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This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
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ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Implications for the Auditor’s Report....................................A26-Aus A35.1
[Aus] Appendix 1: Linking Going Concern Considerations and Types of Audit Opinions
Appendix 2: Illustrations of Auditor’s Reports Relating to Going Concern
COMPILATION DETAILS
Auditing Standard ASA 570 Going Concern (as Amended)
This compilation takes into account amendments made up to and including 15 March 2023 and was prepared on 22 March 2023 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 570 (December 2015) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 570 [A]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
ASA 2020-2 [B]
30 June 2020
Financial reporting periods ending on or after 15 July 2020
ASA 2020-1 [C]
3 March 2020
Financial reporting periods commencing on or after 15 December 2021[*]
ASA 2021-5 [D]
5 November 2021
Financial reporting periods commencing on or after 15 December 2021
ASA 2023-1 [E]
15 March 2023
Financial reporting periods commencing on or after 1 January 2023
[A] Federal Register of Legislation – registration number F2015L02015, 15 December 2015
[B] Federal Register of Legislation – registration number F2020L00885, 7 July 2020
[C] Federal Register of Legislation – registration number F2020L00252, 13 March 2020
[D] Federal Register of Legislation – registration number F2021L01525, 8 November 2021
[E] Federal Register of Legislation – registration number F2023L00295, 21 March 2023
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
Appendix 2
Amended
ASA 2020-2 [41] to [44]
10Footnote 3
Amended
ASA 2020-1 [190]
A7Footnote 10
Amended
ASA 2020-1 [191]
Appendix 2[Aus] Illustration 4A
Amended
ASA 2021-5 [25]
Appendix 2
Amended
ASA 2023-1 [20] to [23]
AUTHORITY STATEMENT
Auditing Standard ASA 570 Going Concern (as amended to 15 March 2023) is set out in paragraphs Aus 0.1 to Aus A35.1 and Appendices 1 and 2.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 570 Going Concern issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
The following requirements are additional to ISA 570:
Paragraph Aus 3.1 refers to requirements under the Corporations Act 2001.
Paragraph Aus 13.1 requires the auditor to assess the appropriateness of management’s going concern assumption for the relevant period.
Paragraph Aus 13.2 defines the relevant period to be approximately twelve months from the date of the auditor’s current report to the expected date of the auditor’s report for the next reporting period.
ISA 570 requires the auditor to consider the appropriateness of management’s going concern for a period of at least twelve months from the date of the financial statements.
The following application and other explanatory material are additional to ISA 570:
Paragraph Aus A15.1 contains application material around the auditor’s responsibility in the period beyond management’s assessment.
Aus A21.1/[Aus] Appendix 1 contains an explanatory diagram mapping going concern considerations and types of audit opinions.
Appendix 2 contains [Aus] Illustration 1A, [Aus] Illustration 2A, [Aus] Illustration 3A and [Aus] Illustration 4A example auditors’ reports that conform with the requirements of the Corporations Act 2001.
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISA 570.