On 4 March 2019, the Financial Reporting Council (‘FRC’) in the United Kingdom published an exposure draft of International Standard on Auditing (UK) 570 (Revised) Going Concern and issued a request for comments on the proposed changes.
The Auditing Framework for Ireland is based on the FRC’s Auditing Framework. IAASA’s policy is to have minimal amendments to the UK regime. Amendments will be considered where there is a conflict with Irish or EU law or where there are clear, distinct differences between the Irish and UK markets, which impact upon the applicability of standards. Any proposed significant changes to the Auditing Framework in Ireland will be subject to a consultation process prior to the issuing of a revised International Standard on Auditing (Ireland).
The FRC’s consultation on the exposure draft of International Standard on Auditing (UK) 570 (Revised) Going Concern may be accessed here.