Skip to Main Content
Wiley Practitioner's Guide to GAAS 2018, 2nd Edition
book

Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

by Joanne M. Flood
April 2018
Beginner to intermediate content levelBeginner to intermediate
880 pages
28h 54m
English
Wiley
Content preview from Wiley Practitioner's Guide to GAAS 2018, 2nd Edition

AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement

AU-C Original Pronouncement

Source Statement on Auditing Standards (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

  1. an element of a financial statement or an element means an element, account, or item of a financial statement.
  2. 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.

Objective of AU-C Section 805

AU-C Section 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

  1. the acceptance of the engagement;
  2. the planning and performance of that engagement; and
  3. 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, account, ...

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

Wiley Practitioner's Guide to GAAS 2020

Wiley Practitioner's Guide to GAAS 2020

Joanne M. Flood

Publisher Resources

ISBN: 9781119396482Purchase book