Australian Government
Auditing and Assurance Standards Board
Wednesday, May 28, 2025
The AUASB approved the adoption of international standard ISA 570, Going Concern in Australia at the May 2025 AUASB meeting. ASA 570 applies for financial reporting periods commencing on or after 15 December 2026.
The revised standard significantly enhances the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The standard includes new requirements for the auditor to respond to identified risks of material misstatement related to going concern. The standard also strengthens the auditor’s reporting requirements.
The Australian standard includes illustrative Corporations Act auditor’s reports and a diagram of the Auditor’s Decision-Making Process for Going Concern.
The IAASB has published a Fact Sheet and a Frequently Asked Questions document to support auditors in implementing the new Going Concern Standard.