The International Auditing and Assurance Standards Board (IAASB) has released a new non-authoritative publication—How the IAASB’s Revised Going Concern and Fraud Standards Reinforce Professional Skepticism—to assist stakeholders in understanding how the revisions to ISA 570 (Revised 2024) and ISA 240 (Revised) strengthen the consistent application of professional skepticism throughout the audit.
This publication, developed with input from the IAASB’s Professional Skepticism Consultation Group, highlights key enhancements to both standards reflecting the IAASB’s efforts to reinforce professional skepticism by addressing, among other matters, how auditors are expected to maintain a questioning mindset, consider contradictory evidence, and appropriately challenge management assumptions.
The revised standards are effective for audits of financial statements for periods beginning on or after December 15, 2026.