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IAASB: ISSA 5000 Materiality FAQ
- 26 October 2023
- Accounting
- South African Accounting Academy
The compilation addresses various questions, including how the concept of materiality applies to sustainability reporting and assurance; the definition of double materiality; and how an assurance practitioner considers an organization’s “materiality process” during a sustainability assurance engagement, among other questions and answers.
This FAQ document encompasses 7 questions in total, with detailed answers.
The comment period for the proposed ISSA 5000 is open until 1 December 2023.
Click here to download the FAQs:
Relevance to Auditors, Independent Reviewers & Accountants:
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As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services. Thus you need knowledge of newly revised standards that are approved as well as when they become effective.
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Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators, such as the IAASB.
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As an auditor and independent reviewer, you should be aware of proposed new standards and related publications (like FAQs) issued by the standard-setting bodies, e.g. the IAASB.
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These 2 FAQs assist auditors with various considerations regarding materiality around ISSA 5000.
Relevance to Your Clients:
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None