IAASB advances timeline for consultation for proposal on sustainability assurance
Apr 24, 2023
On April 24, 2023, the International Auditing and Assurance Standards Board (IAASB) announced that, at its April 2023 meeting, it had confirmed its intention to advance the consultation on its proposed new standard for sustainability assurance, International Standard on Sustainability AssuranceTM (ISSA) 5000, General Requirements for Sustainability Assurance Engagements.
Subject to the expected IAASB approval of the Exposure Draft in June 2023, 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.
The advanced consultation will support two objectives. First, the earlier publication, accompanied by a comprehensive and global outreach strategy, will enable the IAASB to gain broad and early input into the development of ISSA 5000. Second, the advanced consultation period will better ensure the completion of the final standard in 2024. In a recent report, the International Organization of Securities Commissions (IOSCO) highlighted the importance of having ISSA 5000 developed in accordance with due process and ready in 2024 to support a global baseline for sustainability reporting and assurance standards that meets the public interest.
Review the press release on IAASB’s website.
