The International Federation of Accountants (IFAC) welcomes the International Audit and Assurance Standards Board (IAASB) publishing its International Standard on Sustainability Assurance (ISSA) 5000. The International Organization of Securities Commissions (IOSCO) has also issued its public statement of support.
Lee White, IFAC Chief Executive Officer, said “In recent years there has been a significant transformation with the reporting of sustainability-related information. Assurance plays an essential role in ensuring the quality, comparability, and trustworthiness of this information, as it does with financial information. IOSCO has shown proactive leadership in the development of the sustainability transformation journey, and its support for the work of the IAASB on ISSA 5000 is another important step.”
As a profession-agnostic standard, ISSA 5000 is available for use by practitioners outside of the accountancy profession. If non-professional accountants assert to using ISSA 5000 for assurance, it is absolutely critical for investor and consumer protection that such providers are held by jurisdictional regulators to the same regulatory oversight and requirements that apply to professional accountants.
Mr. White continued, “IFAC’s professional accountancy member organizations around the globe, which represent millions of individual accountants, are champions of integrity and quality. Our profession is united by a deep commitment to work with regulators, practitioners, and organizations globally to facilitate smooth and timely implementation of international standards, such as ISSA 5000, in order to serve the public interest need.”
IFAC has developed a high-level overview to help stakeholders – preparers, auditors, and investors – anticipate what to expect from sustainability assurance, especially in its early days.
For more information, and/or to be invited to future IFAC webinars or events on sustainability, please contact Communications@IFAC.org.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
As the International Public Sector Accounting Standards Board (IPSASB) develops our first Sustainability Reporting Standard (IPSASB SRSTM), we recognize its principles and concepts must be practicable and implementable so public sector entities can effectively determine and report on their contributions to address the global climate emergency.
The International Federation of Accountants (IFAC) warmly welcomes the appointment of Rodrigo Buenaventura as new Secretary General of the International Organization of Securities Commissions (IOSCO), and congratulates IOSCO on the announcement.
Lee White, Chief Executive Officer of IFAC, said: "IOSCO is one of IFAC’s most important global partners. Rodrigo’s appointment to Secretary General provides an exciting opportunity to deepen our collaboration, and to strengthen our relationship on behalf of the global accountancy profession.”
Mr. Buenaventura currently serves as Chair of the Spanish Securities and Markets Commission (CNMV). He is a member of the IOSCO Board and the Board of Supervisors of ESMA. He also serves as Chair of the IOSCO Sustainable Finance Task Force, Vice-chair of the OECD Corporate Governance Committee and Chair of the ESMA Markets Standing Committee.
“With his extensive experience in securities regulation, corporate governance, and sustainable finance, there is no doubt that Rodrigo will add meaningfully to IOSCO’s important work in sustainability reporting and assurance and integrity in Carbon Markets, among other areas. I have worked closely with Rodrigo over a number of years, and look forward to working closely with him into the future.
“I also wish to recognize the outstanding contributions of Tajinder Singh in his role as Acting Secretary General, and in his ongoing role of Deputy Secretary General, and I look forward to continuing to work together,” said Mr. White.
IFAC, an Affiliate Member of IOSCO and the sole representative of the accountancy profession, shares with IOSCO a longstanding commitment to promoting high-quality financial reporting and audit, high-quality sustainability reporting and assurance, good corporate governance, and broader investor protection.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
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Jan Jaap Boontjes is Manager International Affairs and Strategic Advisor at the Royal Netherlands Institute of Chartered Accountants (NBA). He has extensive experience in representing the interests of the profession to a broad range of stakeholders, both nationally and internationally.
He joined the NBA in 2016 as Manager Public Affairs. From 2020 to 2022, he worked for the Dutch Ministry of Finance as a senior policy advisor, where he was involved in audit reform legislation and served as secretary to the 'Quartermasters for the Future of the Accountancy Sector.'
Chief Executive Officer of the Saudi Organization for Chartered and Professional Accountants (SOCPA)
Country
Saudi Arabia
Dr. Ahmad Almeghames serves as Chief Executive Officer of the Saudi Organization for Chartered and Professional Accountants (SOCPA) since 2006. With more than 25 years of experience in accounting, auditing, and professional regulation, he has been playing a key role in advancing the accounting profession in Saudi Arabia and across the region.
He holds a Ph.D. in Accounting from Mississippi State University, United States, and began his career in academia at King Saud University before assuming leadership roles at SOCPA. Under his leadership, SOCPA has strengthened its position as a leading voice in global accounting reform and innovation.
Internationally, Dr. Almeghames is a Board Member of the International Federation of Accountants (IFAC) and Chair of the Regional Partnership for promotion of Sustainability Reporting under UNCTAD-ISAR. He also represents Saudi Arabia in the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting.
Throughout his career, Dr. Almeghames has contributed significantly to the development of international best practices in financial reporting, quality assurance, and sustainability. His leadership has been recognized globally, including receiving the ICAEW Award for outstanding contribution to the profession.
