Following public consultation, IAASA has adopted ISAE (Ireland) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information – Assurance of Sustainability Reporting in Ireland.
This standard must be applied by auditors performing sustainability assurance engagements required by the European Corporate Sustainability Reporting Directive (CSRD).
The standard is based on ISAE 3000 (Revised) issued by the International Auditing and Assurance Standards Board (IAASB). IAASA made limited amendments to the international standard to ensure that it applies to sustainability assurance in engagements in Ireland and that sustainability assurance providers are subject to appropriate ethical and quality management requirements. These requirements are the International Code of Ethics for Professional Accountants issued by the International Ethical Standard Board for Accountants (IESBA) and ISQM (Ireland) 1.
Updates to ISQM (Ireland) 1
As noted above, ISAE (Ireland) 3000 requires auditors to comply with ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements.
To assist auditors performing sustainability assurance engagements, IAASA has updated ISQM (Ireland) 1 to reflect the requirements of the CSRD as transposed in Ireland.
Additional minor amendments were made to ISQM (Ireland) 1 to make conforming amendments for ISA (Ireland) 600, which was revised in February 2023 and is effective for financial periods starting on or after 15 December 2023. The remaining ISA (Ireland) 600 conforming amendments will be published on IAASA’s website in October.
Effective date
ISAE (Ireland) 3000 applies to assurance reports issued on or after 15 December 2024.
Amendments to firms’ systems of quality management related to the assurance of sustainability reporting must be designed and implemented by 15 December 2024. An evaluation of the updated system of quality management must be performed within one year of this date.
Scope and Authority of IAASA standards
IAASA’s Statement on Scope and Authority of Audit and Assurance Pronouncements has also been updated to reflect the adoption of ISAE (Ireland) 3000.
Additional information
ISAE (Ireland) 3000 is available here on IAASA’s website.
ISQM (Ireland) 1 (Updated September 2024) is available here on IAASA’s website.
The updated Statement on Scope and Authority of Audit and Assurance Pronouncements is available here on IAASA’s website.
An explanatory video is available here on IAASA’s YouTube Channel.