Recent corporate failures, and high-profile fraud cases have eroded trust in financial reporting and shaken public confidence. In response, investors, regulators, and audit professionals called for stronger auditing standards—especially regarding going concern and fraud. The IAASB answered that call by advancing two high-impact, public interest-focused projects to strengthen auditors’ responsibilities related to fraud and going concern.
Together, International Standard on Auditing 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and ISA 570 (Revised 2024), Going Concern, address core public interest concerns, support higher audit quality, and deliver more decision-useful information to users of financial statements.
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Final Standards
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Available Resources for Fraud
- Coming soon: A video series will be released Q3 2025
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Available Resources for Going Concern
- Coming Soon: Technical overview video
Considering Early Adoption?
The IAASB encourages jurisdictions to consider early adoption of ISA 240 (Revised), ISA 570 (Revised 2024), and the forthcoming narrow-scope amendments for publicly traded entities as a cohesive package. Together, these standards provide a stronger, more coordinated response to the risks of fraud and financial distress.