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New IAASB guidance helps advance assurance for non-financial reporting

  • IAASB - Assurance Image

Apr 06, 2021

On April 6, 2021, the International Auditing and Assurance Standards Board (IAASB) published "Non-Authoritative Guidance on Applying ISAE 3000 (Revised) to Extended External Reporting (EER) Assurance Engagements". This marks a significant step forward in supporting assurance for non-financial reporting.

The Guidance responds to ten key stakeholder-identified challenges commonly encountered in applying International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information. The guidance promotes consistent high-quality application of ISAE 3000 (Revised) in extended external reporting assurance engagements to:

  • strengthen the influence of such engagements on the quality of extended external reporting;
  • enhance trust in the resulting assurance reports; and
  • increase the credibility of extended external reports so that they can be trusted and relied upon by their intended users.

The Guidance addresses a number of overarching matters, including applying appropriate competence and capabilities, exercising professional skepticism and professional judgement, and the preconditions for an assurance engagement, as well as more specific technical matters. The Guidance also provides further explanation and examples to better understand the distinction between limited assurance and reasonable assurance engagements.

Review the press release and publication on the IAASB's website.

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