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GRI ESRS Professional Certification Exam Sample Questions (Q27-Q32):
NEW QUESTION # 27
Which of the following elements is recommended for inclusion in the sustainability statement under ESRS 2, based on Appendix F of ESRS 1?
Answer: C
Explanation:
UnderESRS 2 (Appendix F of ESRS 1), sustainability statements must follow astructured disclosure approach. The appendix provides guidance on the recommended format and elements to be included in the sustainability statement to ensureconsistency, comparability, and transparency.
* (C) A list of Disclosure Requirements that have been complied with:
* Organizations must provide aclear list of all ESRS disclosure requirementsthat they have reported on. This ensures that stakeholders can assess whether the company has complied with its materiality-based reporting obligations.
* The list must includepage numbers or referencesto the exact location of disclosures within the report.
* (A) A specific structure prescribed by the ESRS:
* While ESRS 1 provides arecommended structure, it isnot mandatory. Instead, companies are given flexibility to adapt the format to their reporting needs.
* (B) Only sector-specific Disclosure Requirements:
* The sustainability statement should coverboth general ESRS disclosures and sector-specific disclosures, not just sector-specific ones.
* (D) A table summarizing financial performance:
* Financial performance isnota core requirement of thesustainability statement. Instead, ESRS focuses onsustainability-related disclosuresthat impact financial performance but does not mandate a direct financial summary within the sustainability statement.
* Commission Delegated Regulation (EU) 2023/2772, ESRS 2 (Appendix F of ESRS 1)- Outlines the format and elements of the sustainability statement.
* EFRAG Compilation Explanations (January - November 2024)- Provides insights into structuring sustainability statements under ESRS.
Key Requirements for ESRS 2 Sustainability StatementIncorrect OptionsOfficial References:Thus, the correct answer isC. A list of Disclosure Requirements that have been complied with.
NEW QUESTION # 28
Which of the following best describes the purpose of Step A in the double materiality assessment process?
Answer: B
Explanation:
Step A in thedouble materiality assessment processis theinitial stagewhere an organization establishes a foundational understanding of itsbusiness context, activities, and stakeholder relationships. This step is critical in identifying how the entity interacts with environmental, social, and governance (ESG) matters and lays the groundwork for further impact and financial materiality assessments.
Thedouble materiality conceptin the ESRS framework requires organizations to evaluate both:
* Impact materiality- How an organization's activities impact people and the environment.
* Financial materiality- How sustainability matters influence the organization's financial position, performance, and cash flows.
* Identifying the business environment:Understanding industry-specific sustainability challenges, regulatory requirements, and stakeholder expectations.
* Recognizing affected stakeholders:Engaging internal and external stakeholders to determine which sustainability matters are relevant.
* Defining dependencies and risks:Evaluating the organization's dependencies on natural, social, and human capital, and how these can influence business outcomes.
* Understanding sector and geographical relevance:Assessing which sustainability issues are most significant based on where the company operates.
Key Aspects of Step A in Double Materiality Assessment:Step A does not yet involve selecting specific disclosure requirements (Step B) or conducting a financial materiality assessment (Step C). Instead, it provides thecontextual frameworknecessary for subsequent steps in the materiality process.
* Commission Delegated Regulation (EU) 2023/2772, ESRS 1, Section 3.1- Defines stakeholders' role in materiality assessment.
* EFRAG Compilation Explanations January - November 2024- Provides guidance on applying double materiality and the importance of Step A.
* EFRAG IG 1 Materiality Assessment, Chapter 2.2- Outlines Step A as the process of understanding business activities, stakeholders, and sustainability context.
Official References:Thus, the correct answer isC. Understand the organization's context, activities, and stakeholders.
NEW QUESTION # 29
Which activities are part of Step A: Understanding the Context in the double materiality assessment process?
Select all options that apply.
Answer: A,B,C
Explanation:
Thedouble materiality assessment processconsists of multiple steps, withStep A: Understanding the Contextfocusing on setting the groundwork for identifying material impacts, risks, and opportunities (IROs).
Step A includes:
* Mapping the organization's value chain (Option A)
* This step involves identifying all elements of the organization's value chain, including suppliers, distributors, and business partners, to understand where sustainability impacts occur.
* It helps in pinpointing potential sustainability matters, risks, and opportunities related to both impact and financial materiality.
* Engaging with affected stakeholders to gather input (Option B)
* Stakeholder engagement is a critical part of the materiality assessment as it informs the organization about direct and indirect sustainability impacts.
* The ESRS guidance stresses that businesses must engage with affected stakeholders (e.g., employees, communities, consumers) and sustainability experts as part of the due diligence process.
* Analyzing the legal and regulatory landscape (Option C)
* Organizations must review applicable laws, regulatory frameworks, and international sustainability commitments that may affect their sustainability reporting obligations.
* This ensures compliance withEU regulations (CSRD, ESRS, Taxonomy Regulation, SFDR) and other relevant legal requirements.
* D. Developing a list of material risks and opportunities
* This step belongs toStep B: Identifying Material Sustainability Matters, where the organization formally identifies and assesses material IROs. Step A is only about gathering contextual information to inform this process.
* Commission Delegated Regulation (EU) 2023/2772, Section 3.3- Double materiality and materiality assessment process.
* EFRAG IG 1: Materiality Assessment, Chapter 2.2- Understanding the context and engagement with affected stakeholders.
* EFRAG Compilation of Explanations January-November 2024- Provides clarifications on stakeholder engagement and legal context review in Step A.
Incorrect Answer:Official References:
NEW QUESTION # 30
Which of the following are key characteristics of an internal control for assurance purposes? Select all that apply.
Answer: A,B
Explanation:
2023/2772, various EFRAG guidance documents, and reports related to CSRD, ESRS, stakeholder engagement, double materiality, external assurance, and digital reporting Study guide References at the end of each question Under the ESRS framework, effectiveinternal controlsfor assurance purposes must meet key characteristics to ensure reliability, traceability, and auditability.
* (A) Documentation & Implementation:Internal controls must be formally documented, implemented as per the designated schedule, and consistently applied.
* (C) Testability by External Assurance Providers:Assurance providers must be able to verify the controls, test their effectiveness, and ensure compliance with CSRD assurance requirements.
* (B) Same Staff Performing & Assuring the Control:A fundamental principle of internal control is the separation of dutiesto avoid conflicts of interest. The control must be performed by one team and assured independently.
* (D) No Need for Documentation:Proper documentation ismandatoryfor internal controls to enable traceability, testing, and regulatory compliance.
* Commission Delegated Regulation (EU) 2023/2772, GOV-5:Risk management and internal controls over sustainability reporting, highlighting the necessity of internal control mechanisms.
* EFRAG Assurance Guidelines:Stipulating that documented controls must be verifiable and tested for external assurance.
Correct Options Explained:Incorrect Options Explained:ESRS References:
NEW QUESTION # 31
Which of the following is true about setting thresholds for financial materiality under the ESRS?
Answer: B
Explanation:
Under the ESRS framework, financial materiality is assessed based on a combination of:
* Likelihood of occurrence- The probability that a sustainability matter will have a financial impact.
* Potential magnitude of financial effects- The scale of the impact on financial position, performance, cash flows, access to finance, or cost of capital over short-, medium-, or long-term periods.
This is outlined in ESRS 1, which states that a sustainability matter isfinancially materialif it could reasonably be expected totrigger material financial effectson an undertaking. Financial materiality is not limited to issues under the direct control of the company; it includesdependencies on natural, human, and social resourcesthat could create risks or opportunities.
* Option A:The ESRS framework allows for bothqualitative and quantitative thresholds, not just monetary ones (e.g., revenue or costs).
* Option C:Reputational risks can be financially material, as they may affect access to finance, cost of capital, or customer trust, ultimately influencing the company's financial performance.
* Option D:Thefinancial materiality assessmentis conducted for theshort-, medium-, and long-term, not just the short term.
Why the other options are incorrect:References:
* Commission Delegated Regulation (EU) 2023/2772
* Compilation Explanations January - July 2024, ESRS 1 on Financial Materiality
* EFRAG Guidance on Double Materiality and Risk Assessments
NEW QUESTION # 32
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