After an extensive internal business review, The Elm Consulting Group International LLC will offer Independent Private Sector Audits (IPSAs) of Conflict Minerals Reports (CMRs) through its newly-created subsidiary Elm Sustainability Partners LLC.
Patrick J. Doyle, Managing Director: “Our company is built on almost 30 years of experience in EHS auditing, so it makes sense to apply that expertise to CMR audits. Indeed, it was our auditing background that brought us into conflict minerals in the first place as one of the original three firms conducting Conflict Free Smelter audits for EICC*.”
Doyle continues: “At the same time, we have been successful in providing advisory services to clients on program support and development. We took that time to carefully evaluate the market, constraints and other circumstances surrounding the IPSA offering. We are pleased that we have concluded our review and can make this announcement.”
Among the challenges faced by companies seeking qualified CMR auditors are finding firms/auditors that have a deep understanding of the subject matter, including the regulation, the OECD 5-step framework (and the allowable flexibility) and SEC’s stated audit objective. Audit cost is another concern of many companies as well.
Elm is very well positioned to help clients obtain CMR audits with appropriate qualifications and knowledge at a reasonable price point. Elm is in the process of completing the activities applicable to auditors conducting Performance Audits under GAO’s “Yellow Book”.
* Anticipating potential concerns about independence in other client engagements, Elm voluntarily withdrew as a CFS audit firm at the end of 2010.