New guidance on assuring non-financial information

The reporting of non-financial information has gained prevalence in the last few years because there is an acknowledgement that the value of entities cannot be measured in financial terms alone. While non-financial reporting in the private sector deals predominantly with environmental and sustainability reporting, in the public sector non-financial reporting could include reporting on the achievement of service delivery measures and fiscal sustainability.

Given the increased need for non-financial reporting by users of the financial statements and others, the International Auditing and Assurance Standards Board (IAASB) recently issued guidance to improve the confidence in assurance provided on these reports by auditors. Read more: New IAASB Guidance Helps Advance Assurance for Non-Financial Reporting | IFAC