The International Auditing and Assurance Standards Board (IAASB) approved International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.
According to a post on the IAASB website, the standard-setting body expects to “share final language before the end of the month and formally publish by the end of the year”.
When the IAASB released the exposure draft more than a year ago, IAASB Chair Tom Seidenstein called ISSA 5000 “a crucial step in enhancing confidence and trust in sustainability reporting”.
The standard will replace ISAE 3000 (Revised) as the global framework for providing assurance of sustainability standards. According to a report co-authored by AICPA & CIMA, 99% of the world’s largest audit firms used ISAE 3000 (Revised) or corresponding national standards in 2021.
On another front, the IAASB this week released an adoption guide designed to help jurisdictions with adoption of The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities, more commonly known as ISA for LCE. The nonauthoritative guide, according to a news release, highlights common steps and successful approaches to the adoption process for the alternative to the full suite of International Standards on Auditing.
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