Proposed International Standard on Auditing 570 (Revised 20xx) Going Concern

Going Concern continues to be a trending topic of discussion. The International Auditing and Assurance Standards Board (IAASB) has issued proposed revisions to the standard which outlines auditor’s responsibilities relating to going concern. The proposed revisions aim to:

  • Enhance transparency with respect to the auditor’s responsibilities, with proposals for more information on going concern to be included in the auditor’s report.  
  • Promote consistent practice and behaviour and facilitate effective responses to identified risks of material misstatement related to going concern;
  • Strengthen the auditor’s evaluation of management’s assessment of going concern, including reinforcing the importance, throughout the audit, of the appropriate exercise of professional scepticism; and

We are keen to get your feedback on these proposals to inform our submission to the IAASB and to inform our adoption of the international standard once finalised.

The XRB has identified additional proposed New Zealand specific paragraphs that we are also seeking your feedback on. These New Zealand specific paragraphs:

  • Reflect NZ legal and regulatory arrangements (i.e., directors are responsible for the preparation of the financial statements).
  • Amend references to listed entities in the proposed ISA to instead refer to FMC reporting entities considered to have a higher level of public accountability.

This consultation closes on 31 July 2023

Exposure Draft

pdf IAASB ED 1.4 MB


Going Concern Consultation Overview

Going Concern Consultation Overview

Watch our Walk-through webcast for a short summary on proposed revisions to the going concern auditing standard, and what this will mean for auditor's responsibilities.

To provide feedback

  • Attend our Virtual Feedback Forum
  • Submit your comments via our comment form
  • Email us at

We intend on publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 2020 also applies.