IAASB Consults on Sustainability Assurance Standard

The International Auditing and Assurance Standards Board (IAASB) has published for consultation its proposed International Standard on Sustainability Assurance (ISSA) 5000. This new standard aims to bolster confidence and trust in sustainability reporting and is set to become the most comprehensive sustainability assurance standard available to assurance practitioners worldwide. IAASB Chair Tom Seidenstein said: “Our proposed ISSA 5000 is a crucial step in enhancing confidence and trust in sustainability reporting. This proposal directly responds to the International Organization of Securities Commissions recommendations and complements the work of other standard setters, including the International Ethics Standards Board for Accountants. Corporate reporting, whether financial or sustainability focused, is more trusted when it receives external and independent assurance based upon globally accepted standards independently developed in the public interest. ISSA 5000 is a principles-based standard that applies to both limited and reasonable assurance engagements on sustainability information across all sustainability topics. It has been designed to accommodate sustainability information prepared under any suitable reporting framework, including those issued by prominent organisations such as the EU, the International Sustainability Standards Board and the Global Reporting Initiative, among others. The IAASB invites all stakeholders to provide feedback on the proposed revisions via the IAASB website until 1 December 2023. 

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