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IAASB: ISSA 5000 Fact Sheet
- 04 February 2025
- Auditing and Assurance
- South African Accounting Academy
Summary:
To support practitioners, the International Audit and Assurance Standards Board (IAASB) has published a new Fact Sheet on the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements (ISSA 5000).
Article:
This IAASB fact sheet provides an overview and highlights of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.
It includes who the standard applies to, what it covers, and what the standard provides to practitioners, stakeholders, and those who rely on reported sustainability disclosures for decision making.
ISSA 5000 addresses assurance engagements on sustainability information reported by entities of all sizes and complexity, prepared under any suitable framework or other criteria.
The Final Pronouncement & Basis for Conclusions were published in November 2024 and are available at https://www.iaasb.org/publications/international-standard-sustainability-assurance-5000-general-requirements-sustainability-assurance
EFFECTIVE DATE: In jurisdictions that adopt it, ISSA 5000 is effective for periods beginning on or after 15 December 2026.
Click here to download the 4-page Fact Sheet:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
- Failure to adhere to International Standards may be interpreted as negligence and you could be held liable.
- This ISSA deals with both reasonable and limited assurance engagements, and can be used by all practitioners (under certain circumstances).
- As an auditor and independent reviewer, you should be aware of new standards and publications (like guidance and support materials) issued by the standard-setting bodies, e.g. the IAASB.