Sustainability assurance

The Audit and Assurance Faculty has launched a new hub of resources on sustainability assurance.

Rising global demand for corporate reporting and disclosures on sustainability, environmental, social and governance, and climate, has increased the focus on sustainability assurance.

The hub provides guidance, helpsheets, information, insights, news and other resources, to keep individual auditors and firms up-to-date on important emerging developments and their implications. For example:

• progress on the proposed standalone International Standard on Sustainability Assurance (ISSA 5000) and what it will mean for assurers and other interested stakeholders; and
• an update on plans for the UK to endorse the International Sustainability Standards Boards’ IFRS S1 and IFRS S2.

There are also webinars on:

• global sustainability reporting and assurance requirements – answering your questions; and
• an overview of the Corporate Sustainability Reporting Directive (CSRD) and the Securities and Exchange Commission in the US (SEC) climate reporting requirements – outlining the CSRD and associated standards adopted by the European Commission and the Climate Disclosure Rule from the SEC.

ICAEW audit regulations consultation

ICAEW proposes to make changes to the UK Audit Regulations and Guidance, which will require audit registered firms to notify ICAEW when they are appointed as auditors to certain entities. Notification would also be required where audit fees are significantly higher than fees in the firm’s existing portfolio. 

The aim is to increase the transparency of the movement of these audits between audit firms.

Feedback is being sought on the potential impact of these proposals. 

Learn more, have your say and respond online. 

E-learning tools

Auditors may benefit from exploring some of ICAEW’s e-learning programmes. 

The recently introduced: 

• Applying Professional Judgement in Audit enabling learners to exercise good professional judgement as an integral part of the audit process, and helping them to effectively record judgments and comply with regulations; and 
• the ICAEW Sustainability Certificate equipping accountants and other finance professionals with the practical knowledge and skills to integrate sustainability reporting into their organisations.

Readers are also reminded of ICAEW e-learning resources such as:

• Finance in a Digital World, exploring disruptive digital technologies and what they mean for finance professionals; and
• caba, the charity for the ICAEW community also makes free e-learning resources available to help you boost your personal and professional growth and wellbeing.

PII requirements are changing

On 1 September 2024, ICAEW’s Professional Indemnity Insurance (PII) requirements will change, following a consultation and feedback.

To help firms prepare, there is an FAQ plus an article and a webinar outlining the main changes.

Topical and technical webinars

Recent additions to the Audit and Assurance Faculty webinar library include:

• global sustainability reporting and assurance – your questions answered;
• an introduction to sustainability and climate reporting and assurance requirements from the European Commission and the US Securities and Exchange Commission;
• making sense of sampling and substantive analytical review; and
• what’s changing in group audits during 2024.

CASS audits in 2024 are the subject of a Financial Services Faculty webinar. A recording is available, outlining the regulatory landscape, scoping, testing, quality control and reporting.

Technical updates

The Audit and Assurance Faculty makes technical news from regulators and standard-setters available Technical news in brief.