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Proposed new standard for Sustainability Assurance Engagements
- 26 April 2023
- Accounting
- South African Accounting Academy
Public Consultation to begin in July 2023 to ensure timely delivery in 2024.
Subject to the expected IAASB approval of the Exposure Draft in June, stakeholders can now expect the public consultation on the proposed standard to open in the latter part of July or early August 2023 and extend into December 2023. The consultation was originally scheduled to commence in October 2023.
During the consultation process, the IAASB will continue to coordinate closely with the International Ethics Standards Board for Accountants (IESBA) as the IESBA progresses its project to develop ethics and independence standards for sustainability reporting and assurance. This coordination will ensure that the IESBA and IAASB’s collective efforts provide an integrated package of ethics and assurance standards for sustainability by the end of 2024. The IAASB will also actively monitor, engage, and coordinate with other standard setters and organizations developing standards and guidance on sustainability reporting and assurance.
Click here to access more information on the IAASB’s process in this regard:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor, independent reviewer and accountant, you need to consider all publications by IFAC (including the standard-setting bodies of IESBA & IAASB) for guidance on the upcoming Sustainability Reporting Framework.
- Assurance practitioners should adhere to international standards – with respect to ethics and sustainability assurance engagements, as well as the development of new standards in this regard.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
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