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Interpretation and Application of International Standards on Auditing by Steven Collings

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ISA 800 (REVISED AND REDRAFTED) SPECIAL CONSIDERATIONS — AUDITS OF FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH SPECIAL PURPOSE FRAMEWORKS

The objective of ISA 800 (revised and redrafted) ‘Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks’ is to outline the requirements of the auditor in respect of an audit of financial statements which have been prepared in accordance with a special purpose framework.

ISA 800 contains definitions as follows:

Special Purpose Financial Statements

Special purpose financial statements are financial statements prepared in accordance with a special purpose framework.

[ISA 800 paragraph 6a]

Special Purpose Framework

A Special Purpose Framework is a financial reporting framework designed to meet the financial information needs of specific users. The financial reporting framework may be a fair presentation framework or a compliance framework.

[ISA80.6b]

Examples of a special purpose framework could be the requirements by a third party regulatory body to prepare financial statements in a prescribed format to meet regulatory requirements or another framework which departs from a generally recognised financial reporting framework such as IFRS.

REPORTING

The auditor’s report on a set of financial statements prepared in accordance with a special reporting framework will need to contain an emphasis of matter paragraph to alert the user of the financial statements that the financial statements ...

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