Document ID: chunk:federal_register_of_legislation:F2025L00107:front:0:p3
Version: federal_register_of_legislation:F2025L00107
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Character Range: 8770–12125

* Implementable by all assurance practitioners.

New Standard on Sustainability Assurance

This Standard on Sustainability Assurance is a new pronouncement of the AUASB and accordingly does not supersede a pre-existing Standard on Sustainability Assurance.

AUTHORITY STATEMENT

 The Auditing and Assurance Standards Board (AUASB) makes this Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.

 This Standard on Sustainability Assurance is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.

Dated: 28 January 2025  D Niven
 Chair - AUASB

Conformity with International Standards on Sustainability Assurance

This Standard on Sustainability Assurance conforms with International Standard on Sustainability Assurance ISSA 5000 General Requirements for Sustainability Assurance Engagements issued by the International Auditing and Assurance Standards Board.

Paragraphs that have been added to this Standard on Sustainability Assurance (and do not appear or appear differently in/from the text of the equivalent ISSA) are identified with the prefix "Aus".

The following paragraphs and definitions are additional to or have been amended from ISSA 5000:
Paragraph              Summary of Change
Aus 6.1                Replaces ISSA 5000 introductory paragraph 6 to introduce APES 110 Code of Ethics for Professional Accountants (including Independence Standards) and provisions in Part 5 of the International Ethics Standards for Sustainability Assurance (Including International Independence Standards).
Aus 18.1               Introduces the definition of 'the Code' being include APES 110 Code of Ethics for Professional Accountants (including Independence Standards) and Part 5 of the International Ethics Standards for Sustainability Assurance (Including International Independence Standards).  This ensures that 'Relevant ethical requirements' are consistent with those in ISSA 5000 (see also Aus 18.3 below).
Aus 18.2               Replaces the definition of 'Engagement team' to prohibit the use of internal auditors to provide direct assistance in a sustainability assurance engagement.
Aus 18.3               Replaces definition of 'Relevant ethical requirements' to refer to 'the Code' such that 'Relevant ethical requirements' are consistent with those in ISSA 5000 (see Aus 18.1 above).  The definition also includes specific reference to the requirements of Chapter 2M of the Corporations Act 2001.
Aus 18.4               Explains the different terms used in the Corporations Act 2001 and AUASB Standards.
Aus 42.1 and Aus 42.2  These paragraphs prohibit the use of internal auditors to provide direct assistance in a sustainability assurance engagement.
Aus A29.1              Prohibits on the use of internal auditors to provide direct assistance in a sustainability assurance engagement.
Appendix 3             Amends illustrative audit reports consistent with the changes to the definition of 'relevant ethical requirements'.

This Standard on Sustainability Assurance incorporates terminology and definitions used in Australia.