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IAASB: Professional Skepticism in the Revised Fraud & Going Concern Standards
- 25 July 2025
- Audit
- South African Accounting Academy
Summary:
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.
Article:
Professional skepticism is a fundamental concept in auditing.
This publication has been issued 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 15 December 2026.
Click here to download the 7-page document:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
- Failure to adhere to ISAs may be interpreted as negligence and you could be held liable.
- As an auditor and independent reviewer, you should be aware of new standards and publications (like guidance and support materials) issued by the standard-setting bodies, e.g. the IAASB.