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ISCA has provided comments on IAASB’s Exposure Draft on Proposed International Standard on Sustainability Assurance (ISSA) 5000 General Requirements for Sustainability Assurance Engagements and Proposed Conforming and Consequential Amendments to Other IAASB Standards.
ISCA welcomes the development of ISSA 5000, which we believe will serve to enhance confidence and trust in sustainability reporting.
In our response, we highlighted areas where implementation guidance is needed to address practical application challenges arising from the nature of sustainability information. In particular, application of the materiality concept to sustainability information is difficult as it is wide-ranging and user groups are diverse with different needs and expectations.
Due to the relatively nascent state of sustainability assurance, another area of importance is the topic of risk assessment and fraud. We provided recommendations on areas where requirements over these areas can be tightened, and for the IAASB to consider fraud as an area of priority for the development of a separate ISSA, building on the experience of financial statement audits.
We look forward to IAASB’s development of further standards under the ISSA 5000 series to address more detailed requirements over sustainability assurance.
Click here to read our detailed comments.
Click here for the IAASB’s Exposure Draft.