Final pronouncement of International Standard on Sustainability Assurance (ISSA) 5000 is published
Final pronouncement of International Standard on Sustainability Assurance (ISSA) 5000 is published
The International Auditing and Assurance Standards Board (IAASB) has released the final pronouncement of its ISSA 5000, titled 'General Requirements for Sustainability Assurance Engagements'. Based on the press release, this comprehensive, stand-alone standard is designed for any sustainability assurance engagements and can be used by both professional accountants and non-accountant assurance practitioners.
Tom Seidenstein, Chair of the IAASB, highlighted that ISSA 5000 establishes a global baseline, which is also compatible with the EU Corporate Sustainability Reporting Directive (CSRD). The standard addresses both limited and reasonable assurance engagements and incorporates traditional and double materiality concepts. The IAASB plans to release guidance and support videos related to the standard.
Jean-Paul Servais, Chair of the International Organization of Securities Commissions (IOSCO), mentioned that IOSCO will evaluate whether the standard meets its expectations and, if so, will encourage jurisdictions to adopt it, considering national arrangements.
More information and documents are available at the links below:
Press release
ISSA 5000
Basis for conclusions
Speech by IAASB Chair Tom Seidenstein
Speech by Jean-Paul Servais
Tom Seidenstein, Chair of the IAASB, highlighted that ISSA 5000 establishes a global baseline, which is also compatible with the EU Corporate Sustainability Reporting Directive (CSRD). The standard addresses both limited and reasonable assurance engagements and incorporates traditional and double materiality concepts. The IAASB plans to release guidance and support videos related to the standard.
Jean-Paul Servais, Chair of the International Organization of Securities Commissions (IOSCO), mentioned that IOSCO will evaluate whether the standard meets its expectations and, if so, will encourage jurisdictions to adopt it, considering national arrangements.
More information and documents are available at the links below:
Press release
ISSA 5000
Basis for conclusions
Speech by IAASB Chair Tom Seidenstein
Speech by Jean-Paul Servais