IAASB seeking views on extended external reporting assurance

The International Auditing and Assurance Standards Board (IAASB) is seeking feedback on progress in developing draft guidance in the first phase of a project to develop guidelines for assurance on extended external reporting (EER)

EER encapsulates many different forms of reporting including, but not limited to, integrated reporting, sustainability reporting and other reporting by entities about environmental, social and governance matters.

The IAASB’s consultation paper includes the first part of draft guidance for practitioners applying International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, to EER assurance engagements.

This consultation paper does not include an exposure draft of the anticipated full guidance as it is an interim consultation. Its purpose is to assist the IAASB to continue developing a complete non-authoritative guidance document that is due to be published in the second phase of the project as an exposure draft.

This consultation includes draft guidance covering the suitability of criteria (reporting framework or standards) used to prepare the EER report; preparer-developed criteria to determine the matters reported on (a preparer’s ‘materiality process’); the types of misstatements that may occur in the EER report (building assertions); the materiality of misstatements in the EER report; the preparer’s governance and internal control over its process to prepare the EER report; and narrative and future-oriented information in the EER report.

The IAASB invites input on the draft guidance from all stakeholders, especially those with practical experience in this evolving area of reporting, including practitioners and other experts involved in performing engagements, preparers of EER reports, investors and other users, standard setters, and regulators.

Comments are requested by 21 June. 

Consultation Paper, Extended External Reporting Assurance is here.

Report by Pat Sweet

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