Document ID: chunk:federal_register_of_legislation:F2023C00340:reg:10:p1
Version: federal_register_of_legislation:F2023C00340
Segment Type: reg
Provision Reference: reg 10 (pt 1/29)
Character Range: 7037–10149

10                     Amended       ASA 2020-1 [190]
Footnote 3
A7                     Amended       ASA 2020-1 [191]
Footnote 10
Appendix 2             Amended       ASA 2021-5 [25]
[Aus] Illustration 4A
Appendix 2             Amended       ASA 2023-1 [20] to [23]

AUTHORITY STATEMENT

 Auditing Standard ASA 570 Going Concern (as amended to 15 March 2023) is set out in paragraphs Aus 0.1 to Aus A35.1 and Appendices 1 and 2.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.

Conformity with International Standards on Auditing

This Auditing Standard conforms with International Standard on Auditing ISA 570 Going Concern issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).

Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix "Aus".

The following requirements are additional to ISA 570:

      * Paragraph Aus 3.1 refers to requirements under the Corporations Act 2001.

      * Paragraph Aus 13.1 requires the auditor to assess the appropriateness of management's going concern assumption for the relevant period.

      * Paragraph Aus 13.2 defines the relevant period to be approximately twelve months from the date of the auditor's current report to the expected date of the auditor's report for the next reporting period.

ISA 570 requires the auditor to consider the appropriateness of management's going concern for a period of at least twelve months from the date of the financial statements.

The following application and other explanatory material are additional to ISA 570:

      * Paragraph Aus A15.1 contains application material around the auditor's responsibility in the period beyond management's assessment.

      * Aus A21.1/[Aus] Appendix 1 contains an explanatory diagram mapping going concern considerations and types of audit opinions.

      * Appendix 2 contains [Aus] Illustration 1A, [Aus] Illustration 2A, [Aus] Illustration 3A and [Aus] Illustration 4A example auditors' reports that conform with the requirements of the Corporations Act 2001.

This Auditing Standard incorporates terminology and definitions used in Australia.

Compliance with this Auditing Standard enables compliance with ISA 570.

Auditing Standard ASA 570

The Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 570 Going Concern pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 1 December 2015.

This compiled version of ASA 570 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including