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Updates from IAASB

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On 2 August 2023, IAASB issued the Exposure Draft (ED) of the proposed International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements. One of the key provisions of the ED is relating to application of materiality by the entity and assurance practitioner.

Based on the feedback received from various stakeholders, IAASB felt the need to provide additional information on materiality matters. Accordingly, recently it issued certain FAQs on the proposed ISSA 5000. The FAQs address various materiality issues, including:

  • Application of the concept of materiality to sustainable reporting and assurance
  • Definition of ‘double materiality’
  • How a practitioner should consider an organisation’s materiality process during a sustainability assurance engagement, etc.

To access the text of the FAQs, please click here

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