Going Concern – IAASB

Date recorded:

At its meeting on March 14-18 and 23, 2022, the IAASB discussed and approved a project proposal for the revision of ISA 570 (Revised) and the conforming and consequential amendments to other relevant ISAs. The project will primarily be focused on standard-setting actions that are intended to address targeted revisions of ISA 570 (Revised), rather than a comprehensive revision of the standard. Specifically, the project will seek to enhance or clarify:  (i) the auditor’s responsibilities and work related to management’s assessment of an entity’s ability to continue as a going concern in the audit of financial statements; and (ii) transparency about the auditor’s responsibilities and work related to going concern. The Going Concern Task Force intends to discuss and bring to the Board for their input at the June 2022 IAASB meeting certain proposed actions included in the scope of the project proposal.

Review the summary, including the podcast, on the IAASB's Web site.

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