Consultation Paper on the exposure of the IAASB’s proposed ISA 570 (Revised), Going Concern

Wednesday, May 3, 2023

The AUASB has released a Consultation Paper seeking public comment on the IAASB’s Exposure Draft on International Standard on Auditing (ISA) 570 (Revised), Going Concern.

The current ISA 570 addresses the auditors responsibility in concluding on the appropriateness of management’s use of the going concern basis of accounting and to conclude on whether a material uncertainty exists.

In addition to the invitation to comment on the Consultation Paper, the AUASB has released an educative webcast about the key themes and changes that the Proposed ISA 570 (Revised) Going Concern seeks to address.

The key proposed enhancements to the standard include:

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