Mumbai: As sustainability reporting gains regulatory traction worldwide, the Association of Chartered Certified Accountants (ACCA) and Chartered Accountants Australia and New Zealand (CA ANZ) have jointly issued a comprehensive guide to support professionals in implementing the newly launched International Standard on Sustainability Assurance 5000 (ISSA 5000).
The initiative comes in response to the International Auditing and Assurance Standards Board’s (IAASB) release of ISSA 5000 — a global benchmark aimed at improving the credibility of sustainability assurance engagements and countering the growing risk of greenwashing.
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In their first collaborative publication, ACCA and CA ANZ focus on materiality, a cornerstone of sustainability assurance, through a practical guide titled “A case study: Demystifying materiality in accordance with ISSA 5000.”
ISSA 5000 Guide
The guide outlines how assurance practitioners can apply sound professional judgment in determining material sustainability issues that influence key stakeholder decisions.
“Investor trust and stakeholder confidence are essential for sustainability reporting to drive meaningful change,” said Antonis Diolas, Head of Audit and Assurance at ACCA. “This guide helps professionals focus on the most impactful elements of sustainability data, in line with ISSA 5000.”
Amir Ghandar, Reporting and Assurance Leader at CA ANZ, emphasized: “Materiality is now the backbone of credible sustainability assurance. This case study offers much-needed clarity and practical insights, especially as jurisdictions worldwide mandate sustainability reporting and assurance.”
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The guide features a fictional assurance engagement scenario that explores the application of materiality to Scope 1, 2, and 3 greenhouse gas (GHG) emissions. It underscores the importance of the materiality phase, outlining the key judgment calls and documentation requirements necessary for robust and reliable assurance.
As ISSA 5000 sets a new global baseline for sustainability assurance standards, this practical guide equips professionals with the tools and confidence to ensure that sustainability reporting lives up to its promise of transparency and impact.
