26 November - Ask ICAS: Going Concern - Revised ISA (UK) 570
The significant documentation requirements of the revised ISA (UK) 570 will start to impact significantly on audits of financial statements with a 31 December 2020 year end.
The added impact on going concern as a result of COVID-19 will present a further challenge for auditors in both managing client’s expectations around disclosures in the financial statements, and the potential impact on the audit report.
The ICAS Audit Monitoring team provide an overview of the revised standard and how the new requirements may impact the auditor’s consideration of going concern in the current environment.
