IAASB Enhances Standard for Assurance Engagements

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The International Auditing and Assurance Standards Board released an updated and enhanced International Standard on Assurance Engagements.

Titled ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, it addressed a broad range of assurance engagements.

“The importance of relevant and consistent high quality engagements for assurance services cannot be understated,” said IAASB chairman Arnold Schilder in a statement. “Preparers and users alike already look to the accountancy profession to provide assurance services on an expansive range of information, and this is anticipated to continue to grow. ISAE 3000 (Revised) provides the platform for practitioners to provide such services, and to develop new assurance services over many different subject matters, while enhancing the quality of such engagements.”

ISAE 3000 (Revised) covers engagements ranging from assurance on statements about the effectiveness of internal control to assurance on sustainability reports and the possibility of integrated reporting in future engagements.

“ISAE 3000 (Revised) is the overarching standard for current and future topic-specific ISAEs and assurance engagements where no separate ISAE exists. As a result, the IAASB’s revision involved striking an appropriate balance between ensuring that the standard is sufficiently robust, and that it is able to also facilitate innovation in the dynamic and evolving field of assurance,” stated James Gunn, IAASB technical director.

Accompanying the release of ISAE 3000 (Revised) are conforming amendments to the International Framework for Assurance Engagements; ISAE 3402, Assurance Reports on Controls at a Service Organization; ISAE 3410, Assurance Engagements on Greenhouse Gas Statements; and ISAE 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus.

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