The webinar covered extended external reporting (EER) assurance and the IAASB's draft guidance on EER assurance engagements. It discussed what EER is, how assurance serves the public interest, and challenges in EER assurance due to characteristics of EER reporting. The purpose and structure of the guidance was explained, focusing on how it addresses key stages of an EER assurance engagement and common types of EER information. Next steps outlined a public comment period on the draft guidance, with the final version expected in late 2020.
NL:
ESG Routekaart.
De dwingende uitdaging waarvoor wij staan op het gebied van milieu is, om met zijn allen de beweging in gang te zetten om de gemiddelde opwarming van de aarde tot 1,5 graden te beperken. Sommige belanghebbenden, gouvernementele organisaties en banken, vragen regelmatig om verbetering en het aanscherpen van de Europese wetgeving met betrekking tot het klimaat. De EU zou tegen 2050 een totale reductie van de binnenlandse emissies van 80% moeten realiseren. Door een eenduidig stappenplan te borgen, is een concrete stap naar verduurzamen. Denk daarbij aan de interne- en externe belanghebbenden te betrekken voor de implementatie van initiatieven om CO2-emissies te verminderen, of een stap verder zou zijn, om de emissies te compenseren. De Routekaart beschrijft aan de hand van analyses, en sector specifieke KPI’s, modellen hoe dit beleid goed zou kunnen worden geborgd in een Environmental Socio-Economic Governance beleid. De Routekaart biedt op de lange termijn een kosten efficiënt pad naar een schonere, klimaatvriendelijke bedrijf.
Short biography of the presenter; Ginio Franker, September 1966, Suriname.
Position Learning and Development NLP-trainer & Transpersoonlijke coach + Climate Leader trained by Al Gore. "A Moral Call to Climate Change" + "Environmental Justice".
Website www.greandream.com.
EN:
ESG-ROADMAP
With the effects of climate change already upon us, the need to cut global greenhouse gas emissions is nothing less than urgent. It’s a daunting challenge, but the technologies and strategies to meet it exist today. A small set of ESG policies, designed and implemented well, can put us on the path to a low carbon future. ESG Key Performance Indicators are complex, so they must be sector specific, focused and cost-effective. One-size-fits-all approaches simply won’t get the job done. Sustainability managers need a clear, comprehensive resource that outlines the ESG policies that will have the biggest impact on our climate future, and describes how to implement these policies well within their own organisations.
We don’t need to wait for new technologies or strategies to create a low carbon future—and we can’t afford to. ESG-ROADMAP gives professionals the tools they need to select, design, and implement the policies that can put us on the path to a livable climate future.
The Environmental Social Governance challenges e.g: on regulatory and reputational risks, market scandals and new market opportunities makes ESG information a data source of growing importance. With ESG in company seminars, round table discussions, scholarships and online association programs, we leave no one behind. Sign up today. Zentrepreneur Environmental Social Governance Associates Training. (ZESGA).
contact@esgwatch.eu
+32485773608 BE
+31630092220 NL
ESG Engagement Insights, a presentation by Nawar Alsaadi of best engagement practices of 30 asset managers, owners, pension funds, and non-profits around the world. (The work is derived from BlackRock & Ceres’ paper entitled Engagement in the 21st Century).
NL:
ESG Routekaart.
De dwingende uitdaging waarvoor wij staan op het gebied van milieu is, om met zijn allen de beweging in gang te zetten om de gemiddelde opwarming van de aarde tot 1,5 graden te beperken. Sommige belanghebbenden, gouvernementele organisaties en banken, vragen regelmatig om verbetering en het aanscherpen van de Europese wetgeving met betrekking tot het klimaat. De EU zou tegen 2050 een totale reductie van de binnenlandse emissies van 80% moeten realiseren. Door een eenduidig stappenplan te borgen, is een concrete stap naar verduurzamen. Denk daarbij aan de interne- en externe belanghebbenden te betrekken voor de implementatie van initiatieven om CO2-emissies te verminderen, of een stap verder zou zijn, om de emissies te compenseren. De Routekaart beschrijft aan de hand van analyses, en sector specifieke KPI’s, modellen hoe dit beleid goed zou kunnen worden geborgd in een Environmental Socio-Economic Governance beleid. De Routekaart biedt op de lange termijn een kosten efficiënt pad naar een schonere, klimaatvriendelijke bedrijf.
Short biography of the presenter; Ginio Franker, September 1966, Suriname.
Position Learning and Development NLP-trainer & Transpersoonlijke coach + Climate Leader trained by Al Gore. "A Moral Call to Climate Change" + "Environmental Justice".
Website www.greandream.com.
EN:
ESG-ROADMAP
With the effects of climate change already upon us, the need to cut global greenhouse gas emissions is nothing less than urgent. It’s a daunting challenge, but the technologies and strategies to meet it exist today. A small set of ESG policies, designed and implemented well, can put us on the path to a low carbon future. ESG Key Performance Indicators are complex, so they must be sector specific, focused and cost-effective. One-size-fits-all approaches simply won’t get the job done. Sustainability managers need a clear, comprehensive resource that outlines the ESG policies that will have the biggest impact on our climate future, and describes how to implement these policies well within their own organisations.
We don’t need to wait for new technologies or strategies to create a low carbon future—and we can’t afford to. ESG-ROADMAP gives professionals the tools they need to select, design, and implement the policies that can put us on the path to a livable climate future.
The Environmental Social Governance challenges e.g: on regulatory and reputational risks, market scandals and new market opportunities makes ESG information a data source of growing importance. With ESG in company seminars, round table discussions, scholarships and online association programs, we leave no one behind. Sign up today. Zentrepreneur Environmental Social Governance Associates Training. (ZESGA).
contact@esgwatch.eu
+32485773608 BE
+31630092220 NL
ESG Engagement Insights, a presentation by Nawar Alsaadi of best engagement practices of 30 asset managers, owners, pension funds, and non-profits around the world. (The work is derived from BlackRock & Ceres’ paper entitled Engagement in the 21st Century).
These slides discusses on the environmental, social and governance (ESG) factors for responsible investment. It briefly covers the ongoing crisis our world economy is dealing with today, which adversely affects business owners and investors alike.
This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) activities including:
• The relation between ESG activities and firm value
• The impact of environmental and social engagements on firm performance
• The market reaction to ESG events
• The relation between ESG and agency problems
• The performance of socially responsible investment (SRI) funds
This Research Spotlight expands upon issues introduced in the Quick Guide “Investors and Activism”.
The deck sets the scene by introducing the current sustainability context, the Global Reporting Initiative's (GRI- https://www.globalreporting.org/Pages/default.aspx) role in providing metrics for measuring and communicating on sustainability performance and impacts. With numerous reporting requirements out there for organizations to comply with, the deck also explains GRI's collaborative efforts in aligning with other Frameworks.
The presentation was made during the April 2013 'CSR and Sustainability in extractive and energy industries. UK global expertise' week in London. The audience was comprised of representatives from the Oil and Gas and Mining sectors, from Russia and Kazakhstan, who were relatively new to sustainability reporting. The deck puts forward the business case for reporting on sustainability performance and impacts, and includes brief sector-specific information on sustainability reporting trends in those two sectors.
Besides providing a framework for organizations to use, GRI also offer support and guidance - what this means exactly is clarified in the deck.
ESG Meets FinTech – A Strategic Analysis Executive SummaryMEDICI Inner Circle
MEDICI’s new ‘ESG Meets FinTech – A Strategic Analysis’ covers the impact of financial technology on Environmental, Social, and Governance (ESG) criteria. It analyzes the various dimensions of ESG and sustainability in the context of FinTech.
A tour of the global ESG standards landscape, 100 days out from COP26, explaining how Inline XBRL, a building block approach to international standards consistency, and independent review of coming mandatory ESG disclosures will change reporting. Presented to the Taiwan Stock Exchange 21 July 2021.
EVALUATION OF ENVIRONMENTAL IMPACT ASSESSMENT ON INDUSTRIAL PROJECTS: A MODEL...IAEME Publication
Objective: The objective of this study is baseline status of air, water, noise, land, biological and socio-economic environments. Environmental Impact Assessment study is key for any Project with out this study its not possible to get the approval keeping this in view this study has exist.
Methods: Methodology has been followed for Environmental Impact Assessment study has been conducted within an area of around 10 km radius around the project site as per ISO Standard Air Quality, Water Quality, Soil Quality, and Noise Quality.
Findings: Socio economic and Biological conditions under this flora and fauna available in the study area and solid waste management, Occupational safety and health management strategies has been recommended.
Applications: This type of studies very much useful for preparation of EIA Reports.
GreenBiz 22: Tutorial - Finding the Story in Your ESG NumbersGreenBiz Group
You probably already “get it” that telling your ESG story can help your company build market preference, drive sales, attract investors and retain employees. But how? What are the right things to be doing — and saying — to drive those outcomes? This workshop will:
Go through the ABC’s of ESG — what you need to know about the terminology and standards, the reporting frameworks and the ratings agency game.
Make you aware of the watch-outs — the gaps that must be filled and the commitments that must be made to appease ratings agencies and investors, as well as employees and consumers.
Help you understand how to bake sustainability into your brand platform and frame your ESG story at different levels so you can speak to several different audiences in a way they can each understand, while staying consistent — including via your ESG reporting.
Give you time to interact with your peers and nail down several key takeaways, like which ESG ratings agencies matter most for your company, the most important “watch-outs” and story elements for your situation, and landing on a lead ESG message that resonates.
Bribery and corruption - where is it on your agenda?
French Trade Commission Group
19 April 2012
Lewis Rangott
Ernst & Young
Plus de contenu sur http://australie.cnccef.org
ISO 37001 Implementation - The Key to Protecting Your Company’s ReputationPECB
No organization can afford to take the risk of bribery lightly. Investors need assurance that they have made every possible effort to prevent bribery at all levels of the organization. The webinar will list some of the measures, which must be implemented if an organization wants to prevent and detect bribery appropriately.
Presenter:
The presenter of this topic is Mr. Jacob Mc Clean, PECB Trainer and the Principal and Managing Director of Kaizen Training & Management Consultants Limited.
Organizer: Alba Keqa
Date: November 17, 2016
Link of the recorded session published on YouTube: https://youtu.be/Aa-yNO74HRY
IFRS® Conceptual Framework
Project Summary
March 2018
Conceptual Framework for Financial Reporting
2 | Project Summary | Conceptual Framework | March 2018
Conceptual Framework at a glance
Introduction
The International Accounting Standards Board (Board) issued the revised
Conceptual Framework for Financial Reporting (Conceptual Framework), a
comprehensive set of concepts for financial reporting, in March 2018.
It sets out:
• the objective of financial reporting
• the qualitative characteristics of useful financial information
• a description of the reporting entity and its boundary
• definitions of an asset, a liability, equity, income and expenses
• criteria for including assets and liabilities in financial statements
(recognition) and guidance on when to remove them (derecognition)
• measurement bases and guidance on when to use them
• concepts and guidance on presentation and disclosure
This Project Summary summarises:
• why the Board revised the Conceptual Framework
• the main changes from the previous Conceptual Framework
• the main concepts and guidance in each chapter of the
Conceptual Framework
Purpose
• to assist the Board to develop IFRS Standards (Standards) based on
consistent concepts, resulting in financial information that is useful to
investors, lenders and other creditors
• to assist preparers of financial reports to develop consistent accounting
policies for transactions or other events when no Standard applies or a
Standard allows a choice of accounting policies
• to assist all parties to understand and interpret Standards
Status
• provides concepts and guidance that underpin the decisions the Board
makes when developing Standards
• not a Standard
• does not override any Standard or any requirement in a Standard
Effective date
• immediately for the Board and the IFRS Interpretations Committee
• annual periods beginning on or after 1 January 2020 for preparers who
develop an accounting policy based on the Conceptual Framework
Project Summary | Conceptual Framework | March 2018 | 3
Why have we revised the Conceptual Framework?
Priority
identified as a priority by stakeholders in the 2011 Agenda Consultation
Filling gaps
for example, guidance on measurement, presentation and disclosure
Updating
for example, the definitions of an asset and a liability
Clarifying
for example, the role of measurement uncertainty
Previous
Conceptual Framework
Revised
Conceptual Framework
• issued in 1989 and partly revised in 2010
• useful, but incomplete and needed improvement
• a comprehensive set of concepts for financial reporting
Approach
In revising the Conceptual Framework, the Board
sought a balance between providing high-level
concepts and providing enough detail for the
Conceptual Framework to be useful to the Board
and others.
The Board views the Conceptual Framework as a
practical tool to help it develop Standards.
Hence, the Conceptual Framework includes concepts ...
These slides discusses on the environmental, social and governance (ESG) factors for responsible investment. It briefly covers the ongoing crisis our world economy is dealing with today, which adversely affects business owners and investors alike.
This Research Spotlight provides a summary of the academic literature on environmental, social, and governance (ESG) activities including:
• The relation between ESG activities and firm value
• The impact of environmental and social engagements on firm performance
• The market reaction to ESG events
• The relation between ESG and agency problems
• The performance of socially responsible investment (SRI) funds
This Research Spotlight expands upon issues introduced in the Quick Guide “Investors and Activism”.
The deck sets the scene by introducing the current sustainability context, the Global Reporting Initiative's (GRI- https://www.globalreporting.org/Pages/default.aspx) role in providing metrics for measuring and communicating on sustainability performance and impacts. With numerous reporting requirements out there for organizations to comply with, the deck also explains GRI's collaborative efforts in aligning with other Frameworks.
The presentation was made during the April 2013 'CSR and Sustainability in extractive and energy industries. UK global expertise' week in London. The audience was comprised of representatives from the Oil and Gas and Mining sectors, from Russia and Kazakhstan, who were relatively new to sustainability reporting. The deck puts forward the business case for reporting on sustainability performance and impacts, and includes brief sector-specific information on sustainability reporting trends in those two sectors.
Besides providing a framework for organizations to use, GRI also offer support and guidance - what this means exactly is clarified in the deck.
ESG Meets FinTech – A Strategic Analysis Executive SummaryMEDICI Inner Circle
MEDICI’s new ‘ESG Meets FinTech – A Strategic Analysis’ covers the impact of financial technology on Environmental, Social, and Governance (ESG) criteria. It analyzes the various dimensions of ESG and sustainability in the context of FinTech.
A tour of the global ESG standards landscape, 100 days out from COP26, explaining how Inline XBRL, a building block approach to international standards consistency, and independent review of coming mandatory ESG disclosures will change reporting. Presented to the Taiwan Stock Exchange 21 July 2021.
EVALUATION OF ENVIRONMENTAL IMPACT ASSESSMENT ON INDUSTRIAL PROJECTS: A MODEL...IAEME Publication
Objective: The objective of this study is baseline status of air, water, noise, land, biological and socio-economic environments. Environmental Impact Assessment study is key for any Project with out this study its not possible to get the approval keeping this in view this study has exist.
Methods: Methodology has been followed for Environmental Impact Assessment study has been conducted within an area of around 10 km radius around the project site as per ISO Standard Air Quality, Water Quality, Soil Quality, and Noise Quality.
Findings: Socio economic and Biological conditions under this flora and fauna available in the study area and solid waste management, Occupational safety and health management strategies has been recommended.
Applications: This type of studies very much useful for preparation of EIA Reports.
GreenBiz 22: Tutorial - Finding the Story in Your ESG NumbersGreenBiz Group
You probably already “get it” that telling your ESG story can help your company build market preference, drive sales, attract investors and retain employees. But how? What are the right things to be doing — and saying — to drive those outcomes? This workshop will:
Go through the ABC’s of ESG — what you need to know about the terminology and standards, the reporting frameworks and the ratings agency game.
Make you aware of the watch-outs — the gaps that must be filled and the commitments that must be made to appease ratings agencies and investors, as well as employees and consumers.
Help you understand how to bake sustainability into your brand platform and frame your ESG story at different levels so you can speak to several different audiences in a way they can each understand, while staying consistent — including via your ESG reporting.
Give you time to interact with your peers and nail down several key takeaways, like which ESG ratings agencies matter most for your company, the most important “watch-outs” and story elements for your situation, and landing on a lead ESG message that resonates.
Bribery and corruption - where is it on your agenda?
French Trade Commission Group
19 April 2012
Lewis Rangott
Ernst & Young
Plus de contenu sur http://australie.cnccef.org
ISO 37001 Implementation - The Key to Protecting Your Company’s ReputationPECB
No organization can afford to take the risk of bribery lightly. Investors need assurance that they have made every possible effort to prevent bribery at all levels of the organization. The webinar will list some of the measures, which must be implemented if an organization wants to prevent and detect bribery appropriately.
Presenter:
The presenter of this topic is Mr. Jacob Mc Clean, PECB Trainer and the Principal and Managing Director of Kaizen Training & Management Consultants Limited.
Organizer: Alba Keqa
Date: November 17, 2016
Link of the recorded session published on YouTube: https://youtu.be/Aa-yNO74HRY
IFRS® Conceptual Framework
Project Summary
March 2018
Conceptual Framework for Financial Reporting
2 | Project Summary | Conceptual Framework | March 2018
Conceptual Framework at a glance
Introduction
The International Accounting Standards Board (Board) issued the revised
Conceptual Framework for Financial Reporting (Conceptual Framework), a
comprehensive set of concepts for financial reporting, in March 2018.
It sets out:
• the objective of financial reporting
• the qualitative characteristics of useful financial information
• a description of the reporting entity and its boundary
• definitions of an asset, a liability, equity, income and expenses
• criteria for including assets and liabilities in financial statements
(recognition) and guidance on when to remove them (derecognition)
• measurement bases and guidance on when to use them
• concepts and guidance on presentation and disclosure
This Project Summary summarises:
• why the Board revised the Conceptual Framework
• the main changes from the previous Conceptual Framework
• the main concepts and guidance in each chapter of the
Conceptual Framework
Purpose
• to assist the Board to develop IFRS Standards (Standards) based on
consistent concepts, resulting in financial information that is useful to
investors, lenders and other creditors
• to assist preparers of financial reports to develop consistent accounting
policies for transactions or other events when no Standard applies or a
Standard allows a choice of accounting policies
• to assist all parties to understand and interpret Standards
Status
• provides concepts and guidance that underpin the decisions the Board
makes when developing Standards
• not a Standard
• does not override any Standard or any requirement in a Standard
Effective date
• immediately for the Board and the IFRS Interpretations Committee
• annual periods beginning on or after 1 January 2020 for preparers who
develop an accounting policy based on the Conceptual Framework
Project Summary | Conceptual Framework | March 2018 | 3
Why have we revised the Conceptual Framework?
Priority
identified as a priority by stakeholders in the 2011 Agenda Consultation
Filling gaps
for example, guidance on measurement, presentation and disclosure
Updating
for example, the definitions of an asset and a liability
Clarifying
for example, the role of measurement uncertainty
Previous
Conceptual Framework
Revised
Conceptual Framework
• issued in 1989 and partly revised in 2010
• useful, but incomplete and needed improvement
• a comprehensive set of concepts for financial reporting
Approach
In revising the Conceptual Framework, the Board
sought a balance between providing high-level
concepts and providing enough detail for the
Conceptual Framework to be useful to the Board
and others.
The Board views the Conceptual Framework as a
practical tool to help it develop Standards.
Hence, the Conceptual Framework includes concepts ...
Ethics: Real Life Application of the AICPA Code of Professional ConductMcKonly & Asbury, LLP
This webinar focuses on specific ethical examples related to both public accounting and industry. There is also a discussion on key points in the AICPA Code of Professional Conduct and their application to our daily responsibilities.
Slideshareersion strategic report regulations guidance for companies and inv...Ardea International
Environmental, social governance issues have financial implications on how companies recognise, diagnose, manage and disclose their information. The legal and investor angle is discussed, together with how to diagnose the financial risk
A combined solution to compliance and risk management for sustainability repo...Ardea International
The UK has introduced new regulations for business on how to report. Integration of risk and strategy is key. Diagnostics to help define material social and environmental risk will save costs. Compliance with legal obligations will also be key.
Audit Scenario Based Interview Questions.pdfinfosecTrain
To help you be ready for success, here is a compilation of important questions: In order to demonstrate your knowledge and assurance in an audit scenario-based interview, keep in mind that preparation is essential.
Here's a roundup of crucial questions to prepare you for success: Remember, preparation is key to showcasing your expertise and confidence during an audit scenario-based interview.
Difference Between IASB And FASB conceptual framework Ro'ya Abd Elhafez
This paper clarifies the difference between the conceptual framework issued by IASB and issued by FASB, as many differences between them have been shown.
In this first of a three-part series on proposed changes to the current IAASB going concern standard, IAASB members share an overview of the proposed changes – and why the IAASB believes the changes are needed.
Don’t forget to share your formal feedback on the proposed changes on the IAASB website: https://bit.ly/3r1GlFW
Experts from the International Auditing and Assurance Standards Board (IAASB), the European Commission (EC), the Committee of European Audit Oversight Bodies (CEAOB), assurance service providers, investors and the business community met to discuss the regulatory, policy and standard-setting path toward high-quality sustainability assurance.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
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1. Extended External Reporting (EER) Assurance
Webinar
10 June 2020
Presented by: Lyn Provost
Chair of EER taskforce
Public member IAASB
2. What We Will Cover Today
• What is Extended External Reporting?
• How Assurance Serves the Public Interest
• How the Characteristics of EER Reporting Have Potential to Limit the
Value of EER Assurance to the Public Interest
• The Purpose of the IAASB’s EER Guidance
• Using the Guidance
• Next Steps
• Discussion and Questions
Page 2
3. What is Extended External Reporting?
• Covers many different forms of
reporting by entities about their
financial and/or non-financial
performance or impact relating to
matters such as:
– Economic value
– The environment
– Society
– The entity’s governance
• Addresses non-financial matters
of increasing importance to
decision-making by investors
and other users
Page 3
Example EER Reporting and Frameworks Used
Greenhouse Gas Emissions WBCSD/WRI GHG Protocol
Integrated Reporting IIRC Integrated Reporting Framework
Intellectual Capital WICI Intangibles Reporting Framework
Management Commentary IASB Management Commentary
Practice Statement
Public Sector Service
Performance Statements
Law, Regulation or Standards
Sustainability CDSB Framework, GRI Standards, SASB
Standards, TCFD Framework
The IAASB standard for all of the above is ISAE 3000 (Revised); for Greenhouse Gas
Emissions, the additional IAASB standard is ISAE 3410
4. Assurance: Serving the Public Interest
• As EER reporting becomes more important to stakeholder decision-making, assurance
also becomes more important to enhance credibility and trust in EER reporting
• Four key factors (see model in Supplement A) play a role in serving the public interest in
high quality EER reports:
– A sound reporting framework
– Strong governance
– Consistency with wider sources of information
– Independent external assurance
Page 4
5. How EER Assurance Engagements provide Public Interest Protections
The basis for the assurance conclusion includes meeting requirements to:
• Determine whether engagement has a ‘rational purpose’, considering intended users’ needs;
• Apply appropriate competence and capabilities and exercise professional skepticism and
professional judgment;
• Design and perform procedures to obtain sufficient appropriate evidence that is persuasive;
• Consider potential misstatements, and how they could occur, in designing and performing
procedures;
• Consider whether misstatements could be material, throughout the engagement; and
• Reach an assurance conclusion at the agreed level of assurance, based on the evidence
Page 5
6. Potential to Limit Value of EER Assurance to the Public Interest
• Circumstances commonly encountered in the elements of EER reporting are:
– Not so extensively found in financial statement reporting
– Therefore not so extensively, found in financial statement audits
– May present practical challenges, which have the potential to limit the value of EER assurance in
serving the public interest
• Starting with a description of the element of EER reporting we will look at the differences between
financial statement reporting and EER reporting for each element in turn…
Page 6
7. Understanding the elements of EER reporting
Page 7
Framework for reporting (Criteria)
Basis for preparing the subject matter
information
Needs to result in information that is:
• relevant to user decision-making
• complete, without omission of relevant
information
• reliable, giving consistent results
• unbiased, presenting it ‘as it is’
• understandable
Underlying subject
matter (USM)
What users want
information about
Information needs to:
• aid decision-making,
and
• be reliable
Subject matter information (SMI)
It is the EER report content being assured
Used to make decisions about an entity’s
performance, value, impacts, and ability to
sustain itself
Results from applying criteria to the underlying
subject matter
Needs to:
• aid user decisions
• be prepared using suitable criteria
• be free of material misstatement.
System of Internal Control, including Process to Prepare Subject Matter Information
Strength of governance can affect the quality of the subject matter information, and trust users have in the EER report
8. Element: Underlying Subject Matter
Page 8
Financial statement
reporting
Circumstances in EER reporting Circumstances result in challenges for EER
assurance in addressing the public interest
More uniform in
nature;
quantifiable; largely
relating to more
certain historical
performance; less
common use of
entity-developed
criteria to measure
the underlying
subject matter
Diverse, varied characteristics;
less quantifiable, or complex or
subjective to measure or
evaluate; greater uncertainty,
may more often relate to future
events or conditions; and use of
entity-developed criteria more
common
• Affects precision and certainty of
measurement or evaluation
• Opportunity for bias in reporting
• Judgment more difficult; greater need for
professional skepticism
• Need for greater subject matter competence
or use of practitioner’s experts
• Clear communication needed in assurance
report so users understand
9. Element: Framework for Reporting (Criteria)
Page 9
Financial statement
reporting
Circumstances in EER
reporting
Circumstances result in challenges for EER
assurance in addressing the public interest
Generally well-developed,
established aligned
frameworks – e.g. IFRS
Numerous and diverse
frameworks that are not
aligned; often high-level
principles only, needing
further development by the
entity
• Criteria may be:
o Selected from multiple frameworks
o Developed by the entity
o Subject to greater preparer choice in
selection or development, and
opportunity for bias, undue emphasis or
omission
o More difficult to make available to users
• Require greater practitioner competence
to exercise judgment and professional
skepticism
10. Element: Subject Matter Information
Page 10
Financial
statement
reporting
Circumstances in
EER reporting
Circumstances result in challenges for EER assurance in addressing
the public interest
Usually subject
to regulatory
requirements,
and reported
primarily in
quantitative
terms
Often voluntarily
prepared, without
the rigor of
regulatory
requirements;
often qualitative,
subjective, or
future-oriented
• Greater opportunity for choice of what is reported and assured;
may not reflect what the entity uses for its own decision-making
• Difficult to determine whether there is material misstatement,
especially when information is:
o Expressed qualitatively
o Future-oriented
o Without a common basis for assessing the aggregate
impact of misstatements
• Difficult to identify what is ‘other information’, so users
understand what has, and has not, been assured
• Challenges in communicating in assurance report so users
understand the confidence they may have in the EER report
11. Element: System of Internal Control
Page 11
Financial statement
reporting
Circumstances in EER reporting Circumstances result in challenges for EER
assurance in addressing the public interest
Usually more
developed than for
EER reporting
May be less well developed
than systems in place for
financial reporting in the early
stages of an entity’s reporting,
and in the absence of a strong
regulatory environment
• May not:
o Provide a consistent basis for preparation of
the subject matter information
o Prevent or detect and correct misstatements
o Be integrated into the entity’s decision-
making in running its business
• Preparers may seek advice from
practitioners, which could result in a self-
review threat
12. Purpose of the IAASB’s EER Guidance
Page 12
To promote consistent high-quality application of ISAE 3000
(Revised) to:
– Enhance trust in assurance reports
– Engender greater user confidence and trust in reliability of EER
reports
– Strengthen the influence of EER assurance on the quality of EER
reporting
14. The Guidance: Serving the Public Interest
Page 14
To promote consistent high-quality application of ISAE 3000
(Revised): each chapter of the Guidance seeks to address
particular aspects of the performance of an EER assurance
engagement where practitioners commonly encounter the practical
challenges in applying ISAE 3000 (Revised)
15. Using the Guidance: Form and Structure
• An introduction explains scope, purpose, intended audience, authority and how the
Guidance may be used
• Diagram 1 in the introduction:
– Gives an overview of the performance of an EER assurance engagement under ISAE
3000 (Revised) (‘the Standard’)
– Indicates the requirements of the Standard addressed by each chapter
• Throughout the guidance:
– Short, simple examples illustrate practical application of the Guidance
– Diagrams are included when they may assist in visualizing the nature or relationships of
concepts
Page 15
16. Using the Guidance: Form and Structure (cont.)
Page 16
Twelve chapters:
• 2 address behavioural attributes required
throughout an EER assurance
engagement
• 8 address key stages in the performance
of an EER assurance engagement
(acceptance to reporting)
• 2 address common types of EER
information (qualitative and future-
oriented
Each chapter sets out:
• What is covered
• Why it is covered – i.e. the
circumstances that give rise to practical
challenges
• How the practitioner might address those
challenges
17. Relationships Between Stages of the Engagement, Standard Requirements and the Guidance
Quality Control (31-36)
Ethical Requirements (20)
Competence (31(b)-(c), 32 (a), 39, 52(a), 53)
Professional Judgment and Professional Skepticism (37-38)
Conduct of
Assurance
Engagement
Acceptance
and
Continuance
Planning (40, 42-43) Procedures to Obtain Sufficient AppropriateEvidence
Forming the
Assurance
Conclusion
Preparing the
Assurance Report,
and Other
Communications
Understanding the Engagement
Circumstances and the Likelihood
or Risks of Material Misstatement
Design Performance Other
(14-19) (21-30) (41, 44 (a), 45, 46 L/R, 47 L/R) (48 L/R (a)) (48 L/R (b), 49, 50-51) (52 -63) (44 (b), 64-66) (67-70, 71-77, 78)
Documentation (79-83)
Ch 3
Determining
Preconditions
and Agreeing
the Scope…
Ch 7 Using
Assertions
Ch 8 ObtainingEvidence
Ch 11 AddressingQualitative EERInformation and Ch 12 Addressing Future-OrientedEERInformation
Ch 10 Preparingthe
AssuranceReport
Ch 1 ApplyingAppropriateCompetence andCapabilities
Ch 4
Determiningthe
Suitabilityand
Availabilityof
Criteria
Ch 6 Considering the Entity’s Process
to IdentifyReportingTopics
Ch 5
Consideringthe
System of Internal
Control
Ch 9 Considering the
Materialityof
Misstatements
Ch 2 ExercisingProfessional SkepticismandProfessional Judgment
Page 17
18. Using the Guidance: What is Covered in the Chapters
Page 18
Chapter 3: Determining Preconditions
and Agreeing the Scope of the EER
Assurance Engagement
• Determining the presence of
preconditions
• Whether the scope of the assurance
engagement (i.e. what is to be assured)
meets the preconditions
• Work effort that may be needed to
determine the preconditions
• Independence considerations when the
practitioner performs ‘readiness
assessments’ or similar engagements
pre-acceptance
• Response when the preconditions are
not present
Chapter 1: Applying
Appropriate Competence and
Capabilities
• Assigning a team with
appropriate assurance
competence and subject matter
expertise
• Competence and responsibilities
of the engagement partner,
including for:
• Managing the combined
competence of a multi-
disciplinary engagement
team
• Appropriate direction,
supervision and review
Chapter 2: Exercising Professional
Skepticism and Professional
Judgment
• Attributes and behaviors needed to
exercise professional skepticism
• Possible:
• Impediments to its exercise,
and
• Factors increasing the need for
the exercise of professional
skepticism
• How competence in exercising
professional judgment may be
acquired
19. Using the Guidance: What is Covered in the Chapters?
Page 19
Chapter 6: Considering the Entity’s
Process to Identify Reporting Topics
• Considering the entity’s process to
identify its material reporting topics, and
the purpose and intended users of the
report
• Disclosure of the entity’s process to
identify reporting topics
Chapter 4: Determining the
Suitability and Availability of
Criteria
• What it means for criteria to be
suitable
• How the practitioner’s work may
be affected by the way criteria
are developed
• Whether the criteria will be
available to intended users
• Changes to criteria over time
that may hinder comparability
from period to period
• Consequences when criteria are
not suitable or available
Chapter 5: Considering the System
of Internal Control
• Understanding whether the entity’s
system of internal control provides a
reasonable basis for the subject
matter information
• Considerations when the entity’s
reporting process and controls are
developing
• Considerations data or information is
obtained for EER reporting from a
source external to the entity
20. Using the Guidance: What is Covered in the Chapters?
Page 20
Chapter 9: Considering the
Materiality of Misstatements
• The practitioner’s responsibilities when
misstatements are identified
• Accumulating and evaluating the
materiality of misstatements
• Implications of misstatements due to
fraud
• Measurement or evaluation uncertainty
and materiality considerations
Chapter 7: Using Assertions
• Using assertions as a tool to
consider how different types of
potential misstatements may
occur
• Categories of assertions that
may be used
• Using assertions to assist the
practitioner in designing
assurance procedures to obtain
evidence
Chapter 8: Obtaining Evidence
• Determining how much evidence is
enough in limited and reasonable
assurance engagements
• Considerations for the practitioner
when:
• Determining what evidence is
needed and available
• Designing and performing
procedures
• When evaluating the evidence
obtained
• Addressing aggregation risk when
designing and performing assurance
procedures
21. Using the Guidance: What is Covered in the Chapters?
Page 21
Chapter 12: Addressing Future-
Oriented EER Information
In the context of Future-Oriented EER
information, to address:
• Determining the suitability of criteria
• Obtaining evidence
• Evaluating misstatements, and
• Communicating in the assurance report
Chapter 10: Preparing the
Assurance Report
• Communicating effectively in
the assurance report so that
users can understand:
• What has been assured
• How the subject matter
information has been
prepared
• The degree of confidence
they may have in the
subject matter information
Chapter 11: Addressing Qualitative
EER Information
In the context of Qualitative EER
information:
• Determining the suitability of criteria
• Obtaining evidence
• Evaluating misstatements
• Communicating in the assurance
report; and
• Considering ‘other information’
presented alongside qualitative EER
information
22. Supplement A and Supplement B to the Guidance
Supplement A
Section I Four Key Factor Model for Credibility and
Trust in Relation to EER Reports: provides a
framework useful to all stakeholders in
understanding the four key factors that play a role in
serving the public interest in high quality EER reports
Section II Background and Contextual Information:
contains information that practitioners may find
useful as background and context to the Guidance
Supplement B
Provides additional examples to illustrate concepts
discussed in the Guidance in the context of:
• More complex engagement circumstances
• A range of reporting frameworks
Page 22
The Guidance can be used by a practitioner as a standalone resource without reference to the Supplements
23. Next Steps
• Public consultation on the draft non-authoritative Guidance:
– Published March 2020
– 120 day consultation period, with responses due in by 13 July 2020
– Comments also welcome on Supplement A and Supplement B
• Analysis of responses and finalisation for approval in December 2020
Page 23
August 2016
IAASB issues
discussion
paper
October 2017
IAASB approves
EER Assurance
Project
February 2019
Consultation
paper published
following phase 1
March 2020
Consultation on draft
Guidance and phase
1 feedback published
Late 2020
Final
Guidance
approved
24. Some Potential Questions for Discussion
1. What do you find most useful about the draft EER Guidance?
2. Which chapters, sections or examples are especially helpful?
3. Which chapters, sections or examples are less useful and why? What could
be done to enhance them?
4. Do the structure and flow of the Guidance work effectively in a way that is
easy to follow when performing EER engagements? If not, how could it be
improved?
5. Is Supplement A useful as background and contextual information?
6. Are the Supplement B examples useful? If not, how could they be enhanced?
7. How will you use the guidance?
Page 24
Welcome, everyone, to this webinar on Extended External Reporting or ‘EER’
By way of introduction, I am Lyn Provost, EER TF Chair and IAASB Public Member. I took over from the outgoing chair, Marek Grabowski, from March this year, and have been on the EER TF from the inception of the task force.
we hope everyone is coping with these challenging times
we appreciate that many of you will have experienced, at least, some disruption, so thank you for making time to join this webinar,
the webinar provides opportunity for us to talk through some of the key concepts and issues affecting the public interest, then within that context the key points of the guidance. We will consider questions half way through the presentation and at the end of the session. Feel free to submit any questions or comments as I make the presentation.
the closing date for consultation responses has not changed, but we hope that this webinar will help in the process of completing your responses
we value all your responses and it is really important that we get as much feedback as possible on the consultation – especially now as, after this, we are on the ‘home stretch’ to finalising the non-authoritative guidance for publication
[talk through screen points]
So, what exactly do we mean when we talk about Extended External Reporting?
EER covers many forms of reporting on a wide range of subject matters, including those you see on the screen – these are just some examples
It is a fast-growing area as non-financial matters, such as climate change impacts, become more important to investors and other stakeholders in their decision-making
In a number of territories, regulators are calling for greater transparency and disclosure of non-financial information by companies, recognising that the management and disclosure of these matters by entities may be as important as traditional financial management to an entity’s ability to sustain itself, and for users to be able to be able to make informed decisions about the entity.
As EER reporting becomes more important to stakeholder decision-making, it is also important that stakeholders are able to have greater trust in what is being reported
As part of the initial research undertaken on this project, we identified four factors that are key in helping to enhance trust in EER reporting:
A sound EER reporting framework, which allows objective, consistent measurement or evaluation of the underlying subject matter
Strong governance by entities to ensure that there is high quality information:
on which they base their own business decision-making, and
to enable them to report accurately, completely and in a timely manner to their stakeholders
Consistency of what is reported in the EER report with what stakeholders know from wider sources of information, including industry norms and media reports
External assurance by a skilled/competent assurance practitioner who is independent of the organization.
In this webinar, I’ll focus on this last point and how external assurance serves the public interest by enhancing trust, as well as:
How some of the characteristics of EER engagements may challenge the ability for assurance to serve the public interest and
How the IAASB’s non-authoritative EER guidance is designed to address those challenges
So, to the first point – How does external assurance provide public interest protection?
The IAASB’s authoritative standard for performing EER assurance engagements is ISAE 3000 (Revised), which includes stringent requirements, for example:
For the practitioner to determine whether there is a rational purpose to what the practitioner is being asked to assure – in other words, to consider the entity’s request for assurance from the point of view of whether it is likely to meet the intended users’ decision-making needs. If there is not a ‘rational purpose’ the practitioner is not able to accept the engagement. So, for example, if the intended users of the EER report were interested, for their investment decision-making, in an entity’s climate change strategy and ability to be sustainable in the future, but the entity requested the practitioner to assure only its greenhouse gas emissions during the period, that would be highly unlikely to pass the ‘rational purpose’ test
The practitioner is also required to apply appropriate competence and capabilities and exercise professional skepticism and professional judgment. The assurance practitioner’s skills and training enable a rigorous, objective approach to be brought to bear on the reported EER information; their competence involves having sufficient expertise in both assurance skills and techniques, and in the subject matters being reported
Then there is a requirement to design and perform procedures to obtain persuasive evidence that the reported EER information is free of material misstatement, also taking account of contradictory evidence that might come to light that may cast doubt on the reported EER information.
On the basis of the evidence obtained, the practitioner reaches an assurance conclusion that is expressed in an independent, written report.
All well and good, BUT:
There are circumstances that may arise that have the potential to limit the value of assurance to the public interest.
These circumstances may be more commonly found in EER reporting and assurance than in financial statement reporting and financial statement audits.
So, what are the differences? Let’s take a look….
First, we need to look at what the elements of EER reporting are as it is important to understand how they relate to each other:
For convenience, let’s break EER reporting down into four elements:
First, what is it that users want information about to be able to make their decisions? For example, it may be the equality of its employee pay between genders, or what hazardous waste it generates and how that waste is disposed of, or what the entity’s climate change strategy is – this ‘what’ is the underlying subject matter
Then ‘how’ is the underlying subject matter to be measured or evaluated? For example, how would ‘employee’ ‘pay’ or ‘hazardous waste’ be defined so that it was clear as to what should and should not be included. For example, ‘pay’ might include all of base pay, benefits, bonuses and overtime pay or may only include some of these; similarly ‘employee’ might include full and part time employees or full-time equivalents, certain grades of staff etc. These ‘rules’ or ‘definitions’ are known as the criteria
By applying the criteria to the underlying subject matter, the result is the information being reported and assured or the ‘subject matter information’ as it is known – this is what the users will use to make their decisions.
Underpinning these three elements are the systems, processes and controls the entity uses to record, process and report the subject matter information in a logical, orderly and consistent way.
Let’s look at how the characteristics of EER information may differ from financial information and result in challenges to the ability of assurance to serve the public interest. First, the underlying subject matter (or USM as I may call it for ease)
The underlying financial performance that is reported in an entity’s financial statements is:
fairly uniform in its nature
largely historical
quantifiable
measured and disclosed using well-established generally accepted accounting standards
EER underlying subject matters, on the other hand, may be:
range, for example, from health and safety incident, to equality of employee pay, to an entity’s intellectual capital, to its strategy to address potential climate change impacts
relate to past or future conditions, or a mix of both
complex and less readily quantifiable, subject to greater estimation uncertainty or the need for subjective judgment
measured or evaluated using a range of different reporting criteria, including criteria developed by the entity, itself.
This means that, for EER assurance:
the precision and certainty of measurement or evaluation is affected, and there is greater opportunity for subjectivity and bias in reporting
that makes judgment more difficult; and there may be a greater need for professional skepticism than in a financial statement audit
to exercise these more difficult judgments, there is a need for greater subject matter competence to understand and be able to challenge what has been reported
there is a need for clearer communication in the assurance report so users understand the wider range of variables involved.
We’ve spoken about the fact there are well-established accounting frameworks for measuring and disclosing financial performance.
For EER:
there is a large number of diverse frameworks – while some may be more commonly used than others, there is no ‘generally accepted EER framework’
the frameworks often establish a set of high level principles, but do not give sufficient detail to enable objective, consistent measurement or evaluation when applied by different practitioners – this means that to be suitable as criteria, the frameworks need to be further interpreted and developed by the entity
Some of the challenges for assurance practitioners, include that criteria may be:
selected from multiple frameworks
developed by the entity – either in part or in full – with greater preparer choice, opportunity for bias, undue emphasis or omission
insufficiently developed such that they would not result in consistent measurement or evaluation of the underlying subject matter
more difficult to make available to users because the criteria may not have been documented or may not be ‘packaged’ suitably to be made available in the same way as a generally accepted framework would be
all of which may mean need for greater practitioner competence to exercise judgment and professional skepticism
Given the challenges we have discussed in relation to:
Underlying subject matter (ie the nature of the ‘what’ is being measured) and the
Criteria (ie the range of ‘how’ it may be measured)
it is clear that the resulting subject matter information may result in inconsistent or not comparable information.
Also, we need to remember that financial reporting is usually subject to regulatory requirements, whereas EER information is often voluntarily prepared without the rigor of regulatory requirements or scrutiny.
All of the challenges we have discussed mean:
there is more opportunity for choice by the entity of what is reported and assured; as a result the EER report may not reflect what the entity uses for its own decision-making
It is difficult to determine whether there may be material misstatement, especially when information is expressed qualitatively, or to do with future conditions or events. There is also not a common basis for assessing the aggregate impact of misstatements. For example if misstatements are identified in discrete ‘topics’ within the subject matter information, such as GHG emissions or health and safety incidents, or governance processes, all of which are included in the report as a whole, it is difficult to assess what the overall impact on the EER report may be, and what would be likely to affect user decisions.
It is also difficult to identify and communicate what is the information that has been assured and what is ‘other information’ that has not been assured, in a way that users understand what they can have greater confidence in, and which areas of the report may not warrant that degree of confidence.
Lastly, let’s look at the systems, process and controls for preparing the subject matter information – the fourth of the four elements we identified earlier.
For financial statement reporting, systems and controls are usually more developed than for EER reporting. There is also a double-entry system of bookkeeping that, in part, acts as a check over the financial information.
As EER reporting is comparatively new, and evolving fast, the systems, processes and controls may also be developing and being improved. These EER systems therefore may not:
Provide a consistent basis for preparation of the subject matter information
Prevent or detect and correct misstatements
Be integrated into the entity’s decision-making in running its business
In addition, preparers of the subject matter information may look for advice from their assurance practitioners, who often have experience of assuring systems, processes and controls. Giving such advice could result in a self-review threat for the practitioner if, for example, the practitioner were to provide recommendations for systems and controls, and, at a later stage, be in a position where they were evaluating those systems and controls as part of their evidence-gathering procedures. Such actions would both compromise the practitioner’s independence and breach the requirements of their professional bodies.
So, we have seen how the characteristics of EER reporting may present challenges to practitioners and, consequently, have the potential to limit the value of EER assurance in protecting the public interest.
The EER non-authoritative guidance is being developed to assist practitioners in overcoming these challenges.
By providing guidance that aids consistent, high quality application of the IAASB’s ISAE 3000 (Revised) standard by practitioners, especially in addressing the challenges we have talked about
Trust in EER assurance reports may be enhanced, which, in turn means
Greater user confidence in the reliability of entities’ EER reporting, and
The ability to strengthen the influence of EER assurance on the quality of EER reporting.
We are sometimes asked about how this last point works, and it is worth looking at this a bit more closely. If practitioners:
have clear guidelines on how to approach the identified challenges,
are able to apply a consistent and robust approach to EER assurance engagements and, consequently
are equipped to articulate their expectations to preparers of EER information, together with their reasons
this can ‘raise the bar’ on the consistency and quality of entities’ EER reporting, which, in turn, can enhance comparability of information and user decision-making.
The rest of this webinar will focus on how each chapter of the EER guidance addresses the challenges we have discussed. While, everyone is welcome to stay on the webinar, this second part is aimed primarily at practitioner attendees as they may wish to understand the challenges and the guidance in more detail.
As you can see on the slide, the introduction to the guidance:
explains how to use the guidance
includes a diagram that gives an overview of the requirements of the standard, and indicates how the requirements of ISAE 3000 (Revised) are addressed by each chapter in the EER guidance - I’ll come back to this diagram shortly
The guidance makes extensive use of examples and diagrams.
I am not going to go into this slide in great detail other than to explain that:
the 2 chapters on behavioural aspects are those on (i) competence and capabilities and (ii) professional scepticism. These are placed first in the EER guidance as they are needed from the start throughout the performance of the engagement
we have used icons – circles with PS and PJ inside them throughout the rest of the guidance and in Supplement B, where examples illustrate the exercise of professional judgment and professional skepticism – there are, of course, other places in the guidance where these concepts are discussed, but the icons are currently placed only against the examples
the two chapters on qualitative and future-oriented information are placed at the end of the guidance. The reason for their placement at the end is that the considerations covered in earlier chapters are now discussed in chapters 11 and 12 in the specific context of qualitative and future-oriented EER information, so you need to have the earlier context of chapters 1-10 to be able to apply the guidance to these types of EER information.
And we have adopted a what, why and how format to reduce complexity.
This is the diagram I was referring to that appears in the introduction to the EER guidance.
The green boxes show the requirements of the standard
The brown boxes show the chapters in the EER guidance
The green arrow show how the requirements ‘map’ to the chapters or that earlier chapters relate to later chapters
Grey text indicates requirements that are not directly addressed in the guidance as they were not identified as a challenge.
As I said, chapters 1 and 2 cover competencies and professional judgment and professional skepticism, including, in chapter 1:
The need for both assurance skills and subject matter expertise on the team
The competence and responsibilities of the engagement partner
and, in chapter 2:
the behaviours needed to exercise professional skepticism
possible impediments to being able to exercise professional skepticism
factors that may increase the need to exercise professional skepticism and
how competence in exercising professional skepticism and professional judgment may be acquired
Chapter 3 – refer to slide
Chapters 4, 5 and 6 cover the matters shown on the screen. I am not going to talk through all of the points, but would like to make the point that these three chapters are very closely linked with each other, which is why they are positioned as they are.
So, criteria may be set out in a framework, or may be developed by the entity or a mix of both.
Most often, there will need to be, at least, some further development of the criteria in order for them to be suitable. Even if a framework is used, frameworks are often set out as high level principles, rather than as detailed instructions on how to measure or evaluate the underlying subject matter. Each entity will therefore need to further develop those framework principles into a ‘basis of preparation’ or methodology so that there are suitable criteria that can be applied and made available to users.
Of necessity, when the entity develops its own criteria, or further develops framework criteria, it will need to
have a systematic process for doing so, so understanding the entity’s system of internal control, including the processes for developing the criteria and the basis for the subject matter information may be important, and
as part of that process, identify its material reporting topics, considering both the purpose and intended users of its EER report
This is not to suggest that the practitioner necessarily carries out extensive procedures on the system of internal control when considering the pre-conditions, including the suitability of criteria, at pre-acceptance of the engagement. It is an iterative process, requiring the exercise of professional judgment. However, the more complex and extensive the organizational boundary, and the more diverse and complex the subject matter, the more likely it is that understanding the system of internal control may be an important part of considering the suitability of the criteria before accepting the engagement.
Note the change of title for chapter 6. We heard a lot of feedback from phase 2 that materiality process for preparing a report was confusing with assurance materiality thus the change
The next chapter deals with the use of assertions to consider how different types of misstatement may occur in the subject matter information, and to help the practitioner design procedures to obtain evidence.
While the use of assertions is not required by the standard, they are a useful way of thinking about misstatements and in designing procedures.
For example, when considering how health and safety data such as injuries might be misstated, it may be useful to think about the assertions explicit or implicit in the reported information – i.e. the entity is asserting that the information is accurate, complete, relates to the current reporting period (cut-off), is properly classified (for example between fatalities, serious incident or minor incident) and so on. The procedures can then be designed to address the risk of misstatement. So, to address the risk of misstatement related to completeness, the practitioner may design procedures to sample from the underlying incident records to the reported EER information as testing in the other direction would not provide evidence to support completeness.
The next chapter (Chapter 8) deals, amongst other matters, with the evidence-gathering considerations for both limited ad reasonable assurance, and with how aggregation risk might be addressed when designing and performing assurance procedures in relation to different topics within an EER report or when the subject matter information is qualitative information.
Chapter 9 then considers the practitioner’s responsibilities when misstatements are identified.
Right, on the home straight now, before we turn over to you for further questions or comments….
Chapter 10 emphasizes the importance of communicating effectively in the assurance report; the practitioner’s report is the visible output of the entire assurance engagement and therefore needs to be clear and informative so that users can understand:
what has and has not been assured
how the subject matter information has been prepared, and
the degree of confidence they may have in that information.
The chapter discusses various ways in which communication might be enhanced. Provided the elements of the assurance report required by paragraph 69 of the Standard are present, the Standard does allow for some flexibility in how those elements are communicated if that would enhance users’ understanding of what is behind the assurance conclusion.
It is also important that practitioner’s reports do not purport to give ‘comfort’ that is not warranted. For example, it would not be appropriate for a practitioner to:
‘certify’ that the subject matter information is ‘correct’ as that may imply more than can be achieved when less than 100% of a population is examined by the practitioner, or when there is inherent uncertainty in measuring or evaluating the underlying subject matter
suggest compliance with all of the requirements of ISAE 3000 (Revised) when that is not the case, for example, by stating that the engagement has ‘had regard to’ ISAE 3000 (Revised) – such nuances are not likely to be understood by users of the EER assurance report.
As mentioned at the start of this webinar, chapters 11 and 12 deal with qualitative and future-oriented information and cover considerations from pre-acceptance of the engagement through to reporting.
Alongside the non-authoritative EER guidance, we have published two supplements:
Supplement A which contains the Four Key Factor Model for Credibility and Trust in relation to EER reports. I mentioned earlier that in our initial project research we identified four factors that are key in enhancing trust in EER reporting. In part 1 of Supplement A there is further discussion on these factors.
Section 2 of this supplement provides background and contextual information.
Supplement B contains longer, more complex examples using a range of reporting frameworks. Shorter examples are used within the body of the EER guidance to explain concepts discussed in the guidance. The longer examples are supplementary.
Neither Supplement A nor Supplement B needs to be referred to in order to use and understand the EER Guidance – the Guidance is intended as a standalone resource.
It is for this reason that the consultation is focussed on the EER non-authoritative guidance document; however we would also welcome any comments you may have on the additional material in these two supplements.
And finally, a look at the timeline for finalising the EER guidance for publication before we turn to some questions….
[Read out slide]
Towards the end of the allocated time, draw the session to a close by taking one last question/saying that is all there is time for.
Thank participants for attending, for the discussion and contributions.
Repeat the closing date and how important it is that we get feedback]
Just a reminder to you that it is more helpful in analysing the responses, if
The questions are answered in relation to each chapter, rather than as a ‘blanket’ answer about all chapters. So, for example for consultation question 1: Does the draft guidance adequately address the challenges, it would be helpful if responses could answer that on a chapter-by-chapter basis (preferably with subheadings so it is clear what commentary relates to which chapter).
Where comments are made for improvement, suggestions for enhancement are better than simply noting that the guidance doesn’t address the challenges. It is otherwise sometimes difficult to know from what angle or context the comment is being made, and therefore how best to address the comment. If the reasons and suggestions for improvement are included in your responses, that will help us to enhance the Guidance in the way respondents would like.
That brings us to a close, so thank you again for your time and stay safe!