Auditing 2025: Amendments to ISA 570 Going Concern
Part of a series on 2025 Audit Updates. In April 2025, the IAASB issued ISA 570 (Revised 2024) Going Concern, to respond to corporate failures that raised questions concerning the auditor's responsibilities. This short course will walk you through the upcoming changes.
Auditing 2025: Amendments to ISA 570 Going Concern
This course will enable you to
About the course
In April 2025, the IAASB issued ISA 570 (Revised 2024) Going Concern, to respond to corporate failures that raised questions concerning the auditor's responsibilities. Recent high-profile collapses where auditors failed to raise issues around going concern include Carillion plc in 2018 and Silicon Valley Bank in 2023.
The revised standard significantly enhances the auditor's work in evaluating management's assessment of an entity's ability to continue as a going concern.
Going concern is a fundamental concept in the preparation of financial statements. So, in this update we review the concept, discuss conditions that might indicate that an entity has uncertainties relating to going concern, explore the changes to ISA 570 and explain how they will affect reporting in the financial statements.
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Author
Steve Collings
Steve is Director at Leavitt Walmsley Associates, a firm of Certified Chartered Accountants. He is an internationally recognised speaker, writer and commentator on all matters to do with financial reporting and auditing. Steve is a prolific author, having written over 25 books and currently represents the North West of England on ACCA’s Practice Network Panel.
