Section Scope of this Auditing Standard (Ref: Pa - Auditing Standard ASA 570 Going Concern - Scope of this Auditing Standard (Ref: Para. 1)

Scope of this Auditing Standard (Ref: PaScope of this Auditing Standard (Ref: Para. 1)

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In addition to the matters addressed by this ASA, ASA 701[14] deals with the auditor’s responsibility to communicate key audit matters in the auditor’s report. That ASA acknowledges that, when ASA 701 applies, the following are, by their nature key audit matters:[15]

A material uncertainty related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern; or
When significant judgements were made by management in concluding that there is no material uncertainty related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern.

However, in such circumstances, the implications for the auditor’s report are in accordance with this ASA.

For audits of financial reports of listed entities, when the auditor concludes, based on the audit evidence obtained, that no material uncertainty exists, and significant judgements were made by management in concluding that there is no material uncertainty related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern, this ASA requires the auditor to disclose under the heading of “Going Concern” within the auditor’s report how the auditor evaluated management’s assessment of the entity’s ability to continue as a going concern.