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ISA 570 (Revised 2024) Going Concern: Fact Sheet
- 14 July 2025
- Audit
- South African Accounting Academy
Summary:
The International Auditing and Assurance Standards Board (IAASB) has published a Fact Sheet on the newly revised International Standard on Auditing 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements.
Article:
This was developed to support successful implementation of the revised ISA 240.
The revised standard clarifies the auditor’s responsibilities, emphasizes a fraud lens in the auditor’s risk identification and assessment and the appropriate responses to assessed risks, and provides greater transparency in the auditor’s reports of publicly traded entities.
The IAASB will also release a video series on the Revised ISA 240 in the 3rd quarter of 2025.
Click here to download the 6-page Fact Sheet:
https://ifacweb.blob.core.windows.net/publicfiles/2025-07/IAASB-ISA-240-Revised-Fraud-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, independent reviewer and assurance practitioner, you should be aware of new standards and publications (like guidance and support materials) issued by the standard-setting bodies, e.g. the IAASB.