IAASA has published a Consultation paper on its proposal to adopt a Sustainability Assurance Standard in Ireland. The effective date of the standard will be for financial years starting on or after 1 January 2024. This is required by the European Corporate Sustainability Directive (CSRD).
The European Commission has indicated that it intends to adopt a European assurance standard by October 2026, at which time that standard will apply in Ireland.
In the absence of a mandatory standard in Ireland, assurance providers could voluntarily perform their work in accordance with an assurance standard such as ISSA 5000 or ISAE 3000.
IAASA considers that it is in the public interest that it adopts a single sustainability assurance standard, to promote consistency in approach by assurance providers, provide clarity to users as to the level of assurance being provided, ensure an adequate standard of assurance work and assist IAASA and the recognised accountancy bodies in their regulatory approaches.
IAASA has identified three possible options for a sustainability assurance standard in Ireland and is now seeking stakeholders’ views on the appropriate standard for sustainability assurance in Ireland.
These are:
- the proposed International Standard on Sustainability Assurance 5000 (ISSA 5000),
- the extant International Standard on Assurance Engagements 3000 (ISAE 3000) or
- a local standard.
Each of these options is set out in the consultation paper.
The consultation paper is available here.
Stakeholders and interested parties are invited to provide your response using the response template available on this link or email your response to submissions@iaasa.ie by 19 April 2024.
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