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With the increasing global demand for corporate reporting and disclosure on sustainability, ESG (environmental, sustainability, and governance), and climate-related information, the International Auditing and Assurance Standards Board (IAASB) has developed a new proposed standard on sustainability assurance.
This proposed standard aims to enhance confidence in sustainability reporting, responds to IOSCO recommendations, and complements the work of other standard setters, including the International Ethics Standards Board for Accountants, EFRAG, International Sustainability Standards Board and IFRS Foundation, Global Reporting Initiative, and others.
Once finalized, 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.
The IAASB is seeking comments on the exposure draft of ISSA 5000.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore and actively undertakes public consultation with its members and stakeholders. ISCA would hence like to seek views from key stakeholders in Singapore on the above.
ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 30 September 2023.
Please click here for the IAASB ED.