AUASB issues Further Guidance to support Public Sector Auditors in applying ASA 570 Going Concern

Friday, June 24, 2022

The AUASB has released an updated version of Guidance Statement GS 023 Special Considerations – Public Sector Engagements (GS 023) which includes further application and explanatory material to support public sector auditors in applying Auditing Standard ASA 570 Going Concern to public sector engagements.  GS 023 is to be read and applied together with ASA 570.

GS 023 has been issued by the AUASB to promote consistent application of AUASB Standards in the public sector and enhance the quality of public sector audits and assurance engagements.

The new guidance has been developed in consultation with a dedicated AUASB Public Sector Audit Issues Project Advisory Group comprising of assurance practitioners representing all State, Territory and Commonwealth Auditor-Generals’ Offices in Australia.

GS 023 has been designed to be incrementally updated to include topic specific guidance material in response to issues identified as presenting challenges in applying AUASB Standards in the public sector.  The next priority for the AUASB and its Project Advisory Group concerns the role and responsibilities of public sector Engagement Leaders under ASA 220

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