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The Going Concern (GC) assumption is a highly topical issue, as it is particularly relevant in periods of economic crisis for the proliferation of corporate failures. IAS 1 defines GC as the capability of a company to continue to operate in the foreseeable future. This means that management is periodically obliged to make this type of evaluation in order to prepare financial statements on a GC basis. At the same time, the auditor is obliged to verify it in order to issue an opinion. From 2008 onwards, this issue has acquired more relevance due to the significant increase in the number of publicly traded Italian companies that have received a modified opinion (GCO) from their auditors because of multiple material doubts regarding their ability to continue as a going concern (15 qualified GCOs were issued in the period between 2004-2007, against 43 in 2008-2011) (Bava et al. 2018). The highly publicized recent GC uncertainties affecting several Italian companies and credit institutions (including Monte dei Paschi, Italy’s third largest bank) have added fuel to the debate surrounding auditors’ effectiveness in identifying the risk of corporate failure by applying auditing principles. Furthermore, in Italy, during the Sovereign Debt Crisis, “the financial system suffered for a strong speculative attack that caused a dramatic widening of the spread on Government Bonds” (Pampurini & Quaranta, 2018). the as ISAs Clarified of introduction The benchmark for all auditing practitioners by the European Union in an EU Regulation has been put on hold. It has been necessary to provide Italian standards. In force since 2015, there is an almost perfect alignment between Italian standards and the future international standards including the Italia ISA 570 concerning the GC discipline. Regarding the auditing activity involving 2017 financial statements, in July 2017 the Italian standard setter adopted the ISA 570 (Revised) and at Abstract

The role of the ISA 570 “Adverse key financial ratios” in going concern assessment in Italy