Going Concern

What the Project Aims to Achieve

The aim of this project is to determine if, and to what extent, the IAASB should take further action on going concern in an audit of financial statements. Addressing the identified issues and challenges may involve possible future standard-setting, issuance of non-authoritative guidance, or other actions.

Project Timeline

The following table sets out the project timeline. Please note that these are current targeted milestones and may change as the work in this area progresses.

Current Status of the Project

This project is currently in the information gathering and research phase, which will be used to inform future IAASB decisions about its activities relating to going concern in an audit of financial statements.

As part of its information gathering and research, the IAASB issued a Discussion Paper in September 2020 to consult on whether the ISAs related to fraud and going concern need to be updated to reflect the rapidly evolving external reporting landscape, and, if so, in what areas. Responses to the Discussion Paper were due February 1, 2021.

At the May 2021 meeting, the Board was provided with a summary of input from the Discussion Paper responses. The Board provided their feedback to help the Working Group develop a project proposal to be presented in the first half of 2022.

Working Group Information

IAASB Staff Contacts

Working Group Members


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