In partnership with the Institute of Chartered Accountants of the Caribbean (ICAC), IFAC has released a timely report emphasizing the critical role of the accountancy profession in accelerating climate resilience and energy transformation across the Caribbean.
“The accountancy profession plays an essential role in the Caribbean with climate transition. The profession brings its expertise and skills with governance, strategic planning, and risk assessments to allow better decisions to be made,” said IFAC Chief Executive Officer Lee White. “As part of the change at IFAC and how it operates, I am very focused on alignment of activities by IFAC and regional bodies of our global profession, and I am pleased to partner with ICAC on this report.”
Climate Challenges Demand Professional Action
The Caribbean is on the front lines of climate change. Increasingly frequent extreme weather events and rising sea levels pose significant threats to long-term economic growth, infrastructure, and prosperity. Additionally, Caribbean nations rank among the world’s most energy-insecure, with many heavily dependent on imported fossil fuels.
Transitioning to a low-carbon, climate-resilient future will require an estimated $5–7 billion in upfront investment. Without adequate support and investment, the region risks being locked into high energy costs and missing out on the long-term benefits of clean energy and resilient infrastructure.
A Roadmap for Collective Impact
The report serves as both a call to action and a practical roadmap for the profession, offering case studies and recommendations for embedding climate considerations into business, accounting, and reporting practices. It encourages collaboration among accountants, governments, financial institutions, and development partners to align regional priorities with global climate goals.
“By strengthening, connecting and uniting the accountancy profession in the Caribbean, we enable our 12 member organizations and affiliates across the region to promote regional integration, knowledge sharing and peer learning to strengthen progress on the climate transition,” said ICAC Chief Executive Officer David Simpson. "This report highlights the key areas in which the accountancy profession and professional accountants in the region can influence transformation to achieve a climate and energy transition for the Caribbean.”
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
About ICAC
The Institute of Chartered Accountants of the Caribbean (ICAC) was established on October 28, 1988, to unify and advance the accountancy profession across the English-speaking Caribbean. With a network of over 4,000 professionals, ICAC serves as the leading regional organization dedicated to promoting internationally acceptable standards, best practices, and continuous professional development within the accounting and finance industry in the Caribbean and parts of Latin America. Recognized by the International Federation of Accountants (IFAC) as an “Acknowledged Regional Grouping,” ICAC fosters a cohesive and self-regulated profession through its annual conferences, regional monitoring programs, and strategic partnerships with global accountancy bodies. Committed to upholding the values of truth, fairness, integrity, justice, and prosperity, ICAC continues to provide leadership on emerging issues affecting the accounting profession in the region.
New report from IFAC and ICAC highlights the accounting profession’s role in unlocking climate finance and supporting the region’s energy transition
Joint FAQs from IAASB and IESBA Staff support interoperability and consistent application of ISSA 5000 and IESSA
IESBA Staff Q&As explain key aspects of IESSA to support effective implementation of the ethics and independence standards for sustainability assurance engagements
Resources help stakeholders implement the new global sustainability standards with clarity and confidence
The Staffs of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) today released two new publications to support implementation of the IAASB’s and IESBA’s global sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).
Developed in close coordination and launched in January 2025, ISSA 5000 and IESSA provide a coordinated global assurance and ethics framework for sustainability assurance engagements. The new publications aim to highlight the interoperability of the two Boards’ standards and to assist practitioners in the consistent application of the standards.
These FAQs issued jointly by IAASB and IESBA Staff address practical questions about applying ISSA 5000 and IESSA together. They address the following areas:
Identifying relevant ethical requirements
Determining group and value chain components
Using the work of another practitioner
Addressing IESSA disclosure requirements in the assurance report
The IESBA Staff Questions and Answers publication focuses on ethics and independence considerations for practitioners performing sustainability assurance engagements.
Topics covered include:
The scope of the ethics and independence standards in IESSA
Independence considerations for group sustainability assurance engagements, including value chain components
Independence considerations applicable to using the work of another practitioner
Providing non-assurance services to a sustainability assurance client
Effective date of the IESSA
The joint IAASB and IESBA Staff FAQs are available on both the IAASB and IESBA websites; the IESBA Staff Q&A publication is available on the IESBA website. For more information, visit www.ethicsandaudit.org/TrustInSustainability.
The IAASB develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements.
The IESBA is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.
New Materials Enhance Understanding and Support Global Adoption and Implementation of Sustainability Assurance and Ethics Standards
Joint FAQs from IAASB and IESBA Staff support interoperability and consistent application of ISSA 5000 and IESSA
IESBA Staff Q&As explain key aspects of IESSA to support effective implementation of the ethics and independence standards for sustainability assurance engagements
Resources help stakeholders implement the new global sustainability standards with clarity and confidence
The Staffs of the International Auditing and Assurance Standards Board (IAASB) and the International Ethics Standards Board for Accountants (IESBA) today released two new publications to support implementation of the IAASB’s and IESBA’s global sustainability-related standards: the International Standard on Sustainability Assurance (ISSA) 5000 and the International Ethics Standards for Sustainability Assurance (IESSA).
Developed in close coordination and launched in January 2025, ISSA 5000 and IESSA provide a coordinated global assurance and ethics framework for sustainability assurance engagements. The new publications aim to highlight the interoperability of the two Boards’ standards and to assist practitioners in the consistent application of the standards.
Frequently Asked Questions (FAQs) on Sustainability Assurance Engagements
These FAQs issued jointly by IAASB and IESBA Staff address practical questions about applying ISSA 5000 and IESSA together. They address the following areas:
Identifying relevant ethical requirements
Determining group and value chain components
Using the work of another practitioner
Addressing IESSA disclosure requirements in the assurance report
IESBA Staff Q&As on IESSA
The IESBA Staff Questions and Answers publication focuses on ethics and independence considerations for practitioners performing sustainability assurance engagements.
Topics covered include:
The scope of the ethics and independence standards in IESSA
Independence considerations for group sustainability assurance engagements, including value chain components
Independence considerations applicable to using the work of another practitioner
Providing non-assurance services to a sustainability assurance client
Effective date of the IESSA
The joint IAASB and IESBA Staff FAQs are available on both the IAASB and IESBA websites; the IESBA Staff Q&A publication is available on the IESBA website. For more information, visit www.ethicsandaudit.org/TrustInSustainability.
The IAASB develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements.
The IESBA is an independent global standard-setting board. The IESBA’s mission is to serve the public interest by setting high-quality, international ethics (including independence) standards as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.
New Materials Enhance Understanding and Support Global Adoption and Implementation of Sustainability Assurance and Ethics Standards
The IESBA Staff Questions and Answers publication focuses on ethics and independence considerations for practitioners performing sustainability assurance engagements.
