Guidance on applying ISAE 3000 (Revised)

Guidance on applying ISAE 3000 (Revised)

• 13 April 2021
• Auditing and Assurance
• South African Accounting Academy

The aim of the IAASB in issuing the Guidance is to promote consistent high-quality application of the Standard in EER assurance engagements to:

• Strengthen the influence of such engagements on the quality of EER reporting,
• Enhance trust in the resulting assurance reports, and
• Increase the credibility of EER reports so that they can be trusted and relied upon by their intended users.

The intended audience of the Guidance is practitioners carrying out EER assurance engagements in accordance with the Standard. Although the Guidance may also assist other parties to an EER assurance engagement in understanding aspects of the performance of EER assurance engagements, such as preparers and users of EER reports, or regulators, it has not been developed with the needs of such parties in mind.

IAASB Chair Tom Seidenstein has published a new article detailing the recently approved non-authoritative guidance on applying ISAE 3000 (Revised) – Assurance standards keeping pace on non-financial reporting.

This guidance marks a significant step forward in supporting the evolving field of assurance for non-financial reporting. EER encapsulates many different forms of reporting, including, but not limited to, sustainability or ESG (environmental, social and governance) reporting, integrated reporting, reporting on corporate social responsibility, greenhouse gas statements, and service performance reporting in the public sector.

Together with ISAE 3000 (Revised) and ISAE 3410, Assurance Engagements on Greenhouse Gas Statements, the Guidance forms a strong package aimed at enhancing confidence in and improving the reliability of assurance reports for their intended users.

The article discusses the following:

• The Guidance Addresses Growing Demands for Extended External Reporting & Non-Financial Information Reporting
• EER Engagements Must Include a Commitment to Quality and the Highest Ethical Standards
• Ensuring the Right Conditions exist
• Additional Support model
• What lies ahead

The full article can be accessed on https://www.iaasb.org/news-events/2021-03/assurance-standards-keeping-pace-non-financial-reporting

Click here to access the 147-page guidance document:

https://www.ifac.org/system/files/publications/files/IAASB-Guidance-Extended-External-Reporting.pdf

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