The Financial Reporting Council (FRC) is consulting on a proposed UK version of ISSA 5000, General Requirements for Sustainability Assurance Engagements, aimed at auditors
The question is whether the UK adopts the rules, although the UK standard setter has indicated that adoption would be voluntary by UK assurance and audit providers.
This means that the International Standard on Sustainability Assurance (ISSA) (UK) 5000 would not be mandatory, at least initially.
The FRC did not provide any details on the potential cost impact, stating that it ‘does not believe’ the voluntary nature of the standard would not result in additional costs for businesses. This would of course be questionable for those that implement the standard.
ISSA 5000 was published by the International Auditing and Assurance Standard Board (IAASB) and contains requirements and application material specific to assurance engagements on sustainability information.
