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.
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Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- IAASB 2021 Public Report: Spearheading Change to Enhance Confidence in Audits and Assurance
- IAASB Comment Letter to the International Sustainability Standards Board
- ISA 315 First-Time Implementation Guide
- Reporting Going Concern Matters in the Auditor's Report
