Mark your calendars for August 2!

We will issue the proposed, landmark International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements, for public consultation on August 2.

When approved, ISSA 5000 will be the most comprehensive sustainability assurance standard available to all assurance practitioners across the globe. It will apply to sustainability information reported about any appropriate sustainability matter and prepared under any suitable framework. It will also apply for both limited and reasonable assurance engagements.

ISSA 5000 also benefits from close consultation and coordination with other global organizations, including IOSCO, FSB, IESBA, ISSB, and GRI.

From August 2 to December 1 is when we need to hear from you; your feedback on the proposed standard is crucial. We need to hear from those who:

• Prepare, use or provide assurance on sustainability information
• Use reported sustainability information to make decisions, including audit committee members, investors, and others.

Follow us on LinkedIn or on Twitter or register & subscribe on our website for updates on the proposed ISSA 5000’s release and for announcements about upcoming webinars and events.

The public sector is the largest sector in the global economy, and with complex finances, competing demands on public resources, and the need for transparency and accountability in the management of public funds, the demand for accounting and finance professionals is high. However, many public sector entities, including at national and local government levels, struggle to find suitable candidates with the right skills to fill these positions.

In collaboration with the South African Institute of Chartered Accountants (SAICA), IFAC has published a case study on SAICA’s activities in the public sector, highlighting how a focus on the public sector supports its mandate to contribute to South Africa’s economic and social advancement. SAICA’s priorities include increasing the professionalisation of the public sector through multiple pathways to attract talent and grow its membership, as well as supporting members through professional development and by advocating on their behalf.

“Professional accountancy organizations (PAOs) have a critical role to play in the public sector,” said Stathis Gould, Director of Member Engagement at IFAC. “PAOs can promote the value of a professional workforce, advocate for accountants, and support members’ professional development, which will help the public sector do more with less, and ultimately reinforce trust in public services and spending. SAICA is an excellent example to learn from.”

Dive into SAICA’s methods in IFAC’s case study, Broadening the Accountancy Profession’s Reach in the Public Sector.

About IFAC 

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce. 

Recently, IESBA provided a formal response to the Institute of Internal Auditors (IIA) on the public consultation: Proposed Global Internal Audit Standards. The IESBA commended the IIA’s efforts in making the proposed standards clearer and easier and agree that it is an important strategic priority and in the public interest to ensure international standards such as the IIA standards and IESBA Code remain fit-for-purpose and relevant in addressing key issues users of the standards face.

In IESBA’s response, the global ethics standards setting board highlighted the importance of a comprehensive framework, such as the IESBA’s conceptual framework, to assist internal auditors to identify, evaluate, and address threats to the principles set out in the proposed IIA standards when performing their internal audit function

The IESBA raised its concern in the use of well-established terms such as “independence” and “professional skepticism”, as these terms are generally used in the context of external audit and assurance engagements.

To read IESBA’s full response, click here.

About the IESBA

The International Ethics Standards Board for Accountants serves the public interest by setting ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information. Along with the International Auditing and Assurance Standards Board, the IESBA is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board (PIOB) oversees IESBA and IAASB activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.

Given the scale and complexity of public finances, competing demands on public resources, and the need for transparency and accountability for the management of public funds, the demand for finance and accounting professionals is high.