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Currently, the provision of sustainability assurance services is treated as a permitted non-audit service for the purpose of the cap, meaning it is included as part of the 70%...
service.gov.uk DownloadProvide evidence where the non-audit services cap has been a barrier to accessing or providing high-quality sustainability assurance. Where possible, include quantitative estimates of...
These include the impact of the non-audit service fee cap for auditors of Public Interest Entities and how it might impact on assurance, including sustainability and climate information produced by companies. The FRC will share this feedback with the Department for Business and Trade.
The UK sustainability reporting standards (UK SRS) and TP consultations have been anticipated for some time and are likely to result in significant changes to the UK's current sustainability reporting requirements under the Companies Act 2006 and UK Listing Rules.
A leading academic and member of the House of Lords has condemned calls by a UK accounting body for reforms of the cap on non-audit work undertaken by big audit firms.
The report, based on stakeholder engagement, outlines the current state of the UK’s sustainability assurance market and suggests measures to enhance its functionality.
What are the non-audit service restrictions when a statutory auditor provides CSRD assurance services to an entity or group that is not a financial statement audit client?
The UK Government launched consultations on adopting the ISSB standards and setting up rules to oversee assurance of sustainability-related financial disclosures. This is the first step in its broader plan to create a modern, streamlined framework for sustainability reporting and assurance.
Proposals include a new category of ‘sustainability assurance provider’ qualified to provide third-party assurance over sustainability-related financial disclosures, and a voluntary registration regime for sustainability assurance.
kpmg.com DownloadFor permitted non-audit services, business units must implement procedures to identify where there is a proposal to engage the external auditors and ensure the correct approval process is followed prior entering into any formal engagement with the external auditor.