Next steps for Assurance on <IR>

29 January, 2015

Organizations from across the world contributed to the consultation on <IR> assurance papers which closed on 8 December 2014. Sixty-one submissions were received from a wide range of stakeholders in 19 countries, as well as from regional and international organizations. Over 300 experts also contributed to the consultation through a series of roundtables in 14 countries.

The submissions, which have been posted onto the IIRC website, will be summarized and published in the first half of 2015. Key themes that emerged from the roundtables included an agreement that early involvement of assurance professionals can help strengthen reporting processes. There was a keenness to consider broader issues of credibility and trust beyond traditional assurance, although with that came a concern about the cost benefit. Many attendees also voiced an interest in ensuring that internal audit is fully involved, leading to an integrated assurance approach.

The IIRC’s role has been to act as a catalyst for the debate on assurance, calling on all those with an interest in building credibility and trust to contribute to the development of assurance on <IR>.The next step for assurance on <IR> is being led by the International Auditing and Assurance Standards Board (IAASB) which has set up a formal <IR> Assurance Working Group, chaired by Merran Kelsall, Chairman, Australian Auditing and Assurance Standards Board. The IAASB has expedited its work on <IR> and currently expects to issue an initial document in early 2015.