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Comments on Exposure Draft for Proposed ISSA 5000, sustainability assurance engagements by the Auditing and Assurance Standards Committee of AFAANZ

Author

Listed:
  • David Hay
  • Noel Harding
  • Pallab Biswas
  • Chris Gan
  • Irene Qingling Ge
  • Linh Ho
  • Dinithi Ranasinghe
  • Harj Singh
  • Nigar Sultana
  • Shan Zhou

Abstract

The Exposure Draft for Proposed International Standard on Sustainability Assurance (ISSA) 5000 has been issued by the International Auditing and Assurance Standards Board (IAASB) because there is increasing demand by stakeholders for assurance of sustainability information. Our recommendations include: (i) a more flexible approach to ethics and quality management instead of the requirements for standards that are at least as demanding as the accounting profession's standards; (ii) more differentiation between the requirements for limited as opposed to reasonable assurance and (iii) more cautious use of the term materiality and clearer definitions of the different materiality concepts to avoid potential confusion.

Suggested Citation

  • David Hay & Noel Harding & Pallab Biswas & Chris Gan & Irene Qingling Ge & Linh Ho & Dinithi Ranasinghe & Harj Singh & Nigar Sultana & Shan Zhou, 2024. "Comments on Exposure Draft for Proposed ISSA 5000, sustainability assurance engagements by the Auditing and Assurance Standards Committee of AFAANZ," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 1221-1239, March.
    • Handle: RePEc:bla:acctfi:v:64:y:2024:i:1:p:1221-1239
    DOI: 10.1111/acfi.13235
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