The Using the Work of an External Expert Final Pronouncement provides an ethical framework to guide professional accountants or sustainability assurance practitioners, as applicable, in evaluating whether an external expert has the necessary competence, capabilities and objectivity in order to use that expert’s work for the intended purposes. The standard also include provisions to aid in applying the Code’s conceptual framework when using the work of an external expert.
The International Standards: 2024 Global Adoption Status Snapshot highlights how widely international standards are embraced across IFAC member jurisdictions. Since the inaugural 2019 report, we continue to see notable progress in adoption of the international standards as well as enhancing quality assurance and investigation & discipline systems. The 2024 update highlights a selection of success stories from IFAC members. It also identifies the conditions that help advance adoption and implementation, as well as more opportunities for further collaboration and connected learning.
This progress is made possible by the steadfast commitment of IFAC member organizations to the requirements outlined in the Statements of Membership Obligations (SMOs). By proudly carrying their IFAC membership as a badge of international recognition and working with IFAC to publish their adoption & implementation actions on IFAC’s International Standards Adoption Map, these organizations reinforce their dedication to integrityand professional quality, and to shape the future of the profession through their commitment to the public interest.
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
The International Federation of Accountants (IFAC) welcomes the International Audit and Assurance Standards Board (IAASB) publishing its International Standard on Sustainability Assurance (ISSA) 5000. The International Organization of Securities Commissions (IOSCO) has also issued its public statement of support.
Lee White, IFAC Chief Executive Officer, said “In recent years there has been a significant transformation with the reporting of sustainability-related information. Assurance plays an essential role in ensuring the quality, comparability, and trustworthiness of this information, as it does with financial information. IOSCO has shown proactive leadership in the development of the sustainability transformation journey, and its support for the work of the IAASB on ISSA 5000 is another important step.”
As a profession-agnostic standard, ISSA 5000 is available for use by practitioners outside of the accountancy profession. If non-professional accountants assert to using ISSA 5000 for assurance, it is absolutely critical for investor and consumer protection that such providers are held by jurisdictional regulators to the same regulatory oversight and requirements that apply to professional accountants.
Mr. White continued, “IFAC’s professional accountancy member organizations around the globe, which represent millions of individual accountants, are champions of integrity and quality. Our profession is united by a deep commitment to work with regulators, practitioners, and organizations globally to facilitate smooth and timely implementation of international standards, such as ISSA 5000, in order to serve the public interest need.”
IFAC has developed a high-level overview to help stakeholders – preparers, auditors, and investors – anticipate what to expect from sustainability assurance, especially in its early days.
For more information, and/or to be invited to future IFAC webinars or events on sustainability, please contact Communications@IFAC.org.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
This is the third and final installment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s new quality management standards. The IAASB’s suite of quality management standards were issued in December 2020 and came into effect in December 2022.
Installment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.
The revisions relating to the definition of a public interest entity which, among other matters, specifies a broader list of mandatory public interest entity categories, including a new category “publicly traded entity” to replace the category of “listed entity.”
The revised public interest entity definition and related provisions will be effective for audits of financial statements for periods beginning on or after December 15, 2024.
Changes to the definitions of “audit client” and “group audit client” in the Glossary arising from the approved revisions to the definitions of listed entity and public interest entity.
The revised definitions will be effective for audits of financial statements and group financial statements for periods beginning on or after December 15, 2024.
Technology-related provisions of the Code.
The technology-related revisions to Parts 1 to 3 will be effective as of December 15, 2024.
The technology-related revisions to Part 4A will be effective for audits and reviews of financial statements for periods beginning on or after December 15, 2024.
The back of the 2024 Handbook contains the IESBA-approved revisions to the Code addressing Tax Planning and Related Services, which will become effective after June 2025.
Reproducing and Translating the IESBA Handbook To help adoption and implementation of the IESBA standards, stakeholders are invited to submit requests for permission to reproduce or translate the IESBA Handbook online via the Online Permissions Requests or Inquiries system on the IFAC website.
About IESBA
The International Ethics Standards Board for Accountants (IESBA) is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.
