The International Ethics Standards Board for Accountants (IESBA) today announced that a Sustainability Reference Group (SRG) has been established to support the work of its Sustainability Task Force.
The SRG members have been selected based on a series of criteria, including their background, experience or expertise in sustainability reporting or assurance, stakeholder groups, and geographical location. The members will act as a “sounding board” to the Sustainability Task Force, providing insights, expertise, or advice relating to the development of global ethics and independence standards for sustainability reporting and assurance.
The SRG will be chaired by Mr. Channa Wijesinghe, IESBA Member and Sustainability Task Force Member. The SRG Members are:
With the increasing global demand for corporate reporting and disclosure on sustainability, ESG (environmental, sustainability, and governance), and climate-related information, we are proud to have risen to the occasion by developing this new proposed standard. This proposed standard aims to enhance confidence in sustainability reporting, responds to IOSCO recommendations, and complements the work of other standard setters, including the International Ethics Standards Board for Accountants, EFRAG, International Sustainability Standards Board and IFRS Foundation, Global Reporting Initiative, and others.
Once finalized, ISSA 5000 will serve as a comprehensive, stand-alone standard suitable for limited and reasonable sustainability assurance engagements. It will apply to sustainability information reported across any sustainability topic and prepared under multiple frameworks. Moreover, the standard will be profession-agnostic, enabling its use by professional accountants and other professionals performing sustainability assurance engagements.
As the IAASB works toward the release of the draft standard in the coming weeks, it is also in the process of finalizing extensive outreach plans. These plans include a series of four roundtable discussions, as well as virtual, regional, and national events held in partnership with other organizations throughout the consultation period. To stay updated on the latest information and upcoming events, please follow us on Twitter and LinkedIn and consider registering or subscribing to our mailing list via the IAASB website.
ISSA 5000, General Requirements for Sustainability Assurance Engagements, will be open for public consultation by August
Today, the International Federation of Accountants (IFAC) released the second installment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s (IAASB) quality management standards. Installment Two: Developing a Detailed Implementation Planprovides a step approach to identifying your quality objectives; completing your quality risk assessment process; identifying existing, or creating new, responses to those quality risks; and implementing, documenting, and communicating your system of quality management.
Installment Two also:
Addresses the eight components of the IAASB’s International Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements;
Contains an example case study to illustrate the transition from the International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements; and
Includes multiple documentation aids covering independence, acceptance and continuance of clients and engagements, resources, and outside consultation, as well as a sample checklist for engagement quality reviews.
Installment One of the series addressed the mindset change the new standards require and the shift in focus from quality control to quality management. Installment Three, expected later this year, will cover monitoring and remediation. This series joins IFAC’s collection of available resources that support quality management implementation, including webinars, articles and videos, as well as the IAASB first-time implementation guides, all of which are available at ifac.org/qualitymanagement.
IFAC acknowledges and appreciates feedback from IFAC’s Small and Medium Practices Advisory Group and Forum of Firms representatives in the development of the series.
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 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce
