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The International Auditing and Assurance Standards Board (IAASB) has published a new Frequently Asked Questions (FAQ) document to support stakeholders as they implement International Standard on Auditing (ISA) 570 (Revised 2024), Going Concern. ISA 570 (Revised 2024) is effective for audits of financial statements for periods beginning on or after 15 December 2026.
The FAQ document addresses key questions on the enhanced auditor reporting model for going concern that is included in the revised standard. Specifically, it focuses on the implications for the auditor’s report when reporting entity specific going concern matters in a section titled ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern.’ It also provides an illustrative example of an auditor’s report that provides a description of how the auditor evaluated management’s assessment of going concern.