In a significant move towards enhancing trust in corporate sustainability disclosures, IAF and the International Auditing and Assurance Standards Board (IAASB) have formalized their intent to collaborate. This partnership, outlined in a recent exchange of letters, aims to establish a robust framework for sustainability assurance, which is increasingly vital in today’s business environment.

IAF’s letter of intent emphasized IAF and IAASB’s shared goal of promoting the quality and uniformity of practices worldwide and strengthening public confidence in the global auditing and assurance profession and conformity assessment bodies. Key objectives include IAF’s commitment to work with IAASB to position the use of IAASB standards in accredited verification activities where appropriate. IAF will also seek agreement related to intellectual property with the International Federation of Accountants (IFAC) to use and refer to IAASB standards.

Tom Seidenstein, IAASB Chair, responded positively to IAF’s proposals in a letter from IAASB. He noted the unanimous approval of International Standard on Sustainability Assurance (ISSA) 5000, which will serve as a global baseline for assurance engagements on reported general-purpose sustainability information. The IAASB will support the discussions between IAF and IFAC regarding the use of ISSA 5000 and other IAASB standards for accreditation purposes.

‘This collaboration signifies our shared commitment to enhancing the reliability of sustainability disclosures, which are essential for building trust with stakeholders and promoting sustainable practices worldwide,’ said Emanuele Riva, IAF Chair. ‘We look forward to working with IAASB to further the use of IAASB standards within accredited verification activities.’

‘I am pleased that the commitment expressed by both our organizations sets a clear path for collaboration. The use of globally accepted, high-quality assurance engagement, quality management, and ethics and independence standards will enhance trust in the work of all sustainability assurance practitioners,’ said Tom Seidenstein, IAASB Chair. ‘This alignment will support the consistent delivery of high-quality sustainability assurance engagements, serving the public interest worldwide. I look forward to working together to bring this collaborative vision between IAF and IAASB into action.’

A group of experts from IAF, the International Organization for Standardization (ISO) and other organizations in the field of conformity assessment recently analyzed ISSA 5000, as well as other supporting standards, to confirm the ability of accreditation bodies to meet their requirements. At a meeting in Milan, Italy, the group discussed the potential development of a scheme or standardization document for providing sustainability reporting assurance services. The scheme would incorporate concepts and principles introduced by ISSA 5000 and supporting standards, as well as supplemented by elements from the ISO framework, such as ISO/IEC 17029 and ISO/IEC TS 17035 for accreditation, and the ISO 14064 series and ISO 14019 series drafts for certification.

As the world increasingly prioritizes sustainability, this partnership between IAF and IAASB represents a solid step towards ensuring that corporate sustainability disclosures are reliable and trustworthy. The anticipated outcomes of this collaboration promise to benefit not only organizations, but the general public by supporting the integrity of sustainability practices globally.