Staying afloat: Navigating Going Concern under ISA 570R

The Independent Regulatory Board for Auditors (IRBA), on 2 September 2025, approved ISA 570 (Revised 2024), Going concern, for adoption, issue and prescription for use by auditors in South Africa. The approval includes the conforming and consequential amendments to other international standards.

The changes are significant and the revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2026, with early adoption permitted.

Maintaining audit quality remains central to the profession, and these amendments strengthen auditors’ responsibilities when evaluating management’s assessment of an entity’s ability to continue as a going concern. They also promote greater transparency through enhanced communication and auditor reporting.

This session will unpack the key changes that the revised standard sets out and the implications for audit engagements.

You will be developing the following professional competencies in the green section below.