ASA 570 - Going Concern - December 2015
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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.