SSA-5

International Audit and Assurance Standards Board (IAASB)

They defined ASSURANCE as an engagement in which a practitioner aims to obtain sufficient appropriate evidence in order to express a conclusion designed to enhance the degree of confidence of the intended users other than responsible party about the subject matter information.

ASSURANCE, conclusion, confidence, subject matter

IAASB defined _____ as an engagement in which a practitioner aims to obtain sufficient appropriate evidence in order to express a _____ designed to enhance the degree ___ of the intended users other than responsible party about the ____ information.

False: Sustainability

As to subject matter info. in FINANCIAL Report Audit the WHOLE OR SPECIFIC part of the report agreed with the client. T/F

Financial Report Audit

Under relevant frameworks/requirements the relevant laws and accounting standard is normally very specific.

Sustainability Report Audit

Under relevant frameworks/requirements it is specific regulations/ contracts or voluntarily adopted by the client.

False- reasonable only

Level of assurance provided to users under FINANCIAL Report Audit is BOTH reasonable and limited assurance. T/F

true

Sustainability Assurance is a special form of non-financial assurance. T/F

Assurance

is an evaluation method that uses a specified set of principles and standards to assess the quality of reporting org. subject matter,

Assurance engagement

An engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria.

False- less

Limited level of assurance are MORE extensive than those performed to obtain a reasonable level of assurance. T/F

Review

When LIMITED assurance is provided the engagement is referred to as _______.

Audit

When REASONABLE assurance is provided the engagement is referred to as ______.

Accounting Sustainability Assurance Provides (ASAPs)

Represent the big four accounting firm which entered the market to supplement their primary financial audit work.

Non-Accounting Sustainability Assurance Providers (NASAPs)

It constitute THREE main sub-groups of global engineering and certification providers, smaller local sustainability consultancies and other practitioner.

false: LARGE

SMALL accounting firms can leverage their size to achieve economies of scale and offer services at lower costs and fees. T/F

ASAPs

more comfortable assuring hard QUANTITATIVE data.

NASAPs

is comfortable in providing assurance over soft QUALITATIVE data.

ASAPs

They adopt ISAE3000 and adopt more cautionary approach focusing on verifying the accuracy/reliability of of the content of sustainability reports.

NASAPs

They are NOT bound by any standards but most prefer AA1000AS, they are more willing to innovate and adopt creative assurance methodologies to achieve their objectives.

ISAE3000

• It is the accounting profession's preferred sustainability assurance standard, a part of suit of ISAs issued by IAASB, which guide financial auditors.

• It is a GENERIC standard for any assurance engagement other than audits or reviews of historic financial information.

AA100S

it is designed for assuring the quality of an organization's sustainability reporting and the processes, systems and competencies which underlie the full range of organizational performance.

Type 1 engagements

It is a narrow in scope and focus on assessing an organization's adherence to the AA1000APS sustainability principles of inclusivity, materiality and responsiveness.

Type 2 engagements

Those are broader in scope and involve SAPS evaluating both the reporter's application of foundation principles and the reliability of the sustainability reports.