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ISA 570 (Revised 2024) Going Concern: Fact Sheet
- 23 April 2025
- Auditing and Assurance
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has published a Fact Sheet on the revised International Standard on Auditing 570 (Revised 2024), Going Concern.
Article:
This was developed to support successful implementation of the revised ISA 570.
The revised standard addresses the auditor’s responsibilities in an audit of financial statement relating to going concern and the implications for the audit report.
The IAASB will also issue a frequently asked questions document and technical overview video to support the revised standard’s implementation.
Click here to download the 5-page Fact Sheet:
https://ifacweb.blob.core.windows.net/publicfiles/2025-04/IAASB-ISA-570-Going-Concern-fact-sheet.pdf
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.