The International Audit and Assurance Standards Board (IAASB) issued Frequently Asked Questions (FAQs) on the application of materiality by the entity and the assurance practitioner. These FAQs aim to help stakeholders to navigate the recently proposed International Standard on Sustainability Assurance (ISSA) 5000 and address such questions as:
- how the concept of materiality applies to sustainability reporting and assurance
- definition of double materiality
- how an assurance practitioner considers an organisation’s materiality process during a sustainability assurance engagement