Document ID: chunk:federal_register_of_legislation:F2025L00107:front:0:p204
Version: federal_register_of_legislation:F2025L00107
Segment Type: other
Provision Reference: 
Character Range: 629969–633326

Qualified conclusion (compliance framework) – "Except for the effect of the matter described in the Basis for Qualified Conclusion section of our report, the [sustainability information] is prepared, in all material respects, in accordance with XYZ criteria."

          * Qualified conclusion (fair presentation framework) – "Except for the effect of the matter described in the Basis for Qualified Conclusion section of our report, the [sustainability information] is fairly presented, in all material respects, in accordance with XYZ criteria."

     1.

     2.

 3.       Examples of adverse conclusions and a disclaimer of conclusion for both limited and reasonable assurance engagements:

          * Adverse conclusion (an example for a material and pervasive misstatement for information prepared under a compliance framework) – "Because of the significance of the matter described in the Basis for Adverse Conclusion section of our report, the [sustainability information] is not prepared in accordance with "XYZ criteria."

          * Adverse conclusion (an example for a material and pervasive misstatement for information prepared under a fair presentation framework) – "Because of the significance of the matter described in the Basis for Adverse Conclusion section of our report, the [sustainability information] does not present fairly the entity's compliance with XYZ criteria."

          * Disclaimer of conclusion (an example for a material and pervasive limitation of scope) – "Because of the significance of the matter described in the Basis for Disclaimer of Conclusion section of our report, we have not been able to obtain sufficient appropriate evidence to form a conclusion on the [sustainability information]. Accordingly, we do not express a conclusion on that [sustainability information]."

Comparative Information (Ref: Para. 207–211)

 1.       Law or regulation, the criteria or the terms of the engagement, may specify the requirements regarding the presentation, reporting and assurance of the comparative information in the sustainability information.

 2.       If there are inconsistencies between the comparative information and the current-period sustainability information, the practitioner may consider the reasons for those differences to evaluate whether those inconsistencies are addressed in accordance with the criteria. When sustainability information includes comparisons of period-on-period information, such as references to percentage reductions or increases in measures or key performance indicators, it is important that the practitioner consider the appropriateness of the comparisons. These may be inappropriate due to:

         1.                 Significant changes in operations from the prior period;

         2.                 Significant changes in conversion factors;

         3.                 Significant changes in assumptions, or

         4.                 Inconsistency of sources or methods of measurement or evaluation.

 3.       Information reported in a prior period may need to be restated in accordance with law or regulation or the applicable criteria because of, for example, improved scientific knowledge, significant structural changes in the entity, the availability of more accurate quantification methods, or the discovery of a significant error.

 4.       When