LATEST UPDATE

New FAQ on Going Concern Now Available from IAASB

The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions (FAQ) document, available on:

https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708

The aim of the document is to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern, available on:

https://www.iaasb.org/publications/faq-reporting-going-concern-matters-auditor-s-report?utm_source=Main+List+New&utm_campaign=f8a890fbdd-EMAIL_CAMPAIGN_2025_05_14_04_05&utm_medium=email&utm_term=0_-f8a890fbdd-80668708

The FAQ document addresses key questions on the enhanced auditor reporting model for going concern that is included in the revised standard. Specifically, it focuses on the implications for the auditor’s report when reporting entity-specific going concern matters in a section, titled, ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern.’ It also provides an illustrative example of an auditor’s report providing a description of how the auditor evaluated management’s assessment of going concern.

Published in April, ISA 570 (Revised 2024) introduced several key changes to strengthen the auditor’s work in evaluating management’s assessment of going concern.

This FAQ does not amend or override ISA 570 (Revised 2024); the text of the standard remains authoritative. The standard takes effect on or after 15 December 2026.