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SSA 570 (Revised 2024) Going Concern sets out the auditor’s responsibilities relating to going concern and the implications for the auditor’s report.
In response to evolving stakeholder expectations, SSA 570 (Revised 2024) strengthens auditors’ responsibilities in relation to going concern and enhances transparency in the audit process, while ensuring that the standard remains relevant and fit
for purpose in today’s environment.
The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2026.
To support its implementation, ISCA has issued Audit Bulletin (AB) 10, Key Revisions to SSA 570 (Revised 2024). The bulletin highlights key changes, including enhanced risk assessment procedures, the requirement to evaluate management’s
going concern assessment in all audits, an extended assessment period, and strengthened reporting and communication requirements.
The bulletin also provides practical reminders for auditors, management and those charged with governance, covering areas such as early planning, timely documentation and effective communication throughout the audit.
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