Sustainability Assurance Service Provider
The EU Corporate Sustainability Reporting Directive (CSRD) sets out how certain companies will have to disclose information about their environmental, social and governance (ESG) activities in line with the European Sustainability Reporting Standards (ESRSs). It also requires third party assurance (limited assurance initially) on these ESG disclosures and provides for a regulatory regime for the education, training, authorisation and oversight of sustainability assurance service providers.
The CSRD was transposed into Irish law in July 2024 by the European Union (Corporate Sustainability Reporting) Regulations 2024 (S.I. No. 336/2024), which amends Companies Act 2014 and inserts a new Part 28 called ‘Sustainability Reporting’ (‘Part 28’).
The Institute, as a Recognised Accountancy Body (RAB), provides approval to carry out sustainability assurance engagements, where appropriate, to Institute Irish registered audit firms (Registered Auditors) and responsible individuals (RIs) on application for same.
RI application for SASP status
The Institute will consider applications for SASP status from Irish registered RIs at Institute audit firms registered in Ireland. An RI applying to the Institute for SASP status must be designated as such by the audit firm. To initiate an application to the Institute for SASP approval of a RI, the audit firm’s audit compliance principal should email sasp-applications@charteredaccountants.ie requesting access to the online application form.
The Institute will prioritise applications from RIs who, if approved, will be engaged to report on the sustainability reports of those companies in scope of the CSRD/Part 28 for the financial year 2024 (reporting during 2025).
Transitional arrangements in Part 28 allow for individuals who are approved as RIs before 1 January 2026 to obtain SASP status without undertaking the examination and 8 months practical training in relevant sustainability matters which will be required thereafter. Instead, individuals approved as an RI before 1 January 2026 who wish to be approved as SASPs must undertake appropriate CPD to acquire the necessary knowledge of sustainability reporting and the assurance of sustainability reporting including the four subjects set out in the law. A CPD template will be provided for completion as part of the application process.
Firm application for approval to carry out sustainability assurance engagements
To be eligible for approval by the Institute to carry out sustainability assurance engagements, the firm must be an Institute Irish registered audit firm, and each RI who will be responsible for sustainability assurance work on behalf of the firm must be designated as a SASP by the firm and approved as a SASP by the Institute.
The firm applies for approval to carry out sustainability assurance engagements using the Institute’s application form, which is available by request from the Institute at sasp-applications@charteredaccountants.ie
Regulatory fees for SASPs
Regulatory fees will be collected by the Institute on approval of SASPs and on an annual basis to provide for the necessary resources to ensure a robust regulatory regime for SASPs and firms.
Further information
The Institute has prepared answers to some frequently asked questions (FAQs) to provide information to Institute registered audit firms and RIs in relation to SASP status and the firms approval to carry out sustainability assurance engagements.
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