ISAE

International Standards on Assurance Engagements

Standards issued by the International Auditing and Assurance Standards Board (IAASB) to provide guidance for practitioners when conducting assurance engagements other than audits or reviews of historical financial information. Key points about ISAE:

• Objective: The main objective of ISAE is to establish standards and provide guidance for assurance engagements that are not audits or reviews of historical financial information, such as engagements related to sustainability reporting, compliance with regulations, or the effectiveness of internal controls.
• Scope: ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, is the primary standard in this series and provides a framework for all assurance engagements falling under its scope.
• Types of assurance: ISAE engagements can provide either reasonable assurance (high, but not absolute) or limited assurance (moderate). The level of assurance depends on the nature, timing, and extent of procedures performed by the practitioner.
• Relationship with ISAs: ISAEs are designed to be consistent with the principles and concepts in International Standards on Auditing (ISAs), adapted as necessary for the specific nature of assurance engagements other than audits or reviews of historical financial information.
• Principles: ISAE 3000 (Revised) outlines key principles for assurance engagements, including ethical requirements, quality control, engagement acceptance and continuance, planning and performing the engagement, obtaining evidence, and forming the assurance conclusion.

Other Notable ISAE

• ISAE 3400: The Examination of Prospective Financial Information
• ISAE 3402: Assurance Reports on Controls at a Service Organization
• ISAE 3410: Assurance Engagements on Greenhouse Gas Statements

ISAEs provide a robust framework for practitioners to conduct a wide range of assurance engagements, promoting consistency, quality, and reliability in the assurance services provided to stakeholders.

• Abbreviation: ISAE