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ACCA Strategic Professional · Advanced Audit and Assurance (International) · Audit-related and assurance services

Zenith Retail plc has asked its audit firm to provide a report on its sustainability report. The engagement is not an audit or review of historical financial information. Which standard governs the firm's work on this assurance engagement?

ISAE 3000 (Revised) governs assurance on a sustainability report, because it covers assurance engagements other than audits or reviews of historical financial information. ISA 700, ISRE 2400 and ISRS 4400 deal with financial statement audits, reviews and agreed-upon procedures respectively.

  1. AISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial InformationCorrect
  2. BISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
  3. CISRE 2400, Engagements to Review Historical Financial Statements
  4. DISRS 4400, Agreed-Upon Procedures Engagements

Explanation

ISAE 3000 (Revised) is the umbrella standard for assurance engagements that are not audits or reviews of historical financial information, which includes most sustainability and integrated reporting assurance. ISA 700 applies to financial statement audits. ISRE 2400 covers reviews of historical financial statements. ISRS 4400 deals with agreed-upon procedures, which give no assurance conclusion.

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