Audits of financial statements prepared for a specific purpose, such as a cash basis, a tax basis or a contractual reporting framework.
To address special considerations relevant to the acceptance of the engagement, the planning and performance, and the forming of an opinion and reporting when the financial statements are prepared in accordance with a special purpose framework.
SA 800 sits in the Reporting phase of the audit. The Standards on Auditing are issued by the ICAI Auditing and Assurance Standards Board (AASB) and deemed to be prescribed by the Central Government under Section 143(10) of the Companies Act 2013. Compliance with SAs is mandatory for every audit conducted by a Chartered Accountant in India.
For authoritative text, refer to the ICAI AASB Compendium of Standards on Auditing at icai.org.
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SA 800 — Special Considerations: Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. Audits of financial statements prepared for a specific purpose, such as a cash basis, a tax basis or a contractual reporting framework. To address special considerations relevant to the acceptance of the engagement, the planning and performance, and the forming of an opinion and reporting when the financial statements are prepared in accordance with a special purpose framework.
Yes. Standards on Auditing are deemed to be prescribed under Section 143(10) of the Companies Act 2013, and ICAI members must comply with them in every audit of historical financial information. Non-compliance must be justified and can attract professional consequences in peer review, NFRA inspection, and disciplinary proceedings.
Documentation sufficient for an experienced auditor with no previous connection to the audit to understand what was done and why (SA 230). For SA 800 in the reporting phase, that means evidencing: Determine the acceptability of the special purpose framework, and confirm the purpose and the users; Agree in the engagement letter the framework and the fact that the financial statements are not general purpose; Consider whether the financial statements include an adequate description of the framework.
