ISA 570 (Revised 2024), Going Concern

This revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revised standard will also increase consistency in auditing practices and strengthen transparency through communications and auditor reporting on matters related to going concern in a consistent manner.

ISA 570 (Revised 2024), Going Concern, is effective for audits of financial statements for periods beginning on or after December 15, 2026.