Reporting alternatives Flashcards
Reporting alternatives – Specific Items (Audit & Assurance)
CAS 805 Report – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
* A report providing audit level assurance on individual financial statements or accounts, rather than financial statements on the whole
* May not be a practical alternative if the financial statements on the whole are not being audited
The auditor must
* comply with all CAS’s relevant to the audit (CAS 200)
* determine the acceptable financial reporting framework to be applied and document the agreed terms of the audit engagement, including the expected form of any reports to be issued (CAS 210)
CAS’s written in the context of an audit of financial statements are to be adapted as necessary when applied to audits of other historic financial information.
When forming an opinion and reporting on a single financial statement or on a specific element of a financial statement, the auditor shall apply the requirements in CAS 700, adapted as necessary in the circumstances of the engagement. Reference: CAS 805
