Technical Alert 03/2020 - Revised ISA 570 Going Concern

Nov 25, 2020

Chartered Accountants Ireland have published Technical Alert (TA) 03/2020 to provide a brief outline of the significant changes to this standard and to direct members to additional sources of information and guidance on the implementation of the revised ISA 570.  This TA covers both UK and Ireland versions of the revised standard. 

The revised standards strengthen the work effort required by auditors in their evaluation of management’s going concern assessment and there are enhanced reporting requirements for the audit report.

These revised standards are effective for audits of financial statements of entities, for periods commencing on or after 15 December 2019 and will have widespread impact on our members.  For many audits that makes December 2020 year ends the first application