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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), 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.
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ISSN 1030-603X
CONTENTS
PREFACE
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
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
preface
Reasons for Issuing ASA 570
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.
Main Features
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.
AUTHORITY STATEMENT
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
Conformity with International Standards on Auditing
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):
Paragraph Aus 3.1 refers to solvency statement requirements in the directors’ declaration under the Corporations Act 2001.
The following application and other explanatory material is additional to ISA 570:
[Aus] Appendix 2 contains diagram of the auditor’s decision-making process for going concern.
This Auditing Standard incorporates terminology and definitions used in Australia.
Compliance with this Auditing Standard enables compliance with ISA 570 (Revised 2024).