Stakeholder Participation in the IAASB’s Standard-Setting Process: ISSA 5000, General Requirements for Sustainability Assurance Engagements

Drawing on rational choice theory, this study analyses participation frequency, participation intensity, and tone extremity across interest groups and regions to assess the effectiveness of the IAASB’s due process in securing widespread and balanced participation in the public consultation process for the proposed International Standard on Sustainability Assurance (ISSA) 5000. Overall, the results show the process is dominated by preparers of sustainability assurance reports from the accounting profession, and by stakeholders from countries with widespread sustainability assurance. Preparers from outside the accounting profession and users are less represented. The findings suggest that familiarity with the standard-setting process and subject matter are important determinants of participation. The findings are informative for academics studying standard-setting processes, standard setters seeking to increase their legitimacy, and regulators considering the adoption of sustainability assurance standards.