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The proposed revisions to International Standard on Auditing (ISA) 570 (Revised 202X), Going Concern aim to:
- Promote consistent practice and behaviour and facilitate effective responses to identified risks of material misstatement related to going concern;
- Strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional skepticism; and
- Enhance transparency with respect to the auditor’s responsibilities and work related to going concern where appropriate, including strengthening communications and reporting requirements.
The IAASB is seeking comments on the exposure draft of ISA 570 (Revised 202X).
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore and actively undertakes public consultation with its members and stakeholders. ISCA would hence like to seek views from key stakeholders in Singapore on the above.
ISCA requires all comments to be submitted to professionalstandards@isca.org.sg by 30 June 2023.
Please click here for the IAASB ED.