Changes are proposed to ISA 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
Reporting on special purpose financial statements is linked to the recently issued new and revised Auditor Reporting standards, in particular ISA 700 (Revised), Forming an Opinion and Reporting on Financial Statements and new ISA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. As such, the IAASB has amended ISA 800 and ISA 805 to provide guidance on how the enhancements to the auditor’s report would apply in audits of special purpose financial statements. These amendments are limited to auditor reporting and are not intended to substantively change the underlying premise of these engagements in accordance with the extant ISAs.
Comments on the ED are requested by April 22, 2015.
Press release
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