AU‐C 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement

Abstract

AU-C 805 applies to auditor's reports issued in connection with an audit of a single financial statement or of a specific element, account, or item of a financial statement. An auditor may accept an engagement to express an opinion on one or more specified elements, accounts, or items of a financial statement, either as a separate engagement or in conjunction with the audit of the financial statements. Many financial statement elements, such as sales and receivables, inventory and payables, long-lived assets and depreciation, are interrelated. The auditor's report on one or more specified elements, accounts, or items of a financial statement should reflect the requirements in AU-C 700 or AU-C 703 and, when applicable, AU-C 800. In response, the Auditing Standards Board (ASB) issued three interpretations to assist plan and employer auditors in implementing those standards. Auditors of entities that have implemented the standards should reference AU-Cs 9805, 9600, and 9500 for more information.