Standard-setting body the International Auditing and Assurance Standards Board (IAASB) has issued a global sustainability assurance standard, in a push to "enhance the trust and confidence" investors and regulators have in sustainability information. Read the full article at Responsible-investor.com.
The disclosures that companies make about their green credentials will be evaluated by new global audit standards that are expected to be finalized by the end of next year. Read the full article at Bloomberg.com.
A global body on Wednesday proposed its first set of comprehensive rules for auditing climate-related company disclosures in an anticipated move regulators have said is crucial for giving investors information free of greenwashing. Read the full article at Reuters.com.
As companies scale up the scope and scale of their sustainability reporting, under pressure from both investors and regulators, the need for high-quality external assurance of these disclosures is increasingly urgent. Read the full article at FT.com.
The International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) applaud the efforts of the International Sustainability Standards Board (ISSB) and today’s International Organization of Securities Commissions (IOSCO) endorsement decision of the ISSB’s recently issued IFRS Sustainability Disclosure Standards S1 and S2. IOSCO determined that these standards are “appropriate to serve as a global framework for capital markets to develop the use of sustainability-related financial information in both capital raising and trading and for the purpose of helping globally integrated financial markets accurately assess relevant sustainability risks and opportunities.”
In commenting on the endorsement, Tom Seidenstein and Gabriela Figueiredo Dias, IAASB and IESBA Chairs, respectively, said, “IOSCO’s endorsement of IFRS Sustainability Disclosure Standards S1 and S2 and its call to action for member jurisdictions to move toward adoption and implementation are two more important steps in establishing a trusted reporting framework for sustainability information. We appreciate IOSCO’s leadership in coordinating global consistency in sustainability reporting, assurance, and ethics standards.”
The International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) applaud the Public Interest Oversight Board’s (PIOB’s) recent appointment Alan Johnson to be the inaugural chair of the new Stakeholder Advisory Council (SAC). Mr. Johnson brings a wealth of international experience to this new role, including as a former Trustee of the International Foundation for Ethics and Audit; as a chief executive, non-executive director, and audit and risk assurance committee chair; and as past president of the International Federation of Accountants.
In commenting on Mr. Johnson’s appointment and the creation of the SAC, Gabriela Figueiredo Dias and Tom Seidenstein, IESBA and IAASB Chairs, respectively, stated, “The IESBA and IAASB will benefit greatly from this newly created, diverse forum that will advise us on our strategies and projects. We very much look forward to working with Alan and benefiting from his unique experience and perspectives and from his insights which will ensure our Boards remain responsive to the public interest.”
From April 10 to 13, 2023, Tom Seidenstein, IAASB Chair visited Japan. Japanese Institute of CPAs Chairman and President, Tetsuya Mogi, interviewed with Mr. Seidenstein.
Read the full interview in Japanese or English on the JICPA website.
The International Ethics Standards Board for Accountants and the International Auditing and Assurance Standards Board applaud the recent announcement by the International Sustainability Standards Board (ISSB) that final decisions for all technical content related to ISSB's inaugural sustainability standards have been made and that the ISSB is entering the final stages of the standards development process ahead of an expected issuance at the end of Q2 2023.
We echo the recent statement of support from the International Organization of Securities Commissions (IOSCO) and appreciate IOSCO's encouragement for our boards’ work to develop standards by the end of 2024. The IOSCO statement is a timely reminder that providing the necessary assurance and ethics standards is essential to complete the sustainability reporting and assurance standards infrastructure. We will continue to work closely with all parties as we develop our sustainability standards, which we will discuss at our respective March meetings.
The current sustainability reporting and assurance landscape is rapidly evolving, with important stakeholders showing an increased interest in sustainability-related corporate reporting information. Trust in such reporting is a key issue for many stakeholders, in particular investors who are increasingly using this information for capital allocation and other decisions.
Assurance over sustainability-related information is not something new; however, the importance placed on the reliability of such information is radically increasing, suggesting that a new era of sustainability reporting and assurance is emerging.
