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ISA 805 (REVISED AND REDRAFTED) SPECIAL CONSIDERATIONS — AUDITS OF SINGLE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT
The auditor’s objective when applying ISAs in an audit of single financial statements or of specific element, account or item of a financial statement is to address the special considerations which are relevant to:
1. The acceptance of the engagement.
2. Planning and performance of that engagement.
3. Forming an opinion and reporting on the single financial statement or on the specific element, account or item of a financial statement. [ISA805.5]
ISA 805 contains definitions which are applicable to this standard:
‘Element of a financial statement’ or ‘element’ means an ‘element, account or item of a financial statement’.
[ISA805.6(a)]
‘International Financial Reporting Standards’ means the International Financial Reporting Standards issued by the International Accounting Standards Board.
[ISA805.6(b)]
A single financial statement or reference to a specific element of a financial statement includes the related notes. The related notes ordinarily comprise a summary of significant accounting policies and other explanatory information relevant to the financial statement or to the element. [ISA805.6(c)]
AUDITING A SINGLE FINANCIAL STATEMENT OR SPECIFIC ELEMENT
The provisions in ISA 200 ‘Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing’ require ...
