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IESBA: Comment Letter re Draft Guidelines on Limited Assurance on Sustainability Reporting
- 25 July 2024
- Sustainability Reporting
- South African Accounting Academy
The IESBA strongly welcomes the CEAOB proposal, in the sense that it will allow the EU to fulfil the unregulated but already mandatory activity of sustainability assurance.
It is, however, critical that these guidelines include robust ethics and independence requirements to ensure that the assurance framework operates with quality, integrity and effectiveness.
Starting from financial years beginning on or after 1 January 2024, large companies in the EU are required to draw up sustainability statements in accordance with the European Sustainability Reporting Standards (ESRS). These statements are required to be subject to an assurance engagement by statutory auditors or other assurance services providers.
To prevent fragmentation and promote consistency in practices until the European Commission’s (EC) adoption of an assurance standard at EU level by 1 October 2026, the EC has invited the CEAOB to develop non-binding guidelines regarding limited assurance on sustainability reporting.
Click here to download the Comment 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 proposed guidelines as when they become effective.
- Auditors, Independent Reviewers and Accountants should be aware of the latest publications and guidance issued by regulators and standard-setting boards, such as the IESBA – especially those relating to limited assurance engagements on sustainability reporting.
- Practitioners should also be aware of commentary published on proposed auditing standards by other stakeholder professional bodies, such as IESBA.