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Assurance Audit Required for Sustainability Reports
16 Feb 2024The decision also covers the work to be done for this year
While an assurance audit obligation was introduced for sustainability reporting studies, changes were also made in the reporting to address errors in financial disclosures made for the past period.
The changes were introduced by the decision of the Public Oversight, Accounting and Auditing Standards Board dated September 2, 2024, published in the Official Gazette.
According to the first article of the decision, the sustainability reports to be prepared for the accounting periods starting from January 1, 2024 will be subject to assurance audit, starting from the first year they are issued.
With the second article of the decision, changes were made to address possible errors in the statements regarding the financial activities of companies in the sustainability reports.
Accordingly, while the scope of past period errors that must be corrected within the scope of "TSRS 1 General Provisions on Disclosure of Financial Information Related to Sustainability" published on December 29, 2023 was "financial reports" of the companies, the scope was changed to"financial disclosures related to sustainability" with the amendment made in the 84th article of the regulation titled Errors.
The relevant change was as follows;
“84 – Prior period errors are deficiencies and inaccuracies in the financial disclosures of the business for the past period or periods related to sustainability. Such errors result from the non-use or misuse of reliable information with the following characteristics:
(a) The financial reports for the previous period or periods were available at the time the sustainability-related financial disclosures were approved for publication, and
(b) Which may reasonably be expected to have been obtained and taken into account in the preparation of those disclosures.”
Source: Green Economy
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