In principle, the WPK welcomes the draft, as it, like the International Auditing and Assurance Standards Board's (IAASB) ISSA 5000, which has also been positively received, is familiar to the profession in terms of content and terminology and the provisions of the Code of Ethics on German professional law are generally observed by professional practices. In its statement, the WPK draws particular attention to the following points:

Suggestions from the WPK

• The greatest practical challenges are seen in the implementation of the proposed requirements on the value chain, as this is a new concept. Therefore, the requirements should be practicable and sufficient guidance should be provided.
• The inclusion of requirements for the audit of group sustainability reports is expressly welcomed. However, the ISSA 5000 does not contain any comprehensive regulations with regard to group audits, meaning that implementation can be challenging.
• The WPK also suggests harmonizing the terminology and definitions between the IAASB and IESBA as far as possible in order to increase understanding and acceptance among members of the profession and those outside the profession.
• In view of the needs of SMEs, the requirements must not place an excessive burden on professional practices.