INDEPENDENT ASSURANCE
INDEPENDENT ASSURANCE
For key Tin Code standards, such as standard 7.3 on Responsible Sourcing, there is an expectation that third-party verification of the reporting company’s activities will be achieved.
THIRD PARTY VERIFICATION
Companies may also voluntarily opt to provide evidence of third-party verification for any relevant standard of the Tin Code. The third-party verification approach endorsed by the ITA for independent assurance of the Tin Code is the International Standard on Assurance Engagement (ISAE 3000).
The ISAE 3000 standard is issued by the International Federation of Accountants (IFAC) and sets out guidelines for the ethical behaviour, quality management and performance of an ISAE 3000 engagement. This type of audit is common for the assurance of sustainability reporting and is used in the metal sector by other organisations such as the London Bullion Market Association (LBMA), International Council on Mining and Metals (ICMM) and the Global Reporting Initiative suggests using this approach for assurance.
For ISAE 3000 assurance each company is responsible for producing a Company Report on the subject matter, which is the relevant Tin Code standard. That Company Report and its supporting evidence is assessed by an ISAE 3000 auditor registered by ITA. That Company Report is more detailed than the summary provided in the Tin Code report itself.
The Assurance Report and other documents produced during the ISAE 3000 assurance process will then be used by the Independent Assessor to determine a Tin Code rating.