Overview of Responses
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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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Overview of Responses IAASB Consultation Paper “Assurance on a GHG Statement”

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Overview of responses iaasb consultation paper assurance on a ghg statement

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


Overview of responses iaasb consultation paper assurance on a ghg statement

Outline

  • Background

  • Who responded

  • What they said

  • Our tentative conclusions

  • Proposed timetable


Overview of responses iaasb consultation paper assurance on a ghg statement

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


Overview of responses iaasb consultation paper assurance on a ghg statement

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


Overview of responses iaasb consultation paper assurance on a ghg statement

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


Overview of responses iaasb consultation paper assurance on a ghg statement

  • 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


Overview of responses iaasb consultation paper assurance on a ghg statement

  • 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


Overview of responses iaasb consultation paper assurance on a ghg statement

  • 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


Overview of responses iaasb consultation paper assurance on a ghg statement

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


Overview of responses iaasb consultation paper assurance on a ghg statement

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.


Overview of responses iaasb consultation paper assurance on a ghg statement

Proposed Timetable


Overview of responses iaasb consultation paper assurance on a ghg statement

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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