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IAASB: New ISSA 5000 Materiality FAQs
- 21 July 2026
- Miscellaneous
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has released a new Frequently Asked Questions (FAQ) publication on Materiality to support implementation of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.
Article:
The FAQs focus on the consistent and effective application of materiality in sustainability assurance engagements and are intended to promote consistent understanding and effective application of the concept under ISSA 5000.
The document explains how both reporting entities and assurance practitioners apply materiality in the context of sustainability information, including:
- Understanding the information needs of intended users of sustainability information;
- Addressing qualitative and quantitative disclosures;
- Addressing double materiality considerations, when required; and
- Considering how materiality is applied throughout the engagement to support decision-useful sustainability reporting.
The FAQs also provide explanations and illustrative examples to help stakeholders better understand the application of the concept of materiality under ISSA 5000. The new material brings together other related matters highlighted in other IAASB support materials by providing appropriate links.
This publication complements IAASB’s existing resources and is intended to support practitioners, preparers, regulators, and other stakeholders as they implement, or prepare for the implementation of, ISSA 5000. It does not amend, override, or supersede the requirements of ISSA 5000.
Remember that ISSA 5000 is effective for periods beginning on or after 15 December 2026.
Click here to download the 23-page document:
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.