In 2013, the Auditing and Assurance Standards Board of ICAI issued the ‘Implementation Guide to SA 570, Going Concern’ to provide practical implementation guidance to the members on this Standard. ICAI issued SA 570 (Revised), Going Concern in 2016 which is applicable for the audits of financial statements on or after April 1, 2017. The revised Standard has strengthened the audit requirements and has made certain changes in auditor’s reporting requirements of going concern aspect. These changes necessitated revision of the Implementation Guide earlier issued.

I am happy to place in hands of the members, this revised Implementation Guide to SA 570 (Revised), Going Concern brought out by the Auditing and Assurance Standards Board. The Implementation Guide provides a very practical and easy to follow approach to going concern assessment in the forms of questionnaire, checklists, templates and case studies, etc.

Chapter 1 Introduction and Overview
Chapter 2 The Implementation Guidance and Suggested Questionnaire
Chapter 3 Template for Checklists for Evaluating Management’s Use of Going Concern Basis of Accounting
Chapter 4 Practical Case Studies and Illustrative Examples
Annexure I An Illustrative Template for the Format of Auditor’s Report under Different Scenarios as Illustrated in this Implementation Guide
Annexure II Illustrative Format of Support Letter

Download Implementation Guide to SA 570 (Revised), “Going Concern”


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June 2021