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ACCA Strategic Professional · Advanced Audit and Assurance (International) · Developments in sustainability assurance

Zenith Assurance LLP has been asked by Orlan plc to report on its sustainability report, which includes greenhouse gas emissions and workforce data. The engagement partner wants to know which standard should be applied by a professional accountant in public practice, as a matter of firm policy, when the engagement is conducted under the IAASB's international suite for sustainability assurance. Which standard is the overarching standard for assurance on sustainability information?

ISSA 5000 is the IAASB's overarching standard for sustainability assurance engagements. It can be applied to limited or reasonable assurance on sustainability information. ISA 700, ISRS 4400 and ISA 800 deal respectively with financial statement audit opinions, agreed-upon procedures and special purpose frameworks, so they do not fit.

  1. AISSA 5000, General Requirements for Sustainability Assurance EngagementsCorrect
  2. BISA 700, Forming an Opinion and Reporting on Financial Statements
  3. CISRS 4400, Agreed-Upon Procedures Engagements
  4. DISA 800, Special Considerations: Audits of Special Purpose Frameworks

Explanation

ISSA 5000 is the IAASB's broad, profession-agnostic standard for assurance engagements on sustainability information, covering both limited and reasonable assurance. ISA 700 applies to audits of financial statements. ISRS 4400 covers agreed-upon procedures, which provide no assurance conclusion. ISA 800 concerns special purpose financial statements.

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