KICPA forum analyzes international sustainability certification standards

The Korean Institute of Certified Public Accountants (KICPA) recently held its 26th Sustainability Certification Forum to discuss the establishment of domestic certification systems. The forum focused on comparing the International Standard on Sustainability Assurance (ISSA 5000) with other standards, such as ISO 14019 and AA1000AS.

As the Financial Services Commission prepares to mandate sustainability disclosures for KOSPI-listed companies with assets over 10 trillion won starting in 2028, interest in international standards has intensified. Experts noted that ISSA 5000, supported by the International Organization of Securities Commissions (IOSCO), offers high procedural precision regarding responsibility and audit conclusions.

Participants emphasized the need for a domestic framework that integrates the strengths of various standards to ensure predictability for corporations and reliability for investors. Discussions highlighted that while ISSA 5000 provides detailed procedural links, other standards like ISO 14019 and AA1000AS offer unique benefits in specific areas or qualitative principles.