Proposed guidance on reporting on special purpose financial statements
24 Jan 2015
The International Auditing and Assurance Standards Board (IAASB) has released an exposure draft of proposed changes to two newly revised International Standards on Auditing (ISAs) — ISA 800 'Special Considerations - Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks' and ISA 805 'Special Considerations - 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 the new ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report. 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.
