What the Project Aims to Achieve
The IAASB is currently working on a project to revise ISA 570 (Revised), Going Concern. The project 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.
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
Refer to the IAASB's Project Updates page for the latest status of the Going Concern project.
Task Force Information
IAASB Staff Contacts
Task Force Members
Expectation Gap and Auditor Reporting Roundtable – Cover-note and Agenda Fraud and Going Concern in Less Complex Entities – Cover-note and Agenda Key Takeaways from IAASB's Roundtable Series on Fraud and Going Concern