Going Concern

The project to revise the IAASB’s going concern standard is primarily focused on standard-setting actions that are intended to address targeted revisions of ISA 570 (Revised), rather than a comprehensive revision of the standard.

In revising the standard, the IAASB aims 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.

Current Status of the Project

Refer to the IAASB's "Latest on Our Projects" page for the latest status of the Going Concern project.