surance Standards B

Auditing and Assurance Standards Council

Philippine Standard on Auditing 570 (Redrafted)

GOING CONCERN

PSA 570 (Redrafted) PHILIPPINE STANDARD ON AUDITING 570 (REDRAFTED) GOING CONCERN
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)
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CONTENTS Paragraph Introduction Scope of this PSA................................................................................................ Effective Date..................................................................................................... Objectives........................................................................................................... Requirements Risk Assessment Procedures and Related Activities.......................................... Evaluating Management’s Assessment.............................................................. Period beyond Management’s Assessment......................................................... Additional Audit Procedures When Events or Conditions Are Identified.......... Audit Conclusions and Reporting....................................................................... Use of Going Concern Assumption Appropriate but a Material Uncertainty Exists……………………………………….……… Use of Going Concern Assumption Inappropriate............................................. Management Unwilling to Make or Extend Its Assessment.............................. Communication with Those Charged with Governance.................................... Significant Delay in the Approval of Financial Statements............................... Application and Other Explanatory Material Introduction......................................................................................................... Risk Assessment Procedures and Related Activities.......................................... Evaluating Management’s