LATEST UPDATE

IRBA Adopts the International Standard on Auditing 570 (Revised 2024), Going Concern

On 27 July 2025, the Independent Regulatory Board for Auditors’ (IRBA) Board approved the International Standard on Auditing (ISA) 570 (Revised 2024), Going Concern, for adoption, issue and prescription for use by auditors in South Africa. It is available on:

https://www.irba.co.za/upload/IAASB-ISA-570-Going-Concern-Revised.pdf

The approval includes the Conforming and Consequential Amendments to Other International Standards. This Board endorsement was preceded by the International Auditing and Assurance Standards Board’s release of ISA 570 (Revised 2024) on 9 April 2025.

ISA 570 (Revised 2024) introduces several key changes, which are intended to further advance high-quality audits and help narrow the expectation gap, thereby supporting users’ interests and general financial stability.

ISA 570 (Revised 2024) and the related Conforming and Consequential Amendments to Other International Standards become effective for audits of financial statements for periods beginning on or after 15 December 2026.

These documents may be downloaded from the IRBA website, on: https://www.irba.co.za/handbooks-of-international-standards/2023-handbook-of-international-standards

For queries, please email the Standards Department at: standards@irba.co.za