The International Ethics Standards Board for Accountants (IESBA) has approved pivotal standards during its December 2024 meeting, advancing the ethical foundation for sustainability reporting and assurance worldwide. The newly adopted International Ethics Standards for Sustainability Assurance (IESSA), coupled with revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards), establish a global benchmark for ethical conduct and independence in sustainability practices.
The Board also approved revisions to the Code related to the use of external experts, introducing a framework to assess their competence, capabilities, and objectivity. These updates aim to enhance the reliability and credibility of sustainability assurance provided by professional accountants.
IESBA also announced a new project to develop a standard on accounting firm culture and governance, with an emphasis on ethical leadership, accountability, and overall governance within accounting firms. This initiative highlights IESBA’s commitment to reinforcing integrity and trust within the profession.
The meeting also recognised the contributions of departing Vice Chair Laurie Endsley and member Andy Mintzer, both of whom were commended for their dedicated service and their significant role in shaping the Board’s initiatives.
The newly approved sustainability-related standards are set for global release in January 2025, marking a milestone in promoting public trust in sustainability reporting and assurance.
