Document ID: chunk:federal_register_of_legislation:F2025L00107:reg:203:p1
Version: federal_register_of_legislation:F2025L00107
Segment Type: reg
Provision Reference: reg 203 (pt 1/16)
Character Range: 642851–646183

203                                 Express a modified conclusion ... when, in the practitioner's professional judgement, a scope limitation exists, and the effect of the matter could be material ... (or) ... the sustainability information is materially misstated.

Appendix 3

(Ref: Para. A538)

Illustrations of Assurance Reports on Sustainability Information

      * Illustration 1: Unmodified Reasonable Assurance Report on Sustainability Information of a Listed Entity Prepared in Accordance with Fair Presentation Criteria

      * Illustration 2: Unmodified Limited Assurance Report on Sustainability Information of an Entity Other than a Listed Entity Prepared in Accordance with Compliance Criteria

      * Illustration 3: Unmodified Combined Reasonable and Limited Assurance Report on Sustainability Information for an Entity Other than a Listed Entity Prepared in Accordance with Compliance Criteria

      * Illustration 4: Modified Limited Assurance Report on Sustainability Information of an Entity Other than a Listed Entity Prepared in Accordance with Compliance Criteria

Illustration 1 – Unmodified Reasonable Assurance Report on Sustainability Information of a Listed Entity Prepared in Accordance with Fair Presentation Criteria
For purposes of this illustrative assurance report, the following circumstances are assumed:
   * A reasonable assurance engagement relating to the entirety of the Sustainability Report of ABC Company (the Company), a listed entity, for the year ended December 31, 20X1 (the Sustainability Information).
   * The Sustainability Information is prepared by management of the Company in accordance with fair presentation criteria (Sustainability Reporting Framework Version x.1).
   * The Sustainability Information includes comparative information that is not referred to in the practitioner's conclusion. The comparative information was subject to a reasonable assurance engagement by the same practitioner in the prior period and the practitioner's conclusion was unmodified.
   * Management of the Company is the engaging party.
   * Those charged with governance are responsible for oversight of the Company's sustainability reporting process.
   * The terms of the assurance engagement reflect the description of management's responsibility for the Sustainability Information in ASSA 5000.
   * The practitioner has concluded that an unmodified (i.e., "clean") opinion is appropriate based on the evidence obtained.
   * The relevant ethical requirements that apply to the assurance engagement comprise the Code together with legislative and other requirements. The Code and the ethical requirements relating to the assurance engagement, including independence requirements that are applicable to sustainability assurance engagements of public interest entities. They also require the practitioner to publicly disclose that the independence requirements applicable to sustainability assurance engagements of public interest entities were applied.
   * The firm of which the practitioner is a member applies ASQM 1.
   * The Sustainability Information and the practitioner's report thereon have been included in the Company's Annual Report. The practitioner has obtained the Annual Report prior to the date of the assurance report and has not identified a material misstatement