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IRBA: Review of SAAEPS 1: Sustainability Assurance Engagements
- 10 August 2023
- Accounting
- South African Accounting Academy
Five years after issuing a practice statement on sustainability assurance engagements for practitioners, this post-implementation review (PIR) will take place in the last quarter of 2023. This review is aimed at, among others, informing and directing the constantly evolving discussions on sustainability assurance.
This pronouncement provides practical assistance to practitioners on certain preconditions that need to be present when requested to accept a sustainability assurance engagement, according to the requirements of International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
Now, given the rapid pace of developments on sustainability reporting, from the preparer and assurance perspectives, the overall purpose of this planned PIR will be to:
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Determine the extent of usage of SAAEPS 1;
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Determine whether SAAEPS 1 is consistently understood and implemented in a manner that achieves the IRBA's intended purpose;
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Identify how, if any, practical challenges and concerns are addressed; and
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Understand whether SAAEPS 1 is still fit for purpose, considering the assurance developments at the International Auditing and Assurance Standards Board, and globally.
The Secretariat, which will be coordinating the review, will send out requests for information to firm leadership and other interested stakeholders. Additionally, face-to-face discussions with representatives from various organisations will be scheduled. The Secretariat would also like to hear from users who wish to participate in this review.
SAAEPS 1 is effective for Audits and reviews of financial statements for periods beginning on or after 15 December 2022, and Other assurance and related services engagements beginning on or after 15 December 2022.
Access the SAAEPS 1 here: https://www.irba.co.za/upload/10%20-%20Updated%20SAAEPS%201_Final.pdf
Click here to download the IRBA Communiqué:
https://www.irba.co.za/upload/55_%20Post%20Implementation%20Review%20of%20SAAEPS.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
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All Registered Auditors, Independent Reviewers and other Independent Assurance Practitioners must comply with the IRBA Pronouncements that affect their reporting on relevant engagements – including sustainability assurance engagements.
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Practitioners should be aware of pronouncements that follow reviews/amendments to Standards and pronouncements, such as SAAEPS 1.
Relevance to Your Clients:
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None