IAASB Opens Public Consultation for Its Revised Going Concern Standard
The International Auditing and Assurance Standards Board (IAASB) recently issued proposed revisions to its current standard on going concern, the International Standard on Auditing 570 (Revised), Going Concern. The proposed changes have the following objectives:
- To promote consistent practice and behaviour, and facilitate effective responses to identified risks of material misstatement related to going concern
- To strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional scepticism
- To enhance transparency, with respect to the auditor’s responsibilities and work related to going concern, where appropriate, including strengthening communications and reporting requirements.
The IAASB invites all stakeholders to comment on the proposed revisions via the IAASB website on the following link, by 24 August 2023: