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Financial Report Audit

This document compares financial audits and sustainability report audits. Financial audits examine an entire financial report based on relevant accounting laws and standards to provide reasonable assurance. Sustainability report audits can examine the entire report or specific sections, based on voluntarily adopted frameworks like GRI guidelines or regulatory requirements. They provide either reasonable or limited assurance, with the level determined beforehand. Both use established assurance standards but for different subject matter and criteria.

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Yolly Diaz
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117 views1 page

Financial Report Audit

This document compares financial audits and sustainability report audits. Financial audits examine an entire financial report based on relevant accounting laws and standards to provide reasonable assurance. Sustainability report audits can examine the entire report or specific sections, based on voluntarily adopted frameworks like GRI guidelines or regulatory requirements. They provide either reasonable or limited assurance, with the level determined beforehand. Both use established assurance standards but for different subject matter and criteria.

Uploaded by

Yolly Diaz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Financial Report Audit Sustainability Report Audit

Subject matter Whole financial report The whole or a specific part of a


information sustainability report as agreed
with the client (note
determining and agreeing on
this is a key step and needs to
be undertaken before any actual
engagement work can
commence).
Relevant frameworks/ As required by relevant laws Framework/requirements in
requirements and accounting standards, specific regulation/contracts or
normally very specific. voluntarily adopted by the client
Sustainability Report Audit The (note determining and agreeing
whole or a specific part of a to this is
sustainability report as agreed For example, International
with the client (note Financial also a key step that
determining and agreeing on needs to be Reporting
this is a key step and needs to Standards.
be undertaken before any actual undertaken before any actual
engagement work can engagement work can
commence). commence). For example, GRI's
G3.1 Guidelines.
Criteria Accounting standard As defined in sustainability
requirements reporting framework used, or
other applicable requirements.
Audit/assurance standards Audit standards (ISAs) ISAE3000
Level of assurance provided to Reasonable assurance (the Reasonable assurance or limited
users highest level of assurance assurance (a lower, but still
possible under the auditing and meaningful level of assurance
assurance framework). than reasonable assurance).

It is important that the level of


assurance required is agreed to
before any engagement work
commences.
Comparison of Financial Statement Audit and Sustainability Reporting Assurance Engagements

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