No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
No Result
View All Result
No Result
View All Result

Investors drive demand for sustainability assurance, describes ACCA report Sustainability Assurance – Rising to the Challenge

Report sets next key goal for driving trust in corporate reporting

Press Release by Press Release
March 31, 2023
in Business, Education, Top News
Reading Time: 3 mins read
Global Economic Conditions Survey

Lahore, 29 March 2023: Investors seeking to place reliance on corporate sustainability information are driving unprecedented demand for assurance in this emerging area.

This represents a challenge and an opportunity for the global accountancy profession. In response the profession is engaged in determining the framework within which assurance engagements should be carried out and who is best qualified to perform the work.

Using the core assurance skills obtained through the experience of auditing financial statements, the accountancy profession – alongside others performing assurance engagements – is well placed to satisfy this demand. ACCA’s report Sustainability Assurance – Rising to the Challenge describes the landscape for sustainability assurance and introduces the extant standard and guidance issued by the International Auditing and Assurance Board (IAASB).

Sustainability Assurance – Rising to the Challenge sets out the key issues faced by practitioners providing this assurance work. ACCA’s research – supported by evidence gathered from a series of virtual global roundtables held in 2022 and 2023, with assurance practitioners and other representatives involved with audit and assurance policy-related matters – sets out seven key messages:

  • To avoid a new ‘sustainability assurance expectation gap’ ACCA stresses the importance of international and national standard setters explain what ‘limited assurance’ and ‘reasonable assurance’ mean, and the key differences between the two.
  • Standard setters should consider the risk of misleading reporting – green washing – when developing reporting and assurance standards.
  • A concept to deal with estimates should be a key focus for the IAASB as much sustainability reporting and assurance work is often based on hypothetical scenarios.
  • The unprecedented dependence on subject matter experts (SMEs) for sustainability assurance engagements may suggest the need for further standards and guidance on how to rely on their work.
  • The assurance report – the end-product – should be seen as a key priority area by standard setters and policy makers, particularly in dealing with limited/reasonable differences.
  • Assurance skills obtained through audit experience remain vital in performing sustainability assurance engagements.
  • ISAE 3000 (Revised) and the Sustainability/EER guidance provide a strong foundation for those intending to undertake sustainability assurance engagements before the IAASB’s overarching standard is finalised.

Report co-author, Marianna Rogdaki, Audit & Ethics Lead, ACCA says: ‘ACCA recognises that it can be a real challenge for practitioners new to this area to come to grips with both the risks and the opportunities of taking on sustainability assurance engagements. This report aims to raise awareness of the current landscape as a good starting point for practitioners to get involved.’

She adds: ‘It is clear that the demand for sustainability information is now higher than ever, with regulators across the globe considering mandatory reporting and assurance requirements.

‘Most notably in the European Union, the European Commission has replaced the Non-Financial Reporting Directive (NFRD) with the Corporate Sustainability Reporting Directive (CSRD) introducing mandatory requirements for more entities, alongside requirements for assurance over the published information.’

Report co-author, Antonis Diolas, Head of Audit and Assurance, Policy & Insights, ACCA, says: ‘In our roundtable, the importance of professional scepticism was noted. Given the immaturity of sustainability reporting, professional scepticism is even more important where subjective statement often forms part of sustainability reports and are not backed up with sufficient appropriate evidence.’

The report commends the IAASB, the International Sustainability Standards Board (ISSB), and the International Ethics Standards Board for Accountants (IESBA) for their respective swift responses to the call for international sustainability reporting, assurance and ethical standards, reducing the risk of fragmentation. Read the full report here.

Press Release

Press Release

Related Posts

CBD PUNJAB STRENGTHENS ACADEMIA-INDUSTRY LINKAGES WITH BAHRIA UNIVERSITY STUDENT VISIT
Business

CBD PUNJAB STRENGTHENS ACADEMIA-INDUSTRY LINKAGES WITH BAHRIA UNIVERSITY STUDENT VISIT

June 13, 2025
Zindigi and LDA Launch Plantation Drive to Promote a Greener Future in Lahore.
Business

Zindigi and LDA Launch Plantation Drive to Promote a Greener Future in Lahore.

June 10, 2025
Karandaaz and GrowTech Partner to Empower Smallholder Farmers through AgriTech and Financial Inclusion
Business

Karandaaz and GrowTech Partner to Empower Smallholder Farmers through AgriTech and Financial Inclusion

May 21, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

Killed

Young trader killed during robbery bid in Karachi

by News Desk
December 2, 2024

A 22-year-old trader was tragically shot dead during a robbery attempt on New M.A. Jinnah Road on Sunday evening, according...

KSE-100 index lose over 500 points as PSX experiences negative trend

PSX soars over 1,200 points amid optimism on inflation and interest rate cuts

by News Desk
December 2, 2024

The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Monday as the benchmark KSE-100 index surged 1,248.84 points, or...

PTI suspends Islamabad protest following deadly clashes, appeals for justice

PTI suspends Islamabad protest following deadly clashes, appeals for justice

by News Desk
November 27, 2024

The Pakistan Tehreek-e-Insaf (PTI) announced the suspension of its Islamabad sit-in early Wednesday after a day of intense clashes in...

PSX in boorish trend for second consecutive day; benchmark KSE-100 index lost over 700 points

KSE-100 Index surges over 600 points amid banking sector rally

by News Desk
November 25, 2024

Bullish sentiment dominated the Pakistan Stock Exchange (PSX) on Monday as the KSE-100 index climbed 621.85 points, or 0.64 per...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut

Copyright © 2022 The Upcut. All rights reserved.

Go to mobile version