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ISSAI Executive Summaries

Executive Summary:

ISSAI 1805 – Special Considerations - Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

Purpose:

This Practice Note provides supplementary guidance on ISA 805: Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors

Principle:

ISA 805 deals with special considerations in the application of those ISAs to an audit of a single financial statement or a specific element, account or item of a financial statement. The single financial statement or the specific element, account or item of a financial statement may be prepared in accordance with a general of special purpose framework.

Scope - Content:

The Practice Note provides additional guidance for public sector auditors related to

  • Considerations when accepting the engagement
  • Forming an opinion and reporting considerations.

Appendix 1 of the ISA provides examples of specific elements, accounts or items of a financial statement; appendix 2 provides illustrations of auditor's reports on a single financial statement on a specific element of a financial statement.

Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee

Status:

Approved at XIXth Congress of INTOSAI, Mexico 2007

Download:

http://www.issai.org/en_us/site-issai/issai-framework/4-auditing-guidelines.htm

Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
Related Documents - Others:

ISA 805 is applicable to auditors of public sector entities when engaged to audit a single financial statement or a specific element, account or item of a financial statement. It is related to ISA 800, which is applicable to auditors of public sector entities when engaged to audit financial statements prepared in accordance with special purpose frameworks.


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