LATEST UPDATE

IAASB Highlights How Revised Standards Reinforce Professional Scepticism

The International Auditing and Assurance Standards Board (IAASB) has released a new non-authoritative publication – How the IAASB’s Revised Going Concern and Fraud Standards Reinforce Professional Scepticism, available on:

https://www.iaasb.org/publications/how-iaasb-s-revised-going-concern-and-fraud-standards-reinforce-professional-skepticism?utm_source=Main+List+New&utm_campaign=078ce77687-EMAIL_CAMPAIGN_2025_07_18_03_52&utm_medium=email&utm_term=0_-078ce77687-80668708

The aim of the publication is to assist stakeholders with understanding how the revisions to ISA 570 (Revised 2024) and ISA 240 (Revised) strengthen the consistent application of professional scepticism throughout the audit.

Developed with input from the IAASB’s Professional Scepticism Consultation Group, this publication highlights key enhancements to both standards, reflecting the IAASB’s efforts to reinforce professional scepticism by addressing, among others, how auditors are expected to maintain a questioning mind-set, consider contradictory evidence, and appropriately challenge management assumptions.

The revised standards, effective for audits of financial statements for periods beginning on or after 15 December 2026, are available on:

https://www.iaasb.org/focus-areas/fraud-going-concern-revised-standards-enhance-public-trust?utm_source=Main+List+New&utm_campaign=078ce77687-EMAIL_CAMPAIGN_2025_07_18_03_52&utm_medium=email&utm_term=0_-078ce77687-80668708