IAASB approves Sustainability Assurance with International Standard on Sustainability Assurance (ISSA) 5000
On September 20, 2024, the International Auditing and Assurance Standards Board (IAASB) approved the International Standard on Sustainability Assurance (ISSA) 5000. This milestone provides a global framework for the assurance of sustainability information (read more background information here). The next step involves finalizing the standard’s text for certification by the Public Interest Oversight Board.
With assurance of sustainability reports becoming mandatory across many jurisdictions, including under the EU’s Corporate Sustainability Reporting Directive (CSRD), the ISSA 5000 standard addresses this need. In parallel, the European Audit Oversight Bodies Committee (CEAOB) has issued guidelines on limited assurance to ensure consistent practices across EU Member States during the transition to formal standards.
The CSRD mandates that sustainability reports must be verified by an accredited independent auditor, emphasizing the quality of disclosures and setting timelines for both limited and reasonable assurance. In response, the IAASB has accelerated its consultation process on ISSA 5000 to gather feedback and publish the standard on time.
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ISSA 5000, titled “General Requirements for Sustainability Assurance Engagements” is a stand-alone standard for providing assurance over sustainability information reported under multiple frameworks. It is applicable to both professional accountants and other assurance practitioners.
The approval of ISSA 5000 aims to ensure that sustainability disclosures are accurate and reliable. It provides companies with guidance on assurance processes. By enabling assurance engagements for sustainability information across diverse frameworks, ISSA 5000 seeks to bring consistency to sustainability reporting.
For more information, you can read the full press release here.
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