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Singapore Standard on Auditing (SSA) 800 (Revised) deals with special considerations in the application of the SSAs to an audit of financial statements that are prepared in accordance with a special purpose framework. SSA 805 (Revised) deals with special considerations in the application of the SSAs to an audit of a financial statement or a specific element, account, or item of a financial statement. The revised standards are based on the International Standard on Auditing (ISA) 800 (Revised) and ISA 805 (Revised) respectively issued by the International Auditing and Assurance Standards Board (IAASB).
The auditor reporting requirements for SSA 800 and SSA 805 engagements are linked directly to the reporting requirements in SSA 700 (Revised) as it contains the overarching auditor reporting requirements. Hence, consequential amendments are made to SSA 800 and SSA 805 to explain how the new and revised auditor reporting standards affect them.
Key revisions made to the extant SSA 800 and SSA 805 include:
- Refinements to the requirements and corresponding application material, to be in line with the new concepts established by the new and revised auditor reporting standards, such as (1) communication of key audit matters and (2) a Material Uncertainty Related to Going Concern section.
- New application material relating to going concern, key audit matters, other information and naming of the engagement partner.
- Updated illustrative auditor’s reports that:
Align with the reporting requirements in SSA 700 (Revised) in terms of the layout and content, including the ordering of elements (for example, the Opinion section is now positioned first), use of headings and terminology; and
Include more fulsome descriptions of the circumstances that are assumed for each of the illustrative auditor’s reports and indicate the applicability of the auditor reporting enhancements.
Localisation amendments are made to the illustrative reports to cater for engagements in the Singapore context. Conforming amendments have also been made to SSA 700 (Revised) to require the disclosure of the name of the engagement partner in the auditor’s reports of all listed entities.
SSA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
SSA 805 (Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
SSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements
Effective Date
The revised standards are effective for audits of financial statements for periods ending on or after 15 December 2016, in line with the effective date of the new and revised auditor reporting standards.