Wiley Practitioner's Guide to GAAS 2022

39AU-C 800 Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks

• Scope
• Definitions of Terms
• Objective of AU-C Section 800
• Requirements
  • Precondition for an Audit
  • Auditor's Going Concern Responsibilities
  • Forming an Opinion and Components of Auditor’s Standard Report
• Illustrations of Auditor's Reports on Special Purpose Financial Statements

SCOPE

AU-C 800 applies to an audit of a complete set of financial statements prepared in accordance with a special purpose framework—cash, tax, regulatory, contractual, or an other basis of accounting. (AU-C 800.01–.02) The applicable financial reporting framework determines what constitutes a complete set of financial statements. (AU-C 800.08)

DEFINITIONS OF TERMS

Source: AU-C 800.07. For definitions related to this standard, see Appendix A, “Definitions of Terms”: Special purpose financial statements, Special purpose framework.

OBJECTIVE OF AU-C SECTION 800

… the objective of the auditor, when applying generally accepted auditing standards (GAAS) in an audit of financial statements prepared in accordance with a special-purpose framework, 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 financial statements.

   (AU-C 800.06)

REQUIREMENTS

PRECONDITION FOR AN AUDIT

The auditor must determine the acceptability of the financial ...