and your own information.

● Limited assurance (ASSA 5000) — Independent limited assurance over your defined disclosures — Governance, Strategy, and Scope 1 and Scope 2 emissions — from our authorised audit company.

● Training and more — Tailored board and management training, plus services such as greenwashing assessments and software reviews scoped to your needs.

Contact us

Not sure whether the new rules apply to you, or where to start? Wis Australia supports you from working out your obligations, through readiness, governance, emissions and reporting, to independent ASSA 5000 assurance. To find out more, please contact your engagement adviser or reach us through our official channels, and we’ll arrange for our specialist team to prepare a tailored proposal for you.

Disclaimer

This article reflects publicly available information regarding the exposure of draft legislation as at the date of publication and is general in nature. It does not constitute tax, financial, or legal advice and should not be relied upon without obtaining professional advice tailored to your specific circumstances. To discuss how these proposed changes may affect you or your business, please contact our advisory team at Wis Australia.

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