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June 6, 2012

IAASB issues global greenhouse standard

The International Auditing and Assurance Standards Board (IAASB) has released a landmark standard disclosing a company’s greenhouse gas (GHG) emission information.

The International Standard on Assurance Engagements (ISAE) 3410 addresses practitioners’ responsibilities in identifying, assessing, and responding to risks of material misstatement when engaged to report on GHG statements.

“Today, there is clear and growing demand for companies to disclose their environmental impacts and initiatives and to report detailed emissions information, often through GHG statements. As this demand increases, public confidence in assured GHG emissions information becomes more significant, if not essential,” IAASB chairman Arnold Schilder said

IAASB technical director James Gunn said ISAE 3410 is a landmark standard in many respects.

“It responds to societal demands for standards that support quality in assurance services in areas other than financial reporting. It deals with engagements that largely need to be undertaken by a multidisciplinary team, where the assurance practitioner needs to integrate experts—in engineering or environmental science, for example—into various stages of the engagement,” he said.

 

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