What's new?
The International Auditing and Assurance Standards Board (IAASB) has issued International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements in response to stakeholder demand for a specific sustainability assurance standard to address unique challenges and opportunities in assuring sustainability information.
Preparers and assurance providers of sustainability information should seek to understand what ISSA 5000 means to them as they implement organizational transformation to meet sustainability goals and get ready for sustainability reporting and assurance.
Why is this happening?
There have been significant shifts in stakeholder demand in recent years, including increasing calls from investors for credible, high quality and comparable sustainability information on which to base investment, risk management and stewardship decisions.
National climate laws and policies mandating reporting and assurance have emerged along with more broad-ranging reporting frameworks integrated with financial reporting disclosures. ISSA 5000 is the new global baseline standard for assurance providers to use to bring further comparability and increased confidence in reported sustainability information.
What's next?
- Make yourself familiar with ISSA 5000 and how local standard setters and regulators intend to adopt
- Talk to your assurance providers regarding the impact to their service offerings, methodology, and information requirements
- Understand the practical implications for your company’s people, processes, systems, and governance
- Incorporate implications into your existing timelines and project plans
A guide for understanding and preparing for ISSA 5000.
An enhanced assurance standard for sustainability reporting
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