ISA (Ireland) 570, Going Concern, has been updated and is effective for the audits of financial statements for periods commencing on or after 15th December 2019. There are now additional requirements for auditors including a more robust challenge of management’s assessment of going concern and a stand back requirement to consider all of the evidence obtained whether corroborative or contradictory, when the auditor draws their conclusions on going concern.
The wording for the audit report also requires updating to reflect these changes.
To review a recent article from Accountancy Plus on the topic please click here.