Revisions to audit standards- ISA 570 Going Concern

In response to calls to strengthen requirements following a number of high-profile enforcement cases and well-publicised corporate failures where the work of auditors has been brought into question, the Financial Reporting Council has revised its auditor standard on going concern - ISA (UK) 570.

In this session we will provide a detailed analysis of revisions to the FRC’s September 2019 standard on going concern, including:

  • The revised objectives of the revised ISA (UK) 570
  • Enhanced risk assessment procedures
  • Evaluating and challenging management’s assessment
  • Evaluating the sufficiency and appropriateness of audit evidence obtained
  • Auditor reporting requirements
  • Application to less complex entity audits
  • Documentation requirements

Changes are effective for audits of financial statements with periods commencing on or after 15 December 2019, with earlier adoption permitted.

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