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 as the standard to be applied by auditors performing sustainability assurance engagements required by the European Corporate Sustainability Reporting Directive (CSRD).
The Irish standard is based on ISAE 3000 (Revised) issued by the International Auditing and Assurance Standards Board (IAASB) with limited amendments.
Chartered Accountants Ireland responded to the consultation in April.
Updates to ISQM (Ireland) 1
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.
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.
Additional information
IAASA’s Statement on Scope and Authority of Audit and Assurance Pronouncements has also been updated to reflect the adoption of ISAE (Ireland) 3000.
An explanatory video is available here on IAASA’s YouTube Channel.
IAASA published feedback on the Consultation in June.
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.
Engagement letters for CSRD engagements
TA 02/2024 - Sample Engagement Letter Terms in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive (“CSRD’’) was issued in June 2024. These sample engagement letter terms were prepared to assist members in drafting engagement letters in respect of limited assurance engagements under the CSRD prior to its implementation. Therefore, they may be useful to implement a contract with the entity but following transposition of the CSRD they are currently being reviewed for any required amendments. Please monitor the Institute’s regular news channels for any updates to this TA.
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