On 21 January 2015, the International Auditing and Assurance Standards Board (IAASB) released proposals to enhance auditor reporting on special purpose financial statements. The Exposure Draft (ED) includes changes proposed to ISA 800 (Revised), Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
Reporting on special purpose financial statements is linked to the recently issued new and revised auditor reporting standards. This ED seeks views from stakeholders in relation to the IAASB’s proposed amendments to consider how the enhancements to auditor reporting resulting from its new and revised auditor reporting standards should affect engagements under ISA 800 and ISA 805. The proposed amendments are limited to reporting in the above engagements, and thus does not substantively change the underlying premise of audits of financial statement to which those ISA 800 and ISA 805 apply.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above IAASB's proposal. Your views would be considered and put forth in the comment letter to be submitted to IAASB.
ISCA requires all comments to be submitted to email@example.com by Monday, 2 March 2015. Please click here for the ED on ISA 800 (Revised) and ISA 805 (Revised).