Tag Archives: ISA 570

Challenges for Auditors During the Pandemic – Part 3

This is our third and final blog about the results of audit monitoring inspections during the Pandemic. In Part 2 last week, we looked at going concern (ISA 570), subsequent events (ISA 560) and the lack of financial statement disclosures regarding COVID. In Part 1 two weeks ago, we looked at stock attendance (ISA 501),… Read More


Challenges for Auditors During the Pandemic – Part 2

This is Part 2 of our series of three blogs about the impact that the Coronavirus (COVID-19) is having on evidencing of audit work. In Part 1 last week, we looked at issues like stock attendance (ISA 501), fraud (ISA 240) and accounting systems and controls (ISA 315). Here are some other problem areas seen… Read More


Big questions about Going Concern

The UK audit regulator has revealed that among the key reasons for launching an investigation into the collapse of Thomas Cook were ‘issues around going concern and goodwill impairment.’ As if on cue, the Irish audit regulator IAASA, has just issued (October 2019) a revision to the audit standard on Going Concern, called ISA 570.… Read More


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Negative Audit Opinion Wording – Potential for Confusion

Readers may have heard by now that there is a new audit reporting requirement about going concern contained in a new style of audit opinion.  For companies and credit unions with a reporting period commencing on or after 17 June 2016 (in effect 30 June 2017 year-ends onwards), auditors must now include a specific conclusion… Read More