Document ID: chunk:federal_register_of_legislation:F2025L00107:front:0:p63
Version: federal_register_of_legislation:F2025L00107
Segment Type: other
Provision Reference: 
Character Range: 211310–214542

and opportunities

     * Innovation to address risks and opportunities

     * Financial effects arising from risks and opportunities

     * Risk management or mitigation

     * Governance

     * Metrics and key performance indicators

     * Targets

     * Internal control over monitoring and managing risk

     * Scenario analysis

 1.          As explained in paragraph 5, the scope of the assurance engagement may not extend to the entirety of the sustainability information reported. Therefore, for purposes of the ASSAs, the term "sustainability information" is to be read as the information that is subject to assurance. Sustainability information not subject to the assurance engagement that is included in a document or documents containing the sustainability information subject to the assurance engagement and the assurance report thereon is other information.

Sustainability Matters

 1.          Law or regulation or sustainability reporting frameworks may define or describe sustainability matters in different ways. Depending on the criteria, sustainability matters may address:

           * The impacts on the entity's strategy, business model or performance;

           * The impacts of the entity's activities, products and services on the environment, society or economy; or

           * The entity's sustainability policies, plans, goals or targets.

 1.          In addition to impacts, the criteria may also refer to risks and opportunities (e.g., how sustainability-related risks and opportunities could reasonably be expected to affect the entity's prospects) or dependencies (e.g., resources and relationships throughout the entity's value chain that may affect the entity's strategy or business model).

Conduct of an Assurance Engagement in Accordance with the ASSAs

Complying with Standards that Are Relevant to the Engagement (Ref: Para. 19–20)

 1.          In some cases, another ASSA is also relevant to the engagement. Another ASSA is relevant to the engagement when that ASSA is in effect, the subject matter of the ASSA is relevant to the engagement, and the circumstances addressed by the ASSA exist.

 2.          The Australian Auditing Standards (ASAs) and Australian Standards on Review Engagements (ASREs) have been written for audits and reviews of historical financial information, respectively, and do not apply to other assurance engagements. They may, however, provide guidance in relation to the engagement process for practitioners undertaking a sustainability assurance engagement in accordance with this ASSA.

Text of an ASSA (Ref: Para. 21)

 1.          ASSAs contain the objectives of the practitioner in following the ASSA, and requirements designed to enable the practitioner to meet those objectives. In addition, they contain related guidance in the form of application and other explanatory material, introductory material that provides context relevant to a proper understanding of the ASSA, and definitions.

 2.          The objectives in an ASSA provide the context in which the requirements of the ASSA are set, and are intended to assist in:

         1.                 Understanding what is to be accomplished; and

         2.                 Deciding