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Consultation Paper, Extended External Reporting Assurance

  • IAASB - Assurance Image

Feb 28, 2019

On February 28, 2019, the International Auditing and Assurance Standards Board (IAASB) released a Consultation Paper, seeking feedback on its progress in developing draft guidance in the first phase of its EER Assurance project. Comments are requested by June 21, 2019.

Extended external reporting (EER) is becoming increasingly common and there is a growing demand for assurance engagements in relation to it.

EER encapsulates many different forms of reporting including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about environmental, social and governance matters.

The IAASB Consultation Paper, Extended External Reporting Assurance, includes the first part of draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements. Input received will assist the IAASB in continuing to develop a complete non-authoritative guidance document due to be published in the second phase of the project.

The consultation includes draft guidance covering:

  • The suitability of criteria (reporting framework or standards) used to prepare the EER report;
  • Preparer-developed criteria to determine the matters reported on (a preparer’s “materiality process”);
  • The types of misstatements that may occur in the EER report (building assertions);
  • The materiality of misstatements in the EER report;
  • The preparer’s governance and internal control over its process to prepare the EER report; and
  • Narrative and future-oriented information in the EER report.

The IAASB invites input on the draft guidance from all stakeholders, especially those with practical experience in this evolving area of reporting, including practitioners and other experts involved in performing engagements, preparers of EER reports, investors and other users, standard setters, and regulators.

Review the Consultation Paper on the IAASB's website.

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