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On 2 August 2023, the International Auditing and Assurance Standards Board (IAASB) issued the Exposure Draft (ED) of the proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. Some of the key provisions of the ED include:

  • Applicability: ISSA 5000 is a global baseline standard and thus, applies to all assurance engagements on sustainability information. Further, it is a standalone standard and does not require any other existing IAASB auditing or assurance standards to be applied together
  • Scope: ISSA 5000 is applicable to both reasonable and limited assurance engagements. However, it deals with only attestation engagements and not direct reporting engagements
  • Overarching standard: The practitioner is not required to apply the International Standard on Assurance Engagements (ISAE) 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information separately when performing the engagement under ISSA 5000
  • Use by all assurance practitioners: Both professional accountants as well as non-accountant assurance practitioners could use ISSA 5000.

The ED is open for comments up to 1 December 2023.

To access the text of the ED, please click here

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