Recent corporate failures, and high-profile fraud cases have eroded trust in financial reporting and shaken public confidence. In response, investors, regulators, and audit professionals called for stronger auditing standards—especially regarding going concern and fraud. The IRBA has recently adopted the IAASB’s revised standards to strengthen auditors’ responsibilities related to fraud and going concern.

Together, International Standard on Auditing 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, and ISA 570 (Revised 2024), Going Concern, address core public interest concerns, support higher audit quality, and deliver more decision-useful information to users of financial statements.