For generations, accounting focused on recording and auditing financial performance. Today, that picture is expanding, and businesses are now expected to explain not just how profitable they are, but how responsibly they operate.
In this episode of the Learn Better Podcast, hosts Caron Betts and Lee Rowlandson are joined by Will Jones, Director in PwC’s Non-Financial Assurance team. Will shares his journey from traditional financial audit into sustainability and ESG assurance, and explains why this area is becoming one of the most important and interesting career paths in the profession.
Throughout the conversation, our hosts and Will discuss how sustainability reporting is impacting the role of accountants, why regulation is driving behavioural change, and what it really means to provide assurance beyond the numbers.
What does ESG assurance actually involve?
During this episode, a key talking point is how ESG assurance compares with traditional financial audit. Will explains that whilst the subject matter may be different, the core audit skills are the same. These include professional scepticism, understanding processes, evaluating evidence, and applying a rigorous mindset.
One important distinction, however, is the level of assurance:
- Financial audits provide reasonable assurance - a positive opinion that accounts give a true and fair view.
- Most ESG engagements currently provide limited assurance - stating that nothing has come to the auditor’s attention to suggest the information is misstated.
This is reflective of the relative maturity of the data and systems involved. ESG reporting is catching up fast, but many organisations still rely on spreadsheets rather than established accounting systems.
CSRD and the rise of sustainability regulation
Will also discusses regulation with our hosts, and the conversation particularly turns to the Corporate Sustainability Reporting Directive (CSRD). Will describes CSRD as a watershed moment for sustainability reporting in Europe, as it’s dramatically expanding both the number of companies required to report, and the depth and breadth of information they must disclose.
Unlike glossy sustainability brochures of the past that may have lacked real substance, CSRD reports are detailed, technical, and compliance-focused - often running to dozens of pages. While recent EU proposals have delayed timelines and reduced scope for some organisations, Will explains that sustainability reporting might pause, but it is not going away.
Understanding double materiality
One of the most important – and most misunderstood – concepts discussed is double materiality.
Will explains that this requires organisations to assess:
- how environmental and social issues affect the business (financial and operational risk), and
- how the business impacts the environment and society.
This dual lens shapes what companies must report on and forces sustainability into mainstream decision-making. It also highlights why ESG reporting is no longer just a “sustainability team” issue – finance teams, audit committees, and senior leadership all need to be involved.
Greenwashing, data gaps, and difficult trade-offs
The hosts explore the risk of greenwashing and the challenge of measuring sustainability consistently. While frameworks like the Greenhouse Gas Protocol provide clear guidance on emissions, many other ESG areas – such as biodiversity, social impact, or governance – lack universally agreed methodologies.
Will emphasises the growing role of assurance in holding companies accountable, challenging vague claims, and encouraging clearer, more transparent language. As investors' and consumers' awareness grows, so does the demand to get this right.
AI, energy use, and future challenges
AI inevitably enters the conversation. And whilst AI brings significant potential to improve efficiency, analysis, and learning, we must also consider energy consumption and its environmental impact.
Will takes a balanced view here explaining that AI is here to stay, but the challenge will be using it responsibly - both reporting on its impact honestly and harnessing its power to help solve sustainability problems that previously felt out of reach.
Changing behaviour, not just reporting
A recurring theme is whether sustainability reporting actually changes behaviour. Will argues that it already is; over the past few years, sustainability has moved from the margins, to audit committees and finance directors’ agendas.
He predicts closer integration between financial audit and ESG assurance in the future – potentially even integrated assurance reports covering both financial and non-financial performance.
Learning better, in a changing profession
When asked what “learn better” means to him, Will reflects on the importance of learning smartly rather than endlessly. With limited time and rapidly evolving standards, professionals need to be curious, focused, and willing to use new tools (including AI) to upskill efficiently.
For Will, learning better is about carving out time to stay informed, embracing change, and recognising that the skills accountants already have are highly transferable to new and emerging areas like sustainability assurance.
Throughout the episode, one message stands out: sustainability reporting isn’t a passing trend or a box-ticking exercise - in fact, it’s reshaping the accounting profession. Its scope is expanding, its relevance is increasing, and it provides a chance to make a meaningful impact well beyond the balance sheet.