John Selwood's audit clinic
John answers questions on coming changes to auditing standards as well as a tricky audit exemption matter.
In a recent edition of Audit & Beyond I read that the Financial Reporting Council (FRC) considered its exposure draft on going concern to be “proposing significant revisions and enhancements” to ISA (UK) 570 and it was described as taking “radical action”. I have read the exposure draft and I don’t see anything particularly new. Isn’t it just codifying best practice?
This is a good question and you are not the only person asking it. Whether or not you think that the FRC’s exposure draft is codifying best practice probably depends on what you think best practice is. As with many things, perspectives will probably differ.