Obtaining a Copy of this Auditing Standa
Obtaining a Copy of this Auditing Standard
Obtaining a Copy of this Auditing Standard
This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
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Commonwealth legislation
ASA 570 sets auditors’ responsibilities for assessing whether a company can continue as a going concern, requiring evidence-gathering on threats (cash, debt, customer loss), review of management’s assumptions and mitigation plans, and specific reporting outcomes when uncertainties exist. It affects auditors, directors/management (who must assess solvency), and investors, includes Australian references to the Corporations Act, and applies to periods beginning on or after 15 December 2026 (early adoption allowed).
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Direct links to the current provisions in Auditing Standard ASA 570 Going Concern.
This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2025 Commonwealth of Australia. The text, graphics and layout of this 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 as being the Australian Auditing and Assurance Standards Board (AUASB).
Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this 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.
This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that International Federation of Accountants is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.
Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may also require the agreement of IFAC.
ISSN 1030-603X
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard..................................................1
Going Concern Basis of Accounting...............................................2
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........3-7
Effective Date...............................................................8
Objectives..................................................................9
Definition.................................................................10
Requirements
Risk Assessment Procedures and Related Activities.................................11-15
Evaluating Management’s Assessment..........................................16-25
Evaluating Management’s Plans for Future Actions.................................26-28
Information Becomes Known After the Date of the Auditor’s Report.......................29
Evaluating the Audit Evidence Obtained and Concluding.............................30-31
Adequacy of Disclosures....................................................32-33
Implications for the Auditor’s Report...........................................34-38
Written Representations.....................................................39-40
Communication with Those Charged with Governance...............................41-42
Reporting to an Appropriate Authority Outside of the Entity.............................43
Documentation..............................................................44
Application and Other Explanatory Material
Scope of this Auditing Standard..............................................A1-A2
Going Concern Basis of Accounting..............................................A3
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........A4
Definition..............................................................A5-A6
Risk Assessment Procedures and Related Activities...............................A7-A32
Evaluating Management’s Assessment........................................A33-A58
Evaluating Management’s Plans for Future Actions..............................A59-A65
Information Becomes Known After the Date of the Auditor’s Report.....................A66
Evaluating the Audit Evidence Obtained and Concluding..........................A67-A72
Adequacy of Disclosures..................................................A73-A77
Implications for the Auditor’s Report.........................................A78-A96
Written Representations......................................................A97
Communication with Those Charged with Governance...........................A98-A101
Reporting to an Appropriate Authority Outside of the Entity......................A102-A105
Appendix 1: Illustrations of Independent Auditor’s Reports Related to Going Concern
[Aus] Appendix 2: Auditor’s Decision-Making Process for Going Concern
This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2025 Commonwealth of Australia. The text, graphics and layout of this 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 as being the Australian Auditing and Assurance Standards Board (AUASB).
Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this 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.
This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that International Federation of Accountants is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.
Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may also require the agreement of IFAC.
ISSN 1030-603X
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard..................................................1
Going Concern Basis of Accounting...............................................2
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........3-7
Effective Date...............................................................8
Objectives..................................................................9
Definition.................................................................10
Requirements
Risk Assessment Procedures and Related Activities.................................11-15
Evaluating Management’s Assessment..........................................16-25
Evaluating Management’s Plans for Future Actions.................................26-28
Information Becomes Known After the Date of the Auditor’s Report.......................29
Evaluating the Audit Evidence Obtained and Concluding.............................30-31
Adequacy of Disclosures....................................................32-33
Implications for the Auditor’s Report...........................................34-38
Written Representations.....................................................39-40
Communication with Those Charged with Governance...............................41-42
Reporting to an Appropriate Authority Outside of the Entity.............................43
Documentation..............................................................44
Application and Other Explanatory Material
Scope of this Auditing Standard..............................................A1-A2
Going Concern Basis of Accounting..............................................A3
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........A4
Definition..............................................................A5-A6
Risk Assessment Procedures and Related Activities...............................A7-A32
Evaluating Management’s Assessment........................................A33-A58
Evaluating Management’s Plans for Future Actions..............................A59-A65
Information Becomes Known After the Date of the Auditor’s Report.....................A66
Evaluating the Audit Evidence Obtained and Concluding..........................A67-A72
Adequacy of Disclosures..................................................A73-A77
Implications for the Auditor’s Report.........................................A78-A96
Written Representations......................................................A97
Communication with Those Charged with Governance...........................A98-A101
Reporting to an Appropriate Authority Outside of the Entity......................A102-A105
Appendix 1: Illustrations of Independent Auditor’s Reports Related to Going Concern
[Aus] Appendix 2: Auditor’s Decision-Making Process for Going Concern
The AUASB issues Auditing Standard ASA 570 Going Concern pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
This Auditing Standard represents the Australian equivalent of ISA 570 (Revised 2024), Going Concern and will replace the current ASA 570 issued by the AUASB in December 2015 (as amended to March 2023).
This Auditing Standard contains differences from the ISA 570 (Revised 2024), which have been made in the Application and Other Explanatory Material and Appendices to reflect Australian regulatory requirements.
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 570 Going Concern pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
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.
Dated: 14 May 2025 D Niven
Chair - AUASB
This Auditing Standard conforms with International Standard on Auditing ISA 570 (Revised 2024), 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 requirement is additional to ISA 570 (Revised 2024):
The following application and other explanatory material is additional to ISA 570:
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISA 570 (Revised 2024).
The AUASB issues Auditing Standard ASA 570 Going Concern pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
This Auditing Standard represents the Australian equivalent of ISA 570 (Revised 2024), Going Concern and will replace the current ASA 570 issued by the AUASB in December 2015 (as amended to March 2023).
This Auditing Standard contains differences from the ISA 570 (Revised 2024), which have been made in the Application and Other Explanatory Material and Appendices to reflect Australian regulatory requirements.
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 570 Going Concern pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
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.
Dated: 14 May 2025 D Niven
Chair - AUASB
This Auditing Standard conforms with International Standard on Auditing ISA 570 (Revised 2024), 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 requirement is additional to ISA 570 (Revised 2024):
The following application and other explanatory material is additional to ISA 570:
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISA 570 (Revised 2024).
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 570 Going Concern pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
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.
This Auditing Standard conforms with International Standard on Auditing ISA 570 (Revised 2024), 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 requirement is additional to ISA 570 (Revised 2024):
The following application and other explanatory material is additional to ISA 570:
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISA 570 (Revised 2024).
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2025 Commonwealth of Australia. The text, graphics and layout of this 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 as being the Australian Auditing and Assurance Standards Board (AUASB).
Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this 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.
This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that International Federation of Accountants is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.
Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may also require the agreement of IFAC.
ISSN 1030-603X
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard..................................................1
Going Concern Basis of Accounting...............................................2
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........3-7
Effective Date...............................................................8
Objectives..................................................................9
Definition.................................................................10
Requirements
Risk Assessment Procedures and Related Activities.................................11-15
Evaluating Management’s Assessment..........................................16-25
Evaluating Management’s Plans for Future Actions.................................26-28
Information Becomes Known After the Date of the Auditor’s Report.......................29
Evaluating the Audit Evidence Obtained and Concluding.............................30-31
Adequacy of Disclosures....................................................32-33
Implications for the Auditor’s Report...........................................34-38
Written Representations.....................................................39-40
Communication with Those Charged with Governance...............................41-42
Reporting to an Appropriate Authority Outside of the Entity.............................43
Documentation..............................................................44
Application and Other Explanatory Material
Scope of this Auditing Standard..............................................A1-A2
Going Concern Basis of Accounting..............................................A3
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........A4
Definition..............................................................A5-A6
Risk Assessment Procedures and Related Activities...............................A7-A32
Evaluating Management’s Assessment........................................A33-A58
Evaluating Management’s Plans for Future Actions..............................A59-A65
Information Becomes Known After the Date of the Auditor’s Report.....................A66
Evaluating the Audit Evidence Obtained and Concluding..........................A67-A72
Adequacy of Disclosures..................................................A73-A77
Implications for the Auditor’s Report.........................................A78-A96
Written Representations......................................................A97
Communication with Those Charged with Governance...........................A98-A101
Reporting to an Appropriate Authority Outside of the Entity......................A102-A105
Appendix 1: Illustrations of Independent Auditor’s Reports Related to Going Concern
[Aus] Appendix 2: Auditor’s Decision-Making Process for Going Concern
This Auditing Standard is available on the Auditing and Assurance Standards Board (AUASB) website: www.auasb.gov.au
| Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204, Collins Street WestMelbourne Victoria 8007AUSTRALIA |
|---|
© 2025 Commonwealth of Australia. The text, graphics and layout of this 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 as being the Australian Auditing and Assurance Standards Board (AUASB).
Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Otherwise, no part of this 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.
This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that International Federation of Accountants is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.
All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.
Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Director-National, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to enquiries@auasb.gov.au. Any decision to approve a request may also require the agreement of IFAC.
ISSN 1030-603X
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard..................................................1
Going Concern Basis of Accounting...............................................2
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........3-7
Effective Date...............................................................8
Objectives..................................................................9
Definition.................................................................10
Requirements
Risk Assessment Procedures and Related Activities.................................11-15
Evaluating Management’s Assessment..........................................16-25
Evaluating Management’s Plans for Future Actions.................................26-28
Information Becomes Known After the Date of the Auditor’s Report.......................29
Evaluating the Audit Evidence Obtained and Concluding.............................30-31
Adequacy of Disclosures....................................................32-33
Implications for the Auditor’s Report...........................................34-38
Written Representations.....................................................39-40
Communication with Those Charged with Governance...............................41-42
Reporting to an Appropriate Authority Outside of the Entity.............................43
Documentation..............................................................44
Application and Other Explanatory Material
Scope of this Auditing Standard..............................................A1-A2
Going Concern Basis of Accounting..............................................A3
Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern..........A4
Definition..............................................................A5-A6
Risk Assessment Procedures and Related Activities...............................A7-A32
Evaluating Management’s Assessment........................................A33-A58
Evaluating Management’s Plans for Future Actions..............................A59-A65
Information Becomes Known After the Date of the Auditor’s Report.....................A66
Evaluating the Audit Evidence Obtained and Concluding..........................A67-A72
Adequacy of Disclosures..................................................A73-A77
Implications for the Auditor’s Report.........................................A78-A96
Written Representations......................................................A97
Communication with Those Charged with Governance...........................A98-A101
Reporting to an Appropriate Authority Outside of the Entity......................A102-A105
Appendix 1: Illustrations of Independent Auditor’s Reports Related to Going Concern
[Aus] Appendix 2: Auditor’s Decision-Making Process for Going Concern
The AUASB issues Auditing Standard ASA 570 Going Concern pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
This Auditing Standard represents the Australian equivalent of ISA 570 (Revised 2024), Going Concern and will replace the current ASA 570 issued by the AUASB in December 2015 (as amended to March 2023).
This Auditing Standard contains differences from the ISA 570 (Revised 2024), which have been made in the Application and Other Explanatory Material and Appendices to reflect Australian regulatory requirements.
The Auditing and Assurance Standards Board (AUASB) makes this Auditing Standard ASA 570 Going Concern pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001.
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.
Dated: 14 May 2025 D Niven
Chair - AUASB
This Auditing Standard conforms with International Standard on Auditing ISA 570 (Revised 2024), 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 requirement is additional to ISA 570 (Revised 2024):
The following application and other explanatory material is additional to ISA 570:
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISA 570 (Revised 2024).
The AUASB issues Auditing Standard ASA 570 Going Concern pursuant to the requirements of the legislative provisions and the Strategic Direction explained below.
The AUASB is a non-corporate Commonwealth entity of the Australian Government established under section 227A of the Australian Securities and Investments Commission Act 2001, as amended (ASIC Act). Under section 336 of the Corporations Act 2001, the AUASB may make Auditing Standards for the purposes of the corporations legislation. These Auditing Standards are legislative instruments under the Legislation Act 2003.
Under the Strategic Direction given to the AUASB by the Financial Reporting Council (FRC), the AUASB is required, inter alia, to develop auditing standards that have a clear public interest focus and are of the highest quality.
This Auditing Standard represents the Australian equivalent of ISA 570 (Revised 2024), Going Concern and will replace the current ASA 570 issued by the AUASB in December 2015 (as amended to March 2023).
This Auditing Standard contains differences from the ISA 570 (Revised 2024), which have been made in the Application and Other Explanatory Material and Appendices to reflect Australian regulatory requirements.
This is an opening excerpt, not the complete document.