Wiley Practitioner's Guide to GAAS 2022

40AU-C 805 Special Considerations— Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement

• Scope
• Definitions of Terms
• Objective of AU-C Section 805
• Requirements
  • Examples and Other Services
  • Application of GAAS
  • Financial Reporting Framework
  • Scope of Audit and Level of Materiality
  • The Auditor's Report
• Interpretation
  • Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement: Auditing Interpretations of Section 805
• Illustrations of Auditor's Reports on a Single Financial Statement and a Specific Element of a Financial Statement

SCOPE

AU-C 805 applies to auditor's reports issued in connection with an audit of a single financial statement or of a specific element, account, or item of a financial statement. This section does not apply to the report of a component auditor issued as a result of work performed on a component as part of a group audit under AU-C 600. (AU-C 805.01–.02)

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 disclosures.

OBJECTIVE OF AU-C SECTION 805

AU-C Section 805.05 states that:

… the objective of the auditor, ...