ASA 570 - Going Concern - April 2006
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© Commonwealth of Australia 2007. The text, graphics and layout of this compiled Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Principal Executive, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne Victoria 8007. Otherwise, no part of the compiled Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.
ISSN 1833-4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
Paragraphs
Application.................................. 1-2
Operative Date................................ 3
Introduction.................................. 4-5
Definitions.................................. 6-7
Management’s Responsibility ...................... 8-13
Auditor’s Responsibility ......................... 14-15
Planning the Audit and Performing Risk Assessment Procedures........... 16-21
Evaluating Management’s Assessment ................ 22-26
Period Beyond Management’s Assessment ............. 27-30
Further Audit Procedures when Events or Conditions are Identified 31-34
Audit Conclusions and Reporting
Going Concern Basis Considered Appropriate........... 35-36
Material Uncertainty............................ 37-38
Going Concern Assumption Appropriate but a Material Uncertainty Exists 39-42