IAASB Readies Consultation on Sustainability Assurance Standards   

The International Auditing and Assurance Standards Board (IAASB) will be opening a consultation into sustainability assurance standards this summer. It said the proposed standard, which will aim to enhance confidence in sustainability reporting, responded to International Organisation of Securities Commissions recommendations and complements the work of other standard setters such as the European Financial Reporting Advisory Group (EFRAG), the Global Reporting Initiative and the International Sustainability Standards Board, which this week launched inaugural standards. The draft International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements will be open for public consultation by early August until early December 2023. Once finalised, the IASSB said that ISSA 5000 will serve as a comprehensive, stand-alone standard suitable for limited and reasonable sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. Moreover, the standard will be profession-agnostic, enabling its use by professional accountants and other professionals performing sustainability assurance engagements.

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