FEE has responded to proposals by the IAASB to enhance auditor reporting on special purpose financial statements. Amendments are proposed to International Standard of Auditing (ISA) 800, Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, and ISA 805, Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
FEE welcomes that ISA 800 and 805 are being updated to reflect the recently completed auditor reporting project concerning Key Audit Matters and going concern. We do ask for some clarification on how the matters included in the auditor’s report on the complete set of financial statements interact with the auditor’s report under ISA 800 or 805.
- ISAs are issued by the International Auditing and Assurance Standards Board (IAASB) via a rigorous due process; FEE actively contributes to this by participating in the IAASB Consultative Advisory Group and by responding to public consultations.
- For FEE’s other work in this area please see the FEE Audit & Assurance Policy Group
FEE comment letter on IAASB Exposure Draft on ISA 800 and 805