Document ID: chunk:federal_register_of_legislation:F2025L00107:reg:203:p11
Version: federal_register_of_legislation:F2025L00107
Segment Type: reg
Provision Reference: reg 203 (pt 11/16)
Character Range: 672328–675547

for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

     1.                 For a limited assurance engagement:

           * Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the disclosure level but not for the purpose of providing a conclusion on the effectiveness of the entity's internal control.[24]

           * Design and perform procedures responsive to assessed risks of material misstatement at the disclosures level in the Information LA. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Summary of the Work Performed for Limited Assurance Conclusion

A limited assurance engagement involves performing procedures to obtain evidence about the Information LA. The nature, timing and extent of procedures selected depend on professional judgement, including the assessed risks of material misstatement at the disclosures level, whether due to fraud or error, in the Information LA.

In conducting our limited assurance engagement, we:

[Insert a summary of the nature and extent of procedures performed that, in the practitioner's judgement, provides additional information that may be relevant to the users' understanding of the work performed to support the practitioner's conclusion and the level of assurance obtained.][25]

      * […]

[Signature in the name of the assurance firm, the personal name of the assurance practitioner, or both, as appropriate for the particular jurisdiction]

[Practitioner's address]

[Date of the assurance report]

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

 For purposes of this illustrative assurance report, the following circumstances are assumed:

     * A limited assurance engagement relating to the entirety of the Sustainability Report of ABC Company (the Company), an entity other than a listed entity, for the year ended December 31, 20X1, as required by law or regulation (the Sustainability Information).

     * The Sustainability Information is presented in a stand-alone document (i.e., the entity's Sustainability Report).

     * The Sustainability Information is prepared by management of the Company in accordance with compliance criteria (XYZ Law of Jurisdiction X).

     * The Sustainability Information includes comparative information that is not referred to in the practitioner's conclusion. The comparative information was subject to a limited 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.

     * The terms of the assurance engagement reflect the description of management's responsibility for the Sustainability Information in ASSA