Sustainability assurance resources
An increasing number of entities are reporting on their sustainability or environmental, social and governance (ESG) performance. This is driven by a variety of factors, including growing investor and stakeholder demand, and new regulatory requirements.
Assurance is an important component of this evolving reporting landscape, and we expect demand for third-party sustainability assurance services to increase in the future. Assurance providers may also be called upon to evaluate an entity’s sustainability reporting controls and processes, as well as provide advice on sustainability-related reporting and compliance obligations.
We have compiled an inventory of sustainability assurance resources to help you navigate this rapidly changing environment. New content will be added regularly.
CPA Canada resources
Sustainability Assurance Alert (June 2024): Third-party assurance over sustainability information
Read this alert to learn about a CPA’s role in third-party assurance over sustainability information.
Webinar: The Future of Sustainability Reporting with ISSB Standards – Assurance Requirements (CPA Canada and ICD) [CPA Canada and Institute of Corporate Directors]
Tune into this webinar to gain clarity on sustainability reporting and assurance developments and equip your board with the knowledge to adapt.
Webinars: Sustainability Reporting and Assurance – What You Need to Know (September 2023)
Tune into this two-part webinar to learn about the rapidly evolving sustainability landscape. Hear about recent developments in sustainability reporting and assurance standards and regulatory requirements, and the implications and opportunities for CPAs.
Audit Quality Blog (September 2023): Get up to speed on recent sustainability developments
As companies continue to set net-zero targets and momentum builds toward standardized sustainability reporting, CPAs will be called upon to provide independent assurance over this information. Read on to learn about the latest developments.
Practitioner’s Pulse Webinar (October 2022): The sustainable debt market and other sustainability updates
Tune into this webinar for an introduction to the exploding sustainable debt market and for developments in the sustainability reporting and assurance landscape relevant to CPAs, both globally and in Canada.
Audit Quality Blog (October 2022): Sustainability standards developments and their implications for CPAs
Learn about recent global and Canadian developments in sustainability reporting and assurance and the implications for CPAs in public practice, and for their clients.
Global Research Study (May 2022): Navigating the sustainable debt market
Read this important research for an introduction to the US $1 trillion global sustainable debt market. The final report examines the trends, challenges and opportunities, as well as some considerations for enhancing credibility in an evolving market.
Audit Quality Blog (March 2022): Understanding the changing landscape of sustainability assurance in Canada
The assurance profession must play a crucial role to enhance the credibility of high-quality sustainability information. Learn about recent developments in sustainability reporting and assurance, and their impact on the Canadian assurance profession.
Audit and Assurance Alert (June 2021): The consideration of climate-related risks in an audit of financial statements
Climate change is increasingly front of mind for investors and other stakeholders as its effects are increasingly visible. This alert assists auditors in understanding considerations of climate-related risks in an audit of financial statements.
A New Frontier: Sustainability and ESG for CPAs and business professionals
Contribute to the future of the profession with the Sustainability/ESG certificate, a professional upskilling product that promotes and supports the wellbeing of stakeholders throughout an organization and society at large.
Sustainability assurance standard setting
International Auditing and Assurance Standards Board (IAASB)
On September 20, 2024, the IAASB unanimously approved International Standard on Sustainability Assurance 5000, General Requirements for Sustainability Assurance Engagements (ISSA 5000). The final standard is expected to be formally published in December 2024 following necessary due process documentation for certification by the Public Interest Oversight Board. The approved text of the standard is available in the IAASB’s September 2024 meeting papers (see Agenda Items 2-B.1 and 2-B.2, “APPROVED”). The IAASB is also expected to publish a range of implementation support materials and related guidance in January 2025.
Visit the IAASB’s ISSA 5000 web page and the Assurance on Sustainability Reporting project page for further information.
Auditing and Assurance Standards Board (AASB)
The AASB monitored the IAASB’s progress on its ISSA 5000 project, including providing feedback on the IAASB’s meeting agenda papers. Additionally, the AASB has approved a project to adopt ISSA 5000 concurrently in Canada as a Canadian Standard on Sustainability Assurance (CSSA) 5000, General Requirements for Sustainability Assurance Engagements. The AASB is currently considering feedback received on its exposure draft for CSSA 5000.
Refer to the AASB’s Sustainability Assurance page for further information on the status of the project.
The International Ethics Standards Board for Accountants (IESBA)
In January 2024, International Ethics Standards Board for Accountants (IESBA) launched a public consultation on proposed new International Ethics Standards for Sustainability Assurance (including International Independence Standards) and proposed Revisions to the International Code of Ethics for Professional Accountants on Sustainability Reporting. The exposure drafts contain proposed independence standards for use by all sustainability assurance practitioners and specific ethics provisions relevant to sustainability reporting and assurance.
Sustainability reporting updates and resources
Visit our webpage for a summary of the latest Canadian and global sustainability reporting developments.
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Keep reading: External resources
Relevant resources
The state of play in sustainability assurance
International Federation of Accountants (IFAC), American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA)
Non-authoritative guidance on applying ISAE 3000 (revised) to extended external reporting assurance engagements
International Auditing and Assurance Standards Board (IAASB)
FAQs – extended external reporting
Auditing and Assurance Standards Board (AASB)
Sustainability assurance – rising to the challenge
Association of Chartered Certified Accountants (ACCA)
Sustainability assurance: Factors to consider
Institute of Chartered Accountants of Scotland (ICAS)
Webpages
Sustainability assurance resource page
American Institute of Certified Public Accountants (AICPA)
Sustainability reporting resource page
International Federation of Accountants (IFAC)
Auditors and ESG information
Center for Audit Quality (CAQ)
NOTE: Resources created by external organizations were not reviewed, developed or approved by CPA Canada. CPA Canada accepts no responsibility or liability that might occur directly or indirectly as a consequence of the use, application or reliance on these external resources.