Audits of one financial statement, or of a specific element such as receivables or a royalty computation, rather than a complete set.
To address special considerations relevant to the application of the SAs to an audit of a single financial statement or of a specific element, account or item of a financial statement.
SA 805 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 805 — Special Considerations: Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. Audits of one financial statement, or of a specific element such as receivables or a royalty computation, rather than a complete set. To address special considerations relevant to the application of the SAs to an audit of a single financial statement or of a specific element, account or item of a financial statement.
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 805 in the reporting phase, that means evidencing: Determine whether the single statement or element is acceptable within the applicable framework; Consider the relationship with the complete financial statements, including that audit work may need to cover related items; Apply the SAs, adapting them to the engagement, including materiality for the statement or element.
