The AUASB consulted on the following amendments to ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001:

• To clarify what assurance applies to the directors’ declaration on Corporations Act sustainability reporting.
• How assurance may apply to entities who choose to voluntarily comply with the Corporations Act requirements for sustainability reporting in the first three years in order to take advantage of the limited immunity provisions (presuming the government passes amendments to the legislation to allow them to do so).

The key points raised in our submission are:

• We support the directors’ declaration being subject to assurance in Years 2 and 3.
• We support the provision of guidance on auditing the directors’ declaration but believe that guidance on what constitutes ‘reasonable steps’ for directors and preparers should first be provided by ASIC.
• We support the AUASB providing clarity over how the phasing requirements of ASSA 5010 apply should entities choose to voluntarily adopt the full Corporations Act 2001 sustainability reporting requirements.
• We prefer the option for entities being able to start and stop the phasing.