Kumar Brahmayya (P.S.Kumar)’s Post

FRC launches market study on UK sustainability assurance market. The Financial Reporting Council (FRC) has launched a survey of the UK market for sustainability assurance services. This initial study aims to ensure the efficient functioning of the rapidly expanding market and to enhance the quality of assurance provided over companies’ sustainability reporting. Mark Babington, Executive Director of Regulatory Standards at the FRC, emphasised the growing reliance of investors and stakeholders on companies’ sustainability reporting and the crucial role of robust assurance mechanisms in upholding transparency and high standards. Babington stressed the importance of ensuring that the sustainability assurance market operates effectively, delivering independent assurance without imposing undue costs and burdens on reporting entities. The market study will delve into several key areas, including the choice, quality, and competition in the sustainability assurance market, potential impacts from evolving international regulations, and the interplay between sustainability assurance and statutory audit markets. #xbrl #marketstudy #audit https://lnkd.in/g9WAG_rc

In the UK the Financial Reporting Council has just published a report sustainability assurance in the FTSE 350. Some interesting sustainability audit teaching material here andsome important considerations for Irish Auditing & Accounting Supervisory Authority (IAASA) in the Irish jurisdiction. 1️⃣ There appears to be a wide variety and choice of sustainability assurance providers in the UK but there are concerns over the consistency in quality of the assurance. 2️⃣ We have heard from some stakeholders that the UK sustainability assurance market could become dominated by the Big Four audit firms, which could limit choice and effective competition. 3️⃣ There are concerns about the immaturity of the UK sustainability assurance market and that a lack of clarity on the UK’s regulatory position could hinder investment, planning and capacity development. 4️⃣ There could be a risk that without an established regulatory framework, the UK sustainability assurance market may not produce consistent, high-quality sustainability information for decision-making. 👉 https://lnkd.in/d_YQK3DU Christine Nangle FCA, Linda Mc Weeney, Ruth O'Leary, John Brennan, Maurice Barrett

This is a major milestone for sustainability assurance! As experts with deep roots in assurance, ESG Lynk is uniquely positioned to help businesses align with these new standards. With a standardized approach that supports diverse frameworks and assurance levels, we’re ready to guide organizations in enhancing the credibility and transparency of their ESG reporting. Together, we can leverage ISSA 5000 to advance sustainable practices and foster trust in global markets.🌱 #Sustainability #ESGReporting #Assurance

The International Auditing and Assurance Standards Board (IAASB) has now officially approved its International Standard on Sustainability Assurance (ISSA) 5000. The approval of ISSA 5000 is a significant development in the IAASB’s efforts to support the growing need for high-quality sustainability assurance and to reduce the risk of fragmentation. It provides much needed consistency for accountants and assurance practitioners as they navigate the complex world of sustainability disclosures. The standard emphasizes the need for assurance providers to exercise heightened professional skepticism, particularly given the evolving nature of sustainability reporting and the unique challenges of verifying non-financial data. It also enhances transparency in assurance engagements, requiring clear reporting of the scope, methodology, and limitations of the assurance work conducted. The standard applies to all forms of sustainability reporting with varying frameworks used globally, including the International Sustainability Standards Board’s (ISSB) IFRS S1 and IFRS S2 and the Global Reporting Initiative’s standards, and regulatory requirements. The EU is developing its own assurance standard, aligned with ESRS. The CSRD requires the adoption of limited assurance standards by the European Commission by 1 October 2026 at the latest. ISSA 5000 is likely to be a valuable input in that process. Meanwhile, the Committee of European Auditing Oversight Bodies (CEAOB) has issues guidelines to support limited assurance on sustainability reporting compliant with ESRS, the reporting framework mandatory under CSRD. The guidelines can be downloaded here: https://lnkd.in/dzjTTvem ISSA 5000 can be downloaded here: https://lnkd.in/deH2W6cN #getCSRDready, #CSRD, #ESRS, #CSDDD, #ESG, #Strategy, #Governance, #SustainabilityReporting, #Digitalisation, #CleeritESG https://lnkd.in/d5pZdRkX

The International Auditing and Assurance Standards Board (IAASB) has published the International Standard on Sustainability Assurance 5000 (ISSA 5000). This global standard sets the stage for consistent and credible assurance of sustainability reports, aligning with frameworks like CSRD and ISSB. Designed for flexibility across jurisdictions, it supports both limited and reasonable assurance engagements. This is a significant step toward enhancing trust and transparency in ESG reporting. https://lnkd.in/e3kZ4rGd #Sustainability #ESGReporting #Assurance

The International Auditing and Assurance Standards Board (IAASB) has introduced the International Standard on Sustainability Assurance (ISSA) 5000. These standards outline the general requirements for sustainability assurance engagements, aiming to enhance trust and confidence in sustainability information. The standard emphasizes a principles-based approach, enabling practitioners to apply professional judgment in their assurance engagements, making it applicable across various sustainability topics and reporting frameworks. The new standard is applicable for both limited and reasonable assurance engagements and is able to work with both traditional materiality as well as double materiality. The standards can be used in several sustainability reporting frameworks to map both the risks and impact of sustainability issues on an enterprise, as well as the enterprises’ impacts on the environment and society. This development will be impacting India’s ESG Regulations (BRSR) with the update in Standard on Sustainability Assurance Engagements (SSAE) frameworks, which were inspired from ISAE 3000 standards.   #esg #esgassurance #sustainabilityreport #brsr #brsrassurance #sustainabilityassurance #climatefinance #ssae #isae https://lnkd.in/gEgWWG7s

UK Sustainability Reporting: Critical Changes Ahead for Business Leaders The UK's corporate reporting landscape is undergoing a transformative shift with the upcoming adoption of new sustainability standards. The UK government has confirmed its commitment to implementing the International Sustainability Standards Board's (ISSB) standards as the UK Sustainability Reporting Standards (UK SRS) in 2025. Key Timeline for Decision Makers: 1. Public consultation on UK SRS launching in Q1 2025 2. First mandatory sustainability reports required for periods beginning January 1, 2026 3. New Financial Conduct Authority (FCA) requirements forthcoming for listed companies The UK SRS framework comprises two fundamental standards: IFRS S1 sets comprehensive requirements for sustainability-related financial disclosures, covering environmental, social, and governance matters. Companies will need to demonstrate how sustainability factors impact their financial position and future prospects. IFRS S2 focuses exclusively on climate-related disclosures, building upon existing TCFD requirements. Organizations already reporting under TCFD will find themselves well-positioned for this transition. Strategic Business Implications: 1. Enhanced transparency requirements will affect investment decisions 2. Standardized reporting will facilitate global investor comparisons 3. Early adoption can provide competitive advantages in capital markets 4. Integration with existing UK regulatory frameworks ensures cohesive reporting SALI's AI-powered solution is specifically designed to help organizations navigate these new requirements efficiently. Our solution streamlines the transition to UK SRS by: 1. Automating data collection and validation processes 2. Ensuring alignment with both existing and emerging standards 3. Providing real-time compliance monitoring 4. Generating audit-ready reports Is your organization prepared for these regulatory changes? Connect with us to learn how SALI can support your transition to the new UK SRS framework. #UKSustainability #CorporateReporting #ISSB #ESGCompliance #SustainabilityLeadership

Did you know that there is a standard for auditing sustainability reports? 📄 Me neither. Last Friday, the International Auditing and Assurance Standards Board (IAASB) approved the International Standard on Sustainability Assurance (ISSA) 5000. What is important to know: First, there are standards for auditing financial reports. Sure thing. These are intended to ensure the quality of auditors' work by laying out how, in what way, and in what form auditors should arrive at their judgments of a report. The recognized standards for this are the International Standards on Auditing (ISAs). Now, a similar standard exists for sustainability reports: The International Standard on Sustainability Assurance (ISSA) 5000. What the ISAs are for financial reports, the ISSA is for sustainability reports. The IAASB developed the ISSA 5000 to work with sustainability reporting frameworks like those developed by the ISSB. They collaborate to ensure their standards are compatible. However, the standard can also be used to work with reports published under the ESRS. (Please link the final version in the comments, if you have it. I only found the exposure draft.)

Interesting read on the new developments on Sustainability Assurance. Independent external assurance significantly enhances the credibility of sustainability information. Corporate reporting, whether financial or related to sustainability, gains greater trust when it is validated by external and independent assurance based on globally recognized standards developed for the public good. ISSA 5000 aims to boost the trust and confidence of investors, regulators, and other stakeholders in sustainability information by offering a strong foundation for reliable assurance. https://lnkd.in/ghcg7dNT #integratedreporting #sustainabilityreporting #ISSA5000 #assurance #corporatereporting #standards #reliableinformation