Isa570 Going Concern

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ISA ISA 570
November 2008

International Standard on Auditing

Going Concern

INTERNATIONAL STANDARD ON AUDITING 570 Going Concern
Explanatory Foreword The Council of the Malaysian Institute of Accountants has approved this standard in November 2008 for publication. This standard should be read in conjunction with the Preface to Malaysian Approved Standards on Auditing; Preface to International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services; Glossary of Terms and International Framework for Assurance Engagements. The status of International Standards on Auditing is set out in the Preface to Malaysian Approved Standards on Quality Control, Auditing, Review, Other Assurance and Related Services. Applicability International Standards on Auditing (ISAs) are to be applied in the audit of financial statements under all reporting frameworks. Reporting frameworks are determined by legislation, regulations and promulgations of the Malaysian Institute of Accountants and where appropriate mutually agreed upon terms of reporting. ISAs are to be applied in the audit of historical financial information. Effective Date in Malaysia Effective for audits of financial statements for periods beginning on or after January 1, 2010. Reproduction of Full Text of Final IFAC Publication “Copyright © April 2010 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact Permissions@ifac.org for permission to reproduce, store or transmit, or to make other similar uses of this document.”

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INTERNATIONAL STANDARD ON AUDITING 570 GOING CONCERN
(Effective for audits of financial statements for periods beginning on or after January 1, 2010)

CONTENTS
Paragraph Introduction Scope of this ISA ................................................................................................. Going Concern Assumption ................................................................................. Responsibility for Assessment of the Entity’s Ability to Continue as a Going Concern ... Effective Date .................................................................................................... Objectives ......................................................................................................... jectives ctive Requirements Risk Assessment Procedures and Related Activities ................................................... Evaluating Management’s Assessment ................................................................... Period beyond Management’s Assessment ............................................................. Additional Audit Procedures When Events or Conditions Are Identified ...................... Audit Conclusions and Reporting .......................................................................... Use of Going Concern Assumption Appropriate but a Material Uncertainty Exists ....... Use of Going Concern Assumption Inappropriate ................................................... Management Unwilling to Make or Extend Its Assessment ........................................ Communication with Those Charged with Governance ........................................... Significant Delay in the Approval of Financial Statements ......................................... Application and Other Explanatory Material Going Concern Assumption ................................................................................. Risk Assessment Procedures and Related Activities ................................................... Evaluating Management’s Assessment ................................................................... Period beyond Management’s Assessment ............................................................. Additional Audit Procedures When Events or Conditions Are Identified ...................... Audit Conclusions and Reporting .......................................................................... Use of Going...
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