AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
AU-C ORIGINAL PRONOUNCEMENT
Original Pronouncement | Statement on Auditing Standard (SAS) 122. |
AU-C DEFINITIONS OF TERMS
AU-C 805 does not contain any definitions, but does provide the following guidance in AU-C 805.06).
For purposes of this section, reference to
- an element of a financial statement or an element means an element, account, or item of a financial statement.
- a single financial statement or 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 the specific element.
OBJECTIVES OF AU-C SECTION 805
AU-C 805.05 states that:
… the objective of the auditor, when applying generally accepted auditing standards (GAAS) in an audit of a single financial statement or of a specific element, account, or item of a financial statement, is to address appropriately the special considerations that are relevant to
- the acceptance of the engagement;
- the planning and performance of that engagement; and
- forming an opinion and reporting on the single financial statement or the specific element, account, or item of a financial statement.
SCOPE
This section applies to auditor's reports issued in connection with audit of a single financial statement or of a specific element, ...
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