Abu Dhabi, UAE: Global standard-setters have recognised the UAE’s strategic importance in adopting the new International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (including International Independence StandardsTM) (IESSA) – the world’s first comprehensive framework for assuring corporate sustainability disclosures – during an ICAEW-hosted roundtable at Abu Dhabi Global Market last week.
At the event, the International Ethics Standards Board for Accountants (IESBA) and the International Auditing and Assurance Standards Board (IAASB) engaged with regional regulators, businesses and accounting leaders on the effective implementation of ISSA 5000, IESSA, and other sustainability standards. The discussions reinforced how strong assurance and ethical frameworks can enhance investor confidence, uphold public trust and support the UAE’s broader economic vision.
As Middle East economies diversify and integrate sustainability into their financial and regulatory ecosystems, such standards offer a consistent global approach to ESG assurance, audit and reporting, reducing compliance complexity for companies operating across borders.
Gareth Brett, Interim Director of Trust and Ethics at ICAEW, said: “Clear, transparent standards build market confidence and advance sustainable development. Collaboration across organisations is essential for putting public interest at the centre of the economic transformations reshaping the Middle East.”
IAASB and IESBA highlighted the UAE’s strategic position as a financial hub, making it a key market for implementing global ESG reporting and assurance standards. They emphasised the importance of direct engagement with financial and business leaders to ensure the practical and effective adoption of ISSA 5000 and IESSA.
Tom Seidenstein, IAASB Chair and Co-CEO of the International Foundation for Ethics and Audit, said: “Engaging with dynamic markets like the UAE allows us to learn from regional regulators, accounting bodies, and business stakeholders. This direct dialogue is crucial for ensuring that global standards are both practical and adaptable to different economic contexts.”
Gabriela Figueiredo Dias, IESBA Chair and Co-CEO of the International Foundation for Ethics and Audit, added: “As sustainability reporting matures, audit, assurance and ethical standards must evolve in parallel. The interests of UAE stakeholders in the IESBA ethics proposition for sustainability reporting and other accounting services is a strong incentive to the Ethics Board to advance our vision and project. We are grateful to ICAEW for the opportunity provided and to UAE stakeholders for the genuine interest in ethics standards, and look forward to exploring further collaboration opportunities that benefit businesses and investors alike while upholding the public interest.”
Roundtable participants highlighted several key areas for action, including the need for capacity building to equip sustainability assurance practitioners with the necessary expertise, the development of technology solutions to enhance the efficiency and accuracy of ESG audits, and the implementation of ethical safeguards and whistleblower protections to strengthen public trust in corporate sustainability reporting.
IAASB and IESBA have already launched practical implementation resources to support businesses, including FAQs, fact sheets, webinars, and guidance tools, with more expected throughout 2025 to support jurisdictions adopting the standards.
As the UAE continues to strengthen its regulatory environment for corporate reporting, these discussions mark an important step in ensuring alignment with global sustainability best practices and investor expectations.
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Layth Kamal, Mojo PR, on email icaew@mojo-me.com
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