SSA 800 (Revised) and SSA 805 (Revised)

Singapore Standard on Auditing (SSA) 800, Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 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, Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 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) and 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.

The amendments to the standards are limited amendments to provide clarity about how the new and revised auditor reporting standards apply in the context of special purpose financial statements. The changes to the standards include refinements to the requirements and application material to clarify auditor reporting responsibilities in light of new concepts established by the new and revised auditor reporting standards, new application material relating to going concern, key audit matters, other information and naming of the engagement partner, as well as updated illustrative auditor’s reports.

Conforming amendments have also been made to SSA 700 (Revised), Forming an Opinion and Reporting on Financial Statements.

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 proposals.

ISCA requires all comments to be submitted to technical@isca.org.sg by 6 April 2016.

Please click here for the ED SSA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.

Please click here for the ED SSA 805 (Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.

Please click here for the conforming amendments relating to SSA 700 (Revised).