IAASB Opens Public Consultation for Its Revised Going Concern Standard
Apr 26, 2023
On April 26, 2023, the International Auditing and Assurance Standards Board (IAASB) issued proposed revisions to its current standard on going concern, International Standard on Auditing 570 (Revised), Going Concern.
The proposed changes aim to:
- Promote consistent practice and behavior and facilitate effective responses to identified risks of material misstatement related to going concern;
- 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 skepticism; and
- 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. Comments are requested by August 24, 2023.
Review the news release on IAASB’s website.
