ISA 805 (Revised), Special Considerations─Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

ISA 805 (Revised) deals with special considerations in the application of the ISAs to an audit of a financial statement or a specific element, account, or item of a financial statement.

It includes limited amendments to provide clarity about how the new and revised Auditor Reporting standards apply in the context of special purpose financial statements. These amendments are not intended to substantively change the underlying premise of these engagements in accordance with the extant ISAs.

ISA 805 (Revised) is effective for audits of financial statements for periods ending on or after December 15, 2016.

A staff-prepared Basis for Conclusions document explains the IAASB's rationale for the changes to the standard.