AASB Exposure Draft, “CSSA 5000, General Requirements for Sustainability Assurance Engagements”

The Canadian Auditing and Assurance Standards Board (AASB) is seeking your input on the proposed sustainability assurance standard, CSSA 5000, General Requirements for Sustainability Assurance Engagements (ED-CSSA 5000).

Recently, the International Auditing and Assurance Standards Board (IAASB) approved an Exposure Draft on the proposed sustainability assurance standard, ISSA 5000, General Requirements for Sustainability Assurance Engagements.

The AASB agreed to adopt ISSA 5000 as an Other Canadian Standard, CSSA 5000, General Requirements for Sustainability Assurance Engagements.

The evaluation of sustainability disclosures through independent assurance enhances the reliability and relevance of sustainability reporting and can build trust and confidence among intended users. That’s why the AASB is interested in obtaining your input on several key areas of ED-CSSA 5000: 

• the applicability of ED-CSSA 5000 and the relationship with ISAE/CSAE 3410;
• definitions of sustainability information and sustainability matters;
• differentiation of Limited Assurance and Reasonable Assurance;
• preliminary Knowledge of the Engagement Circumstances, Including the Scope of the Engagement and Suitability of Criteria;
• engagement materiality;
• understanding the entity’s system of internal control;
• using the Work of Practitioner’s Experts or Other Practitioners;
• estimates and Forward-Looking Information;
• fraud including “greenwashing”;
• reporting Requirements and the Assurance Report;
• the effective date of the standard;
• Canadian conforming and consequential amendments; and
• potential additional Canadian amendments.

Your feedback will help us formulate our response to the IAASB’s Exposure Draft.