SA-570 deals with the auditor’s responsibilities in the audit of financial statements relating to going concern and the implications for the auditor’s report.
Under the going concern basis of accounting, you are required to prepare the financial statements on the assumption that: i) the entity is a going concern; and ii) the entity will continue its operations for the foreseeable future. Further, the assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business.
