Document ID: chunk:federal_register_of_legislation:F2025L00109:body:0:p3
Version: federal_register_of_legislation:F2025L00109
Segment Type: other
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Character Range: 6397–9744

entity is not required to provide comparative information in the first annual reporting period that it applies that standard.

Audit/review of Information in the Sustainability Report

 1.                    The Act requires:

         1.                 Sustainability reports for financial years commencing on or after 1 July 2030 to be audited.[2]

         2.                 The Auditing and Assurance Standards Board (AUASB) to make auditing standards for financial years commencing 1 January 2025 to 30 June 2030 that specify the extent to which information in the sustainability report must be audited and/or reviewed.[3]

 2.                    This standard uses the terms auditor, audit and review which are consistent with the Act. For the avoidance of doubt, the following terms used in the AUASB's Standards are to be read as having the same meaning as the terms used in the Act shown in the table below when conducting an audit or review of information in a sustainability report:
Term(s) in the Act                            Term(s) in AUASB standards
Review (noun)                                 Limited assurance engagement
Audit (noun)                                  Reasonable assurance engagement
Audit (noun) or review (noun), as applicable  Sustainability assurance engagement

Objective

 1.                    The objective of this standard is to specify the information in a sustainability report that is required to be audited and/or reviewed in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements for each relevant financial year.

Definitions

 1.                    Unless otherwise stated, terms used in this standard have the same meaning as those terms have for the purposes of Chapter 2M of the Act. The following terms have the meanings attributed below:

         1.                 AASB S2 – Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures.

         2.                 Auditor – the audit firm, audit company or individual auditor of the entity for the purposes of Chapter 2M of the Act.

         3.                 Group 1 entities – entities to which paragraph 1707B(1)(a) of the Act applies.

         4.                 Group 2 entities – entities to which paragraph 1707B(1)(b) of the Act applies.

         5.                 Group 3 entities – entities to which paragraph 1707B(1)(c) of the Act applies.

         6.                  First year of reporting – the first financial year commencing:

                 1.                  For Group 1 entities – from 1 January 2025 to 30 June 2026;

                 2.                For Group 2 entities – 1 July 2026 to 30 June 2027;

                 3.              For Group 3 entities – 1 July 2027 to 30 June 2028.

         7.                 Second year of reporting – the first financial year commencing:

                 1.                  For Group 1 entities – 1 July 2026 to 30 June 2027;

                 2.                For Group 2 entities – 1 July 2027 to 30 June 2028;

                 3.              For Group 3 entities – 1 July 2028 to 30 June 2029.

         8.                 Third year of reporting – the first financial year commencing;

                 1.                  For Group 1 entities –