The IAASB has issued a new global sustainability assurance standard designed to strengthen the global sustainability disclosure ecosystem.
The International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, is applicable across various sustainability topics and frameworks, and is designed for use by both professional accountants and non-accountant assurance practitioners.
When used alongside the sustainability-related ethics and independence standards issued by the International Ethics Standards Board for Accountants, ISSA 5000 provides a unified global approach to address the growing demand for trustworthy sustainability information to support stakeholder decisions.
ISSA 5000
The IAASB’s ISSA 5000 provides a principles-based framework for conducting assurance engagements on sustainability disclosures. The standard is designed to:
- Enhance Reliability and Transparency: Focused on enhancing the credibility of sustainability reports, ISSA 5000 addresses the growing need for verified sustainability information among investors, regulators, and stakeholders.
- Adapt to Global and Local Contexts: The standard is scalable and adaptable to regional regulatory requirements, such as the EU’s Corporate Sustainability Reporting Directive (CSRD), and can be used with any sustainability reporting framework or standard.
- Support Diverse Practitioners: Applicable to all assurance providers, ISSA 5000 ensures consistency and rigor, incorporating materiality concepts and proportionality for organizations of all sizes.
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Support & Implementation Materials
To support practitioners, the IAASB has released new guidance and support materials, including an implementation guide (see above), fact sheet, Frequently Asked Questions document, and an FAQ video series. The IAASB will hold a webinar series in the coming months.
FAQ Video Series
How is an assurance engagement different from an audit?
What is the difference between reasonable and limited assurance? Which does ISSA 5000 provide?
Who Can Use ISSA 5000?
Does ISSA 5000 require reporting or disclosure information about specific sustainability matters or aspects?
What engagements does ISSA 5000 address?
Is ISSA 5000 scalable?
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Submit Questions & Feedback on ISSA 5000 Implementation
To support effective implementation of ISSA 5000, the IAASB invites stakeholders to submit implementation questions or matters for the IAASB’s consideration.
Submission Criteria
Submissions should meet the following criteria:
- Be directly related to the implementation of ISSA 5000.
- Provide a detailed description of the question or matter, including sufficient context for proper understanding.
- Be relevant to a broad group of stakeholders or common across multiple jurisdictions, as ISSA 5000 serves as a global baseline. The IAASB does not focus on national implementation or adoption issues, nor on assurance methodology.
Submission Process
Once you have confirmed that your question or matter meets the criteria above and have completed the submission form, your submission will be lodged electronically and remain private. However, the issues raised may be discussed publicly or referenced in the IAASB’s public materials without specific attribution. While submission forms will remain private and confidential, please refrain from including any confidential information.
IAASB Consideration of Submissions
The IAASB will review and consider submissions and may also collaborate with the IESBA in doing so. The IAASB reserves the right to identify and explore relevant implementation issues and determine whether and the most appropriate means of addressing them. The IAASB will not issue responses to, or report back on, individual submissions. However, submissions will inform the IAASB’s priorities for guidance as well as the urgency and nature of the appropriate response.
Timing
The IAASB will continue to receive and evaluate submissions and consider how to best address identified implementation issues on an on-going basis. Therefore, there is no deadline for ISSA 5000 implementation issue submissions.
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