TA 02 2024 Engagement letters for CSRD engagements

Technical Alert 02/2024 – Sample Engagement Letter Terms in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive

A Technical Alert (TA) has been issued to provide assistance to members when drafting engagement letters in respect to limited assurance engagements under the Corporate Sustainability Reporting Directive (“CSRD”) which has yet to be transposed into Irish legislation.

Until this transposition occurs (expected July 2024), in the interim and to allow engagement planning to commence, these engagement letter terms may be used to implement a formal contract with the entity. Addendums and/or replacement engagement letter terms may be required where significant changes are necessary; members are advised to note the important caveats in the preface to this TA.

The engagement letter terms have been drafted based on current guidance in issue which may change as the CSRD regulatory landscape changes. In addition the applicable standard used is the International Standard on Assurance Engagements (ISAE) 3000 (Revised) issued by the International Auditing and Assurance Standards Board (IAASB). This may be subject to change, depending on the assurance standard that is specified for use in Ireland for CSRD sustainability assurance engagements by the Irish Auditing and Accounting Supervisory Authority (IAASA).

You can access the TA here.