Emerging Forms of External Reporting (EER) Assurance
The key objective of the project is to enable more consistent and appropriate application of ISAE 3000 (Revised) to emerging forms of external reporting (EER) and greater trust in the resulting assurance reports by users of EER. This will be achieved primarily through:
(i) Developing non-authoritative guidance in applying ISAE 3000 (Revised) to EER;
(ii) Continuing to provide thought leadership on assurance issues in relation to EER; and
(iii) Coordinating the work of the project with related initiatives of other relevant international organizations.
At its September 2014 meeting the Innovation WG proposed, and the IAASB agreed to establish a working group to specifically monitor the developing interest in integrated reporting and the demand for assurance on integrated reports. This includes initial thinking on the nature of such engagements, including the scope of the assurance engagement, the suitability of the criteria, and other matters related to assurance on integrated reports.
In August 2016 the Integrated Reporting Working Group has released a Discussion Paper, Supporting Credibility and Trust in Emerging Forms of External Reporting: Ten Key Challenges for Assurance Engagements, which is open for commenting till December 2016.
MEETING HIGHLIGHT - OCTOBER 2017
The Board approved a Project Proposal to develop non-authoritative guidance to address key challenges, identified by the IAASB, which arise in the performance of assurance engagements over emerging forms of external reporting. The Board noted and supported the proposed resourcing model for the project, which would involve grant funding from the World Business Council for Sustainable Development, and discussed the nature and importance of the arrangements established to secure the independence of the IAASB. The Board also agreed to publish a Feedback Statement setting out a high-level summary of the responses to the Integrated Reporting Working Group’s Discussion Paper: Supporting Credibility and Trust in Emerging Forms of External Reporting-Ten Key Challenges for Assurance Engagements.
MEETING HIGHLIGHTS - DECEMBER 2017
The Board received an update on the project. It was noted that the grant agreement with the World Business Council for Sustainable Development (WBCSD) was finalized for the funding of the project and that the Project Proposal and Feedback Statement has been finalized to be published on the IAASB’s website. The board also received an update on the plan for developing the framework for the non-authoritative guidance for EER during the next year, including the required research to be gathered and the establishment of a Project Advisory Panel (PAP).
The board was supportive of the overall direction of the project and gave its support for the establishment of the PAP.