New FAQ publication for reporting going concern matters

1 August 2022


How should auditors include going concern related issues in the auditor’s report?

IAASB issued a non-authoritative Frequently Asked Questions (FAQ) publication to address some of the common questions related to reporting going concern matters in the auditor’s report. Specifically, the publication focuses on the use of and interrelationship of the Material Uncertainty Related to Going Concern (MURGC) and Key Audit Matters (KAM) sections, and the Emphasis of Matter paragraphs, in an auditor’s report.

The guidance explains more on when to use MURGC or KAM sections in the auditor’s report and when to include the matter as an Emphasis of Matter. It shows how these difference sections interrelate and what the impact is on the auditor’s report.

Examples and a decision tree are provided to guide auditors through the ‘close call’ situations.

To read more you can access the IAASB guidance here.

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