Chartered Accountants Ireland has issued its response to the IAASB’s proposed standard ISSA 5000 general requirements for sustainability assurance engagements. This standard is intended to be a standalone global sustainability assurance standard which is suitable for any sustainability assurance engagement. It is also intended to be framework agnostic and should apply to multiple sustainability reporting standards, including the European Sustainability Reporting Standards as well as the International Sustainability Reporting Standards S1 and S2.
Whilst acknowledging its overall support for the development of an overarching standard and the need for there to be a single international standard adopted locally, the Institute highlighted some of the following key points and concerns for the IAASB to consider when finalising the standard;
- Clarity regarding the requirements in a limited assurance vs reasonable assurance engagement.
- The need for guidance for non-accountant practitioners to apply the standard.
- The difficulties regarding consistent application of certain aspects of the standard (including materiality, understanding of internal controls, misstatements evaluation and providing assurance over consolidated sustainability reports.
- The challenges that arise when a practitioner uses external experts or other practitioners when carrying out its assurance engagement.
- The need for fraud considerations to be more tailored to a sustainability assurance engagement.
LOADING...