Assurance: a reminder of the principles
Assurance providers follow the International Framework for Assurance Engagements, which sets out some high-level principles. In an assurance engagement, five elements must be present:
The conclusion is usually one of “limited assurance”, stating that nothing has come to the practitioner’s attention that causes them to believe the subject matter is not prepared, in all material respects, in accordance with the relevant reporting criteria. However, a higher level of assurance, known as “reasonable assurance” can be provided. Whether a limited, or reasonable assurance is provided depends on the extent and nature of the evidence obtained. Until now, most assurance on sustainability information is limited in nature, but as sustainability disclosures come under increased scrutiny, a higher level of assurance is likely to be required.
A three-party relationship involving a practitioner, a responsible party and intended users. An appropriate subject matter. Suitable criteria. Sufficient and appropriate evidence. A conclusion or opinion, expressed in a written report.
1.
2. 3. 4. 5.
The suitable criteria relate to the reporting framework applied to the disclosures. This is a dynamic area of corporate reporting and there are many frameworks that could be adopted, which we will also explore.
SUSTAINABILITY ASSURANCE | ASSURANCE: A REMINDER OF THE PRINCIPLES
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