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Going concern helpsheets

New and updated helpsheets on going concern in the audit report are available from the faculty and ICAEW's Technical Advisory Service

Over the past couple of years, the wordings of audit reports have been affected by changes to laws and auditing standards. 

To help firms prepare their audit reports for certain specific situations and comply with the relevant laws and revised International Standards on Auditing (UK) (ISAs (UK)) – which apply for periods commencing on or after 17 June 2016 – the Audit & Assurance Faculty and ICAEW’s Technical Advisory Service (TAS) have prepared a number of helpsheets.

One major change to the audit report, for periods commencing on or after 17 June 2016, is that auditors are required to report by exception on going concern for all audits, unless there are material uncertainties or the entity is not a going concern. This change has prompted many queries around when to include a ‘conclusions relating to going concern’ section in an audit report, when to include a ‘material uncertainty related to going concern’ section, and so on. In response, the faculty and TAS have created a number of helpsheets that focus on or relate to going concern matters and their implications for the audit report.

Find out more

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