39AU-C 800 Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
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.
OBJECTIVES OF AU-C 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
- the acceptance of the engagement,
- the planning and performance of that engagement, and
- 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 reporting ...