ICAI issues SSA 5000 to align sustainability assurance with global standards

According to an ICAI press release, the standard aligns with the International Auditing and Assurance Standards Board's (IAASB) ISSA 5000, incorporating specific carveouts tailored to the Indian context. The framework aims to provide a consistent basis for assurance engagements while addressing evolving reporting requirements across the country.

CA. Prasanna Kumar D, President of ICAI, said, "SSA 5000 elevates sustainability assurance in India to global standardsa comprehensive, principle-based framework crafted to inspire enduring confidence among investors and stakeholders."

He added that "with ICAI issuing SSA 5000, India becomes globally aligned with the world."

The new standard and the accompanying framework will come into force for financial years starting on or after April 1, 2027. The release noted that its implementation broadens the scope of sustainability assurance while accommodating different reporting frameworks with uniform rigour.

Commenting on the development, CA. Mangesh Kinare, Vice-President of ICAI said, "SSA 5000 broadens the ambit of sustainability assurance while accommodating diverse reporting frameworks with equal rigour and consistency."

The implementation of the principle-based standard aims to address emerging reporting demands and maintain stakeholder confidence in corporate sustainability disclosures. The ICAI release confirmed that existing standards SSAE 3000 and SAE 3410 will stand withdrawn once SSA 5000 comes into force.

The Institute of Chartered Accountants of India (ICAI) is a statutory body set up by an Act of Parliament under the Chartered Accountants Act, 1949 for the regulation and development of the profession of Chartered Accountancy in India. The Institute functions under the administrative supervision of the Ministry of Corporate Affairs, Government of India. (ANI)