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Overview of Responses IAASB Consultation Paper “Assurance on a GHG Statement”. Caithlin McCabe and Roger Simnett, Co-chairs – Emissions Task Force. New York. 16 March 2010. IAASB. Outline. Background Who responded What they said Our tentative conclusions Proposed timetable.

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slide1
Overview of Responses

IAASB Consultation Paper

“Assurance on a GHG Statement”

Caithlin McCabe and Roger Simnett,

Co-chairs – Emissions Task Force

New York

16 March 2010

IAASB

slide2
Outline
  • Background
  • Who responded
  • What they said
  • Our tentative conclusions
  • Proposed timetable
slide3
Background
  • Dec 07 – Project proposal approved
  • May-Dec 08 – Four roundtables
  • Dec 08 – Board issues paper
  • June 09 – First read of ED
  • Sept 09 – Consultation Paper (120 days)
  • Dec 09 – COP 15 Copenhagen
slide4
Who Responded?
  • 19 Accounting bodies (17 submissions)
  • 6 Firms
  • 5 Standards-setters
  • 2 Supreme Audit Institutions
  • 2 Institutional investors
  • 3 Others: Canadian Stds Assoc, UNSW, Maresca
  • ACCA video conference chaired by Jon Grant
slide5
What did they say?
  • 212 page collation
  • Preliminary analysis only
    • Presentation based on first read
    • TF this weekend
  • Many detailed suggestions to consider
  • Generally happy with most aspects of WD
slide6

Experts/multidisciplinary teams

    • Objectivity, not independence, of external experts
    • Approach, consistent with ISA 620, is correct
  • Relationship with regulatory requirements
    • Few, if any, requirements apply only to voluntary reporting
  • Analytical procedures
    • Often important; appropriately treated in WD
  • Internal control
    • Not always necessary to look at IC, but increasingly important
    • Appropriately treated in WD
slide7

Assertions

    • Risk assessment at assertion level is correct
    • Clarity needed re “consistency and comparability”
  • Materiality, estimates and uncertainty
    • 16 of the respondents – broader than economic decisions
    • Estimates appropriately treated in WD
    • Additional detail on disclosure of uncertainty
  • Fraud
    • Treatment is appropriate in WD
  • Reporting
    • Mixed views re disclosure of multidisciplinary team and QC
    • Positioning of disclosure on uncertainty
slide8

Fair presentation

    • Ordinarily compliance criteria
    • Allow “fair presentation” wording if required by regulation
  • Suitable criteria
    • Suitability of regulatory criteria?
  • Emissions deductions
    • Most respondents consider treatment to be appropriate
    • Some queries re “audited” offsets
  • Scope 3
    • Cautionary language is appropriate
    • Clarify treatment if clearly material Scope 3 emissions are excluded
  • Direct reporting
    • No engagements identified
slide9
Links to ISAE 3000 & 2400
  • Professional accountant
    • Use input for ISAE 3000 deliberation
    • Requirement to comply with ISQC 1 and Code
  • Number & nature of requirements
    • Extensive but not clear what to delete
    • Move engagement management to 3000 when issued
  • Limited assurance
    • Significant demand, both regulatory and voluntary
    • Helpful suggestions for taking issue forward
slide10
Key Conclusions
  • Standard still urgently needed ...
  • .... for both reasonable and limited assurance.
  • Consultation has delayed the process, but ...
  • ... responses indicate confidence in WD, so ...
  • ... rapid progress can now be made.
slide12
Overview of Responses

IAASB Consultation Paper

“Assurance on a GHG Statement”

Caithlin McCabe and Roger Simnett,

Co-chairs – Emissions Task Force

New York

16 March 2010

IAASB

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