ESG Report Verification
ESG (Environmental - Social - Governance) reflects how an organization identifies, manages and discloses matters relating to the environment, society and governance. As expectations for sustainability transparency continue to increase among investors, customers, supply chains and regulators, ESG information is becoming an important part of corporate management information and disclosure systems.
An ESG Report or Sustainability Report may include both quantitative and qualitative information on policies, governance structures, impacts, risks and opportunities, metrics, targets and performance. The emphasis varies by reporting framework: the GRI Standards focus on an organization’s impacts on the economy, environment and people; IFRS S1/S2 focus on sustainability-related risks and opportunities that could affect the entity’s prospects; and ESRS applies a double-materiality approach in the context of European Union sustainability reporting.
GIC Vietnam provides ESG Report verification services to provide an independent, evidence-based conclusion on whether the ESG information within the verification scope is presented in accordance with the agreed criteria and whether it contains any material misstatement. The scope may cover the entire report or selected metrics, data and statements. Verification results apply only to the defined scope and criteria and do not constitute certification of overall ESG performance or confirmation that the organization is “sustainable”.
Reporting frameworks and verification criteria
There is no single set of ESG criteria suitable for every organization. Verification criteria should be selected based on the purpose of disclosure, intended users, reporting scope, legal/programme requirements and the reporting framework applied by the organization.
- GRI Standards: focus on the organization’s impacts on the economy, environment and people, and require disclosure of the organization’s policy and practice regarding external assurance where applicable.
- IFRS S1/S2: focus on sustainability- and climate-related financial information useful to investors and other providers of capital.
- ESRS: may apply where an organization is within scope of, or voluntarily reports in accordance with, European Union requirements, using a double-materiality approach.
- IWA 48:2024: provides guidance for implementing ESG principles and supports consistency and interoperability with existing reporting frameworks; IWA 48 itself is not a standalone ESG reporting framework.
Note: The specific criteria, scope, level of assurance and materiality are agreed for each verification engagement before work begins.
Depending on the intended use of the information, reporting framework, scope and applicable programme, verification may apply or reference the following standards and criteria:
1. Verification activities and verification bodies
- ISO/IEC 17029:2019;
- ISO 14019-1:2026;
- ISO 14019-2:2026;
- ISO 14019-4:2026, where appropriate to the applicable programme and scope.
2. Additional assurance standards
- ISSA 5000 - General Requirements for Sustainability Assurance Engagements, where applicable;
- ISAE 3000 (Revised), where appropriate;
- Additional requirements of the applicable programme or intended users.
3. Criteria for ESG Reports
- GRI Standards;
- IFRS S1 and IFRS S2; SASB/Industry-based Guidance, where appropriate;
- ESRS, where applicable;
- IWA 48:2024 as implementation/supporting guidance;
- Agreed legal, sectoral, programme or other applicable criteria.
2026 standards update: ISO 14019-1, ISO 14019-2 and ISO 14019-4 were published in 2026, providing a specialized framework for verification of quantitative and qualitative sustainability information. Their specific application depends on the programme, service scope, competence requirements and other conditions relevant to each verification engagement.
ISSA 5000 has been issued by the IAASB for sustainability assurance engagements and is effective for periods beginning on or after 15 December 2026, with early application permitted. Where the ESG scope includes GHG emissions metrics, the criteria may be supplemented by ISO 14064-1, the GHG Protocol and relevant GHG verification requirements.
Before commencing the engagement, GIC Vietnam agrees with the client on the subject matter, criteria, scope, reporting period, level of assurance, materiality and intended users appropriate to each verification engagement.
GIC Vietnam applies a verification approach based on risk, evidence and materiality. Strategic analysis and risk assessment are used to focus verification resources on ESG information that may contain material misstatements, lack sufficient evidence or significantly affect the decisions of intended users. Materiality for the verification engagement is considered together with the materiality approach of the applicable reporting framework.
- Review the reporting scope, reporting period, entities and activities included.
- Assess ESG disclosures against the criteria and requirements of the applicable reporting framework.
- Review the process for identifying material topics or assessing materiality where this is within the verification scope.
- Evaluate responsibilities, processes, control systems and ESG data ownership.
- Trace quantitative data from the report to aggregated data, records and source evidence.
- Check calculation methods, assumptions, unit conversions and estimates, and perform recalculations where necessary.
- Evaluate qualitative statements, policies, targets and performance results against verifiable evidence.
- Interview relevant personnel, perform sampling and conduct on-site observations where necessary.
- Evaluate individual misstatements, omissions and unsupported claims, and aggregate their effects against the determined materiality threshold.
Verification output: Following completion of the verification, resolution of findings, independent review and the verification decision, GIC Vietnam issues a Verification Statement, specifying the subject matter, scope, reporting period, criteria, level of assurance, conclusion and any relevant qualifications or limitations. The Verification Statement does not replace the organization’s responsibility for preparing and publishing the ESG Report.
1. Verification application & request review
The organization contacts GIC Vietnam and provides the ESG Report/draft report together with the necessary information. GIC Vietnam reviews the intended use of the results, reporting framework, subject matter, scope, reporting period, criteria, level of assurance, materiality, relevant locations/entities, required competence and impartiality requirements before agreeing the contract.
2. Verification planning & preparation
GIC Vietnam appoints a verification team with competence appropriate to the environmental, social and governance matters within scope; conducts strategic analysis and risk assessment; and develops the verification plan, evidence-gathering plan and sampling approach. Data flows, data owners and higher-risk metrics are identified so that verification resources can be appropriately focused.
3. Conducting verification
Verification is conducted on-site and/or remotely where appropriate. The verification team reviews the ESG Report and supporting records; interviews management and relevant functions; traces and samples data; checks calculation methods, assumptions, internal controls and evidence supporting qualitative statements; and performs recalculations, reconciliations and on-site observations where necessary.
4. Results reporting & findings resolution
GIC Vietnam consolidates the results, evaluates misstatements, omissions, inconsistencies or inadequately supported claims, and considers their effect on the ESG information within the verification scope. The organization provides explanations, additional evidence or report adjustments where necessary; the verification team then evaluates the resolved matters before submitting the file for independent review.
5. Review & issuance of verification statement
The verification file, evidence, resolved findings and proposed conclusion are independently reviewed by a competent person who was not directly involved in the verification activities. Based on the review outcome and verification decision, GIC Vietnam issues a Verification Statement specifying the scope, criteria, reporting period, level of assurance, conclusion and any relevant limitations or qualifications.
6. Post-issuance information handling
If new information, events or evidence arise after the Verification Statement has been issued and may materially affect the conclusion, GIC Vietnam evaluates their nature and significance. Where necessary, GIC Vietnam takes appropriate action in accordance with the applicable procedure, including consideration of amendment, replacement or withdrawal of the Verification Statement.
International reputation and conformity assessment capability
GIC is a conformity assessment body operating in accordance with international standards, with experience in auditing, certification and verification. Its competence management framework and international experience enable GIC Vietnam to deliver ESG Report verification professionally, consistently and in line with organizational requirements.
Technical competence and international-standard verification methodology
Verification activities are organized on the basis of ISO/IEC 17029 and relevant standards and programmes, using an approach based on risk, materiality and evidence. Experts are selected to match the Environmental (E), Social (S) and Governance (G) matters and the data characteristics of each sector, while maintaining independence, impartiality and confidentiality.
Professional, flexible and efficient service
GIC Vietnam defines the verification scope, plan and resources to suit each organization’s size, complexity and intended use of the results, helping optimize time and cost while ensuring that sufficient appropriate evidence is obtained to support the verification conclusion.
Contact information
GIC VIETNAM
Hanoi: 12F, 14 Lang Ha Building, Giang Vo Ward
Tel: 024 6275 2268 | Hotline: 0984 609 469
Email: tuandm@gicvn.vn
Ho Chi Minh City: R502, 160 Nam Ky Khoi Nghia
Tel: 028 3930 7936
