1 00:00:00,800 --> 00:00:05,990 ACA have published a new technical article for AAA, the 2 00:00:06,000 --> 00:00:10,610 Proposed International Standard on Sustainability Assurance or 3 00:00:10,680 --> 00:00:16,610 ISA 5000 to its friends. So I'm back in the podcast chair 4 00:00:16,660 --> 00:00:20,790 to record and explain a podcast taking you through this 5 00:00:20,800 --> 00:00:24,090 technical article. Now, I'm going to start by 6 00:00:24,100 --> 00:00:28,190 giving you a bit of context reasons for why this 7 00:00:28,240 --> 00:00:31,130 sustainability standard has been proposed. 8 00:00:31,650 --> 00:00:35,310 We'll then go through the technical article in detail, and 9 00:00:35,380 --> 00:00:39,090 for each part of the article I'm going to be taking you through 10 00:00:39,140 --> 00:00:43,530 the exam, relevance of that part of it, making it clear the 11 00:00:43,540 --> 00:00:46,790 technical detail and how it might be examined. 12 00:00:47,160 --> 00:00:51,570 And then actually on that exam point, we'll finish off by 13 00:00:51,580 --> 00:00:55,880 talking about why ACI have published this now, is it likely 14 00:00:55,930 --> 00:01:00,790 to be tested in your AAA exam? And how is it likely to be 15 00:01:00,800 --> 00:01:04,260 tested? So apologies, it's been a while 16 00:01:04,330 --> 00:01:06,350 since I've been in the podcast chair. 17 00:01:06,360 --> 00:01:10,530 I've been super busy. Word has been spreading about my 18 00:01:10,540 --> 00:01:12,570 AAA courses. I've had lots of students 19 00:01:12,580 --> 00:01:16,030 signing up for my Platinum course, my revision plus course, 20 00:01:16,040 --> 00:01:19,750 and my revision core course. So I've been so busy answering 21 00:01:19,760 --> 00:01:22,950 everyone's questions on my course and giving detailed 22 00:01:22,960 --> 00:01:25,110 feedback on all of their assignments. 23 00:01:25,160 --> 00:01:28,480 So I've not had much time for podcasting, and I've also been 24 00:01:28,490 --> 00:01:33,070 doing a lot of work for ACCA. If you follow ACCA channels, 25 00:01:33,080 --> 00:01:35,620 their YouTube channel, you'll have seen a lot of the videos 26 00:01:35,710 --> 00:01:39,150 have been producing for them. And so yeah, podcasting has kind 27 00:01:39,160 --> 00:01:41,950 of fallen by the wayside. But I'm back in the chair now, 28 00:01:42,020 --> 00:01:48,410 and this is gonna be a good one. Context in this section of the 29 00:01:48,420 --> 00:01:52,550 podcast. Why has this sustainability 30 00:01:52,560 --> 00:01:55,070 assurance standard been proposed? 31 00:01:55,160 --> 00:01:58,110 Well, it's really in response to the market. 32 00:01:58,780 --> 00:02:02,950 Companies are increasingly reporting on sustainability or 33 00:02:03,020 --> 00:02:07,210 AESG, environmental, social and governance metrics. 34 00:02:07,580 --> 00:02:11,440 They're doing it partly because there's more regulation in this 35 00:02:11,450 --> 00:02:14,070 area. Any company in the EU, for 36 00:02:14,080 --> 00:02:18,790 example, any larger company, has to report ESG metrics under the 37 00:02:18,800 --> 00:02:21,090 Non Financial Reporting Directive. 38 00:02:21,130 --> 00:02:24,370 So companies in the EU have to report on this stuff. 39 00:02:24,460 --> 00:02:27,790 And in many international markets around the world, even 40 00:02:27,800 --> 00:02:30,890 if it's not mandated, the companies have to report. 41 00:02:30,940 --> 00:02:34,510 A lot of them are choosing to under the Global Reporting 42 00:02:34,520 --> 00:02:36,930 Initiative. That's the most widely used 43 00:02:36,940 --> 00:02:42,070 framework for ESG reporting. And over 90% of the world's 44 00:02:42,080 --> 00:02:45,070 biggest companies are now choosing to report either 45 00:02:45,080 --> 00:02:47,030 because they have to, all because they want to. 46 00:02:47,430 --> 00:02:50,020 Now, why do they want to report on this stuff? 47 00:02:50,090 --> 00:02:55,520 Why give away more information in your financials and in your 48 00:02:55,530 --> 00:02:59,010 annual report? Then you have to well, it's in 49 00:02:59,020 --> 00:03:03,840 the company's interests. Companies with high ESG ratings. 50 00:03:03,990 --> 00:03:06,570 This was from research from the Harvard Business School. 51 00:03:06,630 --> 00:03:10,200 Companies that that report on this stuff and are positively 52 00:03:10,210 --> 00:03:14,180 viewed by the market have higher share prices and average stock 53 00:03:14,190 --> 00:03:18,550 price premium of over 6% for companies that score well on 54 00:03:18,560 --> 00:03:22,440 these metrics because of a lot of investors have a green 55 00:03:22,450 --> 00:03:24,840 agenda. They want to buy companies. 56 00:03:24,850 --> 00:03:28,560 They want to buy shares in companies that report strongly 57 00:03:28,630 --> 00:03:33,480 on this sort of stuff. Companies are also doing this 58 00:03:33,490 --> 00:03:35,880 really because their investors care. 59 00:03:35,950 --> 00:03:39,540 I've kind of mentioned that, but also their customers and their 60 00:03:39,550 --> 00:03:43,190 employees. A recent survey by KPMG found 61 00:03:43,200 --> 00:03:47,310 that 85% of large company customers really care about this 62 00:03:47,320 --> 00:03:49,760 stuff. And the massive majority of 63 00:03:49,770 --> 00:03:54,400 employees care as well, particularly younger employees, 64 00:03:54,810 --> 00:03:59,300 those that want to make a moral and ethical decision about who 65 00:03:59,310 --> 00:04:02,510 they choose to work for. And so companies are 66 00:04:02,520 --> 00:04:08,250 increasingly reporting on ESG metrics and therefore auditors 67 00:04:08,320 --> 00:04:12,710 have got more work to do to check these numbers to sign off 68 00:04:12,720 --> 00:04:16,170 what is being reported so that it can be trusted. 69 00:04:16,620 --> 00:04:21,209 So that's the context. That's why this this exposure 70 00:04:21,220 --> 00:04:24,190 draught has been published in the next section. 71 00:04:24,200 --> 00:04:27,790 I'm going to take you through the technical article and and 72 00:04:27,840 --> 00:04:30,230 make sure I'll try and make clear a lot of the more 73 00:04:30,240 --> 00:04:33,600 complicated parts of it and I'll be relating it to how it could 74 00:04:33,610 --> 00:04:39,850 be tested in the AAA exam. On to the technical article 75 00:04:39,860 --> 00:04:45,110 itself on ISA 5000. Now hopefully you've already 76 00:04:45,120 --> 00:04:48,190 read it. It's available on the ACA's 77 00:04:48,200 --> 00:04:52,070 website in the AAA section on technical articles on topic 78 00:04:52,080 --> 00:04:55,230 explainers and and you'll find it quite easily. 79 00:04:55,240 --> 00:04:58,550 Go there and have a read of it. Now I know that some people from 80 00:04:58,560 --> 00:05:02,650 ACCA listen to my podcast. So for those from ACA, this is a 81 00:05:02,660 --> 00:05:06,570 very informative article on super useful for the students 82 00:05:07,260 --> 00:05:09,800 For the students who are listening to this article, If 83 00:05:09,810 --> 00:05:13,410 you sorry this podcast, if you have read the article already, 84 00:05:13,480 --> 00:05:17,110 perhaps like me, you found it quite dry. 85 00:05:17,180 --> 00:05:20,650 Yeah, there's a lot of long technical language. 86 00:05:20,660 --> 00:05:24,930 It's like the person writing it thought why use a simple word 87 00:05:25,000 --> 00:05:29,330 when I can use some really long technical ones like bifurcated 88 00:05:29,380 --> 00:05:34,370 to try to make this quite simple topic seem really complicated. 89 00:05:34,580 --> 00:05:39,100 Anyway, if you are listening from ACCA, apologies. 90 00:05:39,170 --> 00:05:43,900 I like to be real and this article is so dry and dull. 91 00:05:44,230 --> 00:05:47,860 So what I'm gonna try and do in this part of the podcast is 92 00:05:47,870 --> 00:05:51,580 bring it to life a bit and tell you what it really means and 93 00:05:51,590 --> 00:05:54,290 also be talking about the exam context of it. 94 00:05:55,400 --> 00:05:59,680 So the article starts off by talking about or making clear 95 00:05:59,690 --> 00:06:04,650 that there are multiple frameworks for the reporting of 96 00:06:04,700 --> 00:06:07,010 ESG metrics, sustainability metrics. 97 00:06:07,020 --> 00:06:11,010 What that means is that whichever country the company is 98 00:06:11,020 --> 00:06:15,610 based in, it will have different financial reporting rules on 99 00:06:15,680 --> 00:06:18,590 what should be reported. So not all companies are 100 00:06:18,600 --> 00:06:22,270 reporting the same things. It's a bit of a mess depending 101 00:06:22,280 --> 00:06:24,690 on where you are in the world. Different companies are 102 00:06:24,700 --> 00:06:31,080 reporting different metrics, but what they the audit board is 103 00:06:31,090 --> 00:06:34,460 trying to do with this international standard on 104 00:06:34,470 --> 00:06:38,820 sustainability assurance is right a single guidance document 105 00:06:38,890 --> 00:06:44,180 for auditors that they can apply no matter what jurisdiction the 106 00:06:44,190 --> 00:06:48,580 company is in and whatever rules the company is following from 107 00:06:48,590 --> 00:06:52,520 reporting on sustainability matters it. 108 00:06:52,530 --> 00:06:57,380 Then the article goes on to talk about acceptance of a 109 00:06:57,390 --> 00:07:00,700 sustainability reporting engagement and there's some 110 00:07:00,710 --> 00:07:05,720 quite technical stuff in there, but acceptance in the exam right 111 00:07:05,730 --> 00:07:10,290 and acceptance of any non audit engagement is actually quite 112 00:07:10,300 --> 00:07:13,400 straightforward. Now in the exam you have to go 113 00:07:13,410 --> 00:07:16,820 through the information you're given in the scenario and assess 114 00:07:16,830 --> 00:07:19,920 it. Is this a piece of work that we 115 00:07:19,930 --> 00:07:21,960 have professional competence to do? 116 00:07:21,970 --> 00:07:24,380 Do we have the resources to do it? 117 00:07:24,390 --> 00:07:28,480 What's the time frame like? Can we deliver a quality piece 118 00:07:28,490 --> 00:07:30,940 of work? Do we have any conflicts of 119 00:07:30,950 --> 00:07:35,760 interest with existing clients? Are they an existing client of 120 00:07:35,770 --> 00:07:39,160 us and therefore there could be a self review threat for the 121 00:07:39,170 --> 00:07:42,740 audit because a lot of these things are going to be a lot of 122 00:07:42,750 --> 00:07:46,700 the matters that are being reported under sustainability 123 00:07:46,810 --> 00:07:49,140 might also be in the financial statements. 124 00:07:49,210 --> 00:07:51,100 So we could have a self review threat. 125 00:07:51,170 --> 00:07:54,100 There could be a self-interest threat when we're accepting the 126 00:07:54,110 --> 00:07:58,610 engagement because the fees could be juicy and lucrative, a 127 00:07:58,620 --> 00:08:01,810 foot in the door to try to win more work. 128 00:08:01,820 --> 00:08:05,910 And therefore we might let things slide with the audit 129 00:08:06,400 --> 00:08:09,970 because we're more interested in winning this non audit work. 130 00:08:10,080 --> 00:08:13,230 So acceptance of the engagement, that section of this technical 131 00:08:13,240 --> 00:08:17,250 article's really long winded technical words, but don't worry 132 00:08:17,260 --> 00:08:21,910 about it too much in the exam. Accepting this type of non audit 133 00:08:21,920 --> 00:08:26,130 work is the same approach as accepting any type of non audit 134 00:08:26,140 --> 00:08:29,680 work. Now the article then goes on to 135 00:08:29,690 --> 00:08:35,640 talking about planning, planning to do a non audit piece of work 136 00:08:35,650 --> 00:08:39,169 on sustainability. Reporting and planning for this 137 00:08:39,179 --> 00:08:42,500 type of work is the same as planning for any type of work. 138 00:08:42,590 --> 00:08:45,180 We've got to understand the scope of the work. 139 00:08:45,190 --> 00:08:48,470 What is it that is being reported and what is it that 140 00:08:48,480 --> 00:08:51,580 we're being asked to do? What metrics are they following? 141 00:08:51,590 --> 00:08:56,360 What financial reporting rules? Have we got enough competence? 142 00:08:56,370 --> 00:08:58,740 Do we know those rules ourselves? 143 00:08:59,070 --> 00:09:02,380 Do we have experience in this area to be able to do the work? 144 00:09:02,450 --> 00:09:05,700 Can we assign a team that does have that relevant skill and 145 00:09:05,710 --> 00:09:07,920 experience? But one thing I wanted to 146 00:09:07,930 --> 00:09:10,100 highlight in the article and it's actually in bold because 147 00:09:10,110 --> 00:09:14,280 it's really important is that we understand the controls of the 148 00:09:14,290 --> 00:09:18,150 business around producing these non financial metrics. 149 00:09:19,560 --> 00:09:22,590 And well, I wanted to develop that a bit more because they 150 00:09:22,600 --> 00:09:25,550 might not have good internal controls. 151 00:09:25,780 --> 00:09:28,640 It's likely that the company is going to be reporting these 152 00:09:28,650 --> 00:09:32,410 things for the first time if this comes up in your exam and 153 00:09:32,420 --> 00:09:34,690 if they're doing it for the first time, well, there's more 154 00:09:34,700 --> 00:09:37,030 chance of error because they don't know what they're doing 155 00:09:37,480 --> 00:09:41,770 and they might not have good systems and processes in place, 156 00:09:41,820 --> 00:09:44,890 good controls around creating these metrics. 157 00:09:44,960 --> 00:09:48,570 So there is a higher control risk, a higher risk of 158 00:09:48,580 --> 00:09:51,620 misstatement in the numbers because the company's systems 159 00:09:51,630 --> 00:09:55,420 might not be robust. Now the article then goes on to 160 00:09:55,430 --> 00:09:59,520 talk about materiality and goodness me, this is the section 161 00:09:59,530 --> 00:10:03,080 of the article that I found most confusing. 162 00:10:03,090 --> 00:10:06,980 It talks about double materiality, it talks about 163 00:10:06,990 --> 00:10:11,090 bifurcation and stratification. It's a really complicated words 164 00:10:11,100 --> 00:10:14,480 and strange ideas. But what this section is really 165 00:10:14,490 --> 00:10:19,560 getting at is materiality for our financial statement audit. 166 00:10:19,930 --> 00:10:22,100 Well, you'll be familiar with materiality. 167 00:10:22,170 --> 00:10:25,110 You'll be used to doing those calculations, you know, 168 00:10:25,180 --> 00:10:30,580 calculating your materiality range 5 to 10% of PBT and then 169 00:10:30,870 --> 00:10:34,640 setting a materiality level against which you assess the 170 00:10:34,650 --> 00:10:38,030 numbers in the scenario. Like when you calculate 171 00:10:38,040 --> 00:10:41,020 materiality, you come up with a financial number, right? 172 00:10:41,030 --> 00:10:45,740 Let's say it's $5,000,000. That's the level of error that a 173 00:10:45,750 --> 00:10:47,860 user of the accounts would care about. 174 00:10:47,930 --> 00:10:52,500 That's what materiality means. And we set that as a financial 175 00:10:52,510 --> 00:10:57,720 number $5 million. Now, what this section is trying 176 00:10:57,730 --> 00:11:01,650 to say of the technical article is that $5,000,000 is not a 177 00:11:01,660 --> 00:11:07,610 relevant benchmark for assessing our our sustainability metrics. 178 00:11:08,100 --> 00:11:11,010 And that's because of the nature of what's being reported. 179 00:11:11,320 --> 00:11:15,030 If you think of something like CO2 emissions, well that might 180 00:11:15,040 --> 00:11:20,550 be, let's say the company's CO2 emissions are 48,000 Co 2 181 00:11:20,560 --> 00:11:24,650 grammes per per per litre or something like that, right? 182 00:11:24,740 --> 00:11:28,970 The number is going to be an amount that is not a financial 183 00:11:28,980 --> 00:11:34,800 number that you can't relate 48,000 grammes of CO2 to our 184 00:11:34,810 --> 00:11:38,240 $5,000,000 materiality level because it's a different type of 185 00:11:38,250 --> 00:11:40,640 number. Or it might be their water 186 00:11:40,650 --> 00:11:43,200 usage, the amount of litres of water they've used. 187 00:11:43,270 --> 00:11:47,540 Again, it's litres of water. That's not a financial metric 188 00:11:47,610 --> 00:11:52,470 that we can compare to $5 million or it could be that some 189 00:11:52,480 --> 00:11:56,550 of their metrics are around employee engagement and employee 190 00:11:56,560 --> 00:11:59,570 satisfaction. Again, they're not going to be 191 00:11:59,620 --> 00:12:04,730 financial metrics, so you can't use your standard financial 192 00:12:04,740 --> 00:12:08,850 statement materiality. What the auditor will have to do 193 00:12:09,000 --> 00:12:13,470 is use their judgement to assess whether an error or omission in 194 00:12:13,480 --> 00:12:18,050 one of these non financial metrics that's being reported. 195 00:12:18,160 --> 00:12:20,920 They'll have to use their judgement to assess if that 196 00:12:20,930 --> 00:12:25,310 error or omission is big enough for a user of the accounts to 197 00:12:25,320 --> 00:12:27,570 care about. And that's what they mean by 198 00:12:27,580 --> 00:12:31,490 double materiality or bifurcation or stratification. 199 00:12:31,540 --> 00:12:34,810 It means we're going to have to have a different materiality 200 00:12:34,820 --> 00:12:38,150 concept and level for each of the metrics that's being 201 00:12:38,160 --> 00:12:40,610 reported. Well, that was quite a long 202 00:12:40,620 --> 00:12:43,590 section, so I'm going to break this up and then we're going to 203 00:12:43,600 --> 00:12:48,130 go through the remainder of the article which is really talking 204 00:12:48,140 --> 00:12:54,260 about ethics and greenwashing onto the last part of the 205 00:12:54,270 --> 00:12:57,420 article which is talking about ethics, greenwashing and a 206 00:12:57,430 --> 00:13:00,230 little bit about reporting and level of assurance. 207 00:13:00,570 --> 00:13:04,710 Now the ethics and greenwashing stuff, this is really getting at 208 00:13:04,720 --> 00:13:10,480 the point that management have quite a lot of judgement around 209 00:13:10,550 --> 00:13:15,060 what they decide to report under sustainability metrics. 210 00:13:15,370 --> 00:13:18,340 Even if they are following something like the Global 211 00:13:18,350 --> 00:13:23,010 Reporting Initiative, which is a a framework for reporting these 212 00:13:23,020 --> 00:13:27,180 things, there's still a lot of scope for management to flex 213 00:13:27,240 --> 00:13:32,040 exactly what they choose to report because different 214 00:13:32,050 --> 00:13:35,580 businesses will have different sustainability metrics that are 215 00:13:35,590 --> 00:13:38,960 relevant to their organisation. So because there's a lot of 216 00:13:39,010 --> 00:13:43,640 management judgement around what they decide to report, there's 217 00:13:43,650 --> 00:13:47,980 real scope for management bias and that's something we have to 218 00:13:47,990 --> 00:13:52,540 be very hot on as the auditor. So if this comes up in your 219 00:13:52,550 --> 00:13:56,070 exam, you've really got to be looking at what it is they're 220 00:13:56,080 --> 00:13:59,650 deciding to report. Are they trying to present a 221 00:13:59,660 --> 00:14:04,250 more favourable picture of their sustainability performance? 222 00:14:04,520 --> 00:14:07,890 They probably are. They'll probably be some reason 223 00:14:07,900 --> 00:14:10,990 in the scenario that management might be biassed, they might be 224 00:14:11,000 --> 00:14:14,470 trying to obtain finance, they might be trying to win a big 225 00:14:14,480 --> 00:14:18,050 contract, They might be trying to impress their investors 226 00:14:18,100 --> 00:14:20,310 because they're trying to issue shares. 227 00:14:20,380 --> 00:14:23,370 Or they're impressing the bank because they want to get a loan. 228 00:14:23,800 --> 00:14:26,830 And so they could have an incentive to make these numbers 229 00:14:26,840 --> 00:14:28,500 look a bit better than they really are. 230 00:14:29,070 --> 00:14:32,260 Anytime that there's management, judgement and potential for 231 00:14:32,270 --> 00:14:36,060 bias, well then there is opportunity for you in the exam 232 00:14:36,070 --> 00:14:39,020 to demonstrate your professional scepticism. 233 00:14:39,090 --> 00:14:42,290 Earning marks for pointing out there could be biassed and 234 00:14:42,300 --> 00:14:46,860 explaining why and that's going to earn you technical Marks and 235 00:14:46,870 --> 00:14:49,740 also professional skills credit as well. 236 00:14:49,790 --> 00:14:55,120 Double credit a great thing. Finally onto reporting and level 237 00:14:55,130 --> 00:14:58,470 of assurance. So the article talks about we 238 00:14:58,480 --> 00:15:02,150 could be giving reasonable assurance or limited assurance 239 00:15:02,250 --> 00:15:05,300 if we are reporting on these sustainability metrics. 240 00:15:05,910 --> 00:15:08,780 Now the only time you give reasonable assurance is when 241 00:15:08,790 --> 00:15:12,430 you're doing a full audit. So that's only really going to 242 00:15:12,440 --> 00:15:16,520 be the case if these metrics are an integrated part of the 243 00:15:16,530 --> 00:15:21,480 company's financial statements. Much more likely if this is a 244 00:15:21,490 --> 00:15:25,250 non audit assurance type engagement that we will be 245 00:15:25,260 --> 00:15:29,170 giving limited assurance, right. That's the norm there, and 246 00:15:29,180 --> 00:15:32,340 that's much more likely to be what will come up in your exam 247 00:15:32,430 --> 00:15:36,240 if this is tested right. Talking about the exam, in the 248 00:15:36,250 --> 00:15:39,340 next section I'm going to be discussing how I think this is 249 00:15:39,350 --> 00:15:42,860 going to be examined in the forthcoming settings of AAA. 250 00:15:45,510 --> 00:15:51,280 Now, this technical article on ISA 5000 sustainability was 251 00:15:51,290 --> 00:15:56,380 published in January 2024. So if you're sitting at the AAA 252 00:15:56,390 --> 00:16:00,840 exam in 2024, right? So maybe the March sitting, 253 00:16:00,850 --> 00:16:06,600 maybe the June sitting then This article is new and fresh but it 254 00:16:06,610 --> 00:16:11,570 is an exposure draught and the examiner has clearly stated in 255 00:16:11,580 --> 00:16:17,980 the past that exposure draughts are not examinable in AAA. 256 00:16:18,570 --> 00:16:22,840 So if we take the examiner at their word there then this is 257 00:16:22,850 --> 00:16:26,160 not going to be tested. This technical article is not 258 00:16:26,170 --> 00:16:30,980 going to be tested in detail in the March 24 or the June 24 exam 259 00:16:30,990 --> 00:16:36,630 sittings, but the examiner sometimes says one thing and 260 00:16:36,640 --> 00:16:39,560 then does another. So the fact this has been 261 00:16:39,570 --> 00:16:43,730 published ahead of those exams settings, it would be wise for 262 00:16:43,740 --> 00:16:48,340 you to be all over this article just in case just to cover your 263 00:16:48,350 --> 00:16:51,050 back. If it does come up in the March 264 00:16:51,060 --> 00:16:55,720 and June 24 exam sittings, it's very likely to be a scenario 265 00:16:55,730 --> 00:17:00,090 based question where we're doing a non audit piece of work where 266 00:17:00,100 --> 00:17:06,260 perhaps you're given some KPI's, some sustainability metrics and 267 00:17:06,329 --> 00:17:10,430 you're asked to auto suggest audit procedures around how you 268 00:17:10,440 --> 00:17:14,359 would you would test those metrics whether they're they're 269 00:17:14,369 --> 00:17:17,960 materially correct. It could be around acceptance of 270 00:17:17,970 --> 00:17:21,319 a non audit engagement that is about sustainability reporting. 271 00:17:22,520 --> 00:17:28,390 Now if you're sitting the AAA exam from September 24 onwards, 272 00:17:28,500 --> 00:17:32,770 well there's a new syllabus coming in for September 24 and 273 00:17:32,780 --> 00:17:36,870 that new syllabus which will apply for September 24 all the 274 00:17:36,880 --> 00:17:41,080 way through to exams through to June 25 and beyond. 275 00:17:41,400 --> 00:17:47,050 That new syllabus has a specific new area on sustainability 276 00:17:47,060 --> 00:17:51,530 reporting which does include this exposure draught. 277 00:17:51,860 --> 00:17:56,280 And so my real thought around why this has been published is 278 00:17:56,290 --> 00:18:02,420 it's really for exams from September 24 onwards, so those 279 00:18:02,430 --> 00:18:04,620 of you are sitting the exam before then, you probably don't 280 00:18:04,630 --> 00:18:07,980 need to worry about this too much, but just to be on the safe 281 00:18:07,990 --> 00:18:11,520 side, it makes sense for you to be all over this article. 282 00:18:11,970 --> 00:18:14,300 Good news for those of you who are sitting the exam from 283 00:18:14,310 --> 00:18:18,720 September 24 onwards is that my course materials have been fully 284 00:18:18,730 --> 00:18:22,440 updated to bring in all of this stuff on sustainability 285 00:18:22,450 --> 00:18:25,870 reporting, so you will be well covered if you're studying. 286 00:18:25,950 --> 00:18:29,240 It's me, we will be all over this stuff in the course 287 00:18:29,250 --> 00:18:33,270 materials, right? Well that's it for this long and 288 00:18:33,280 --> 00:18:37,350 hopefully not as dry as the technical article podcast. 289 00:18:37,360 --> 00:18:40,410 Hopefully that helped to bring it to life a bit for you and you 290 00:18:40,420 --> 00:18:44,190 feel a bit more prepared now for sustainability reporting if it 291 00:18:44,200 --> 00:18:47,490 comes up in your exam. Best of luck for your AAA exam 292 00:18:47,500 --> 00:18:48,810 if it is coming up.