After reviewing the feedback gathered, AASB found it to be generally consistent with the main themes identified during the international standard's consultation. These include requests for enhanced guidance on relevant ethical requirements and quality management, clarification on the relationship between CSSA 5000 and ISAE 3410, further consideration and guidance on the entity's materiality process, greater detail on materiality, particularly for qualitative disclosures, more guidance on obtaining evidence for estimates and forward-looking information, additional requirements and guidance for group sustainability assurance engagements, and the need for first-time implementation guidance. Areas, where feedback gathered in Canada differed from that heard during the international consultation process, include how sufficiently the proposed standard addresses the concept of greenwashing and other types of washing (e.g., social washing) and requirements relating to using the work of a practitioner’s external expert or another practitioner.

Over the next few months, the AASB will be working to ensure Canadian feedback is considered by the International Auditing & Assurance Standards Board (IAASB) as the final standard is developed. The anticipated approval date for the final CSSA 5000 is December 2024.

Access the press release on the AASB’s website.