Supporting International Standards

IFAC SMP Committee Response to IAASB Exposure Draft: Proposed International Standards on Auditing, ISA 800 (Revised) and ISA 805 (Revised)

Apr 22, 2015 | Comment Letters

The IFAC SMP Committee supports the approach outlined in the IAASB Exposure Draft, Proposed International Standards on Auditing, which includes: ISA 800 (Revised), Special Consideration—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and ISA 805 (Revised), Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.

The committee agrees with the IAASB that, in principle, enhancements resulting from the new and revised auditor reporting standards that would apply to audits of complete sets of general purpose financial statements should also apply to ISA 800 and ISA 805 engagements. It also supports the IAASB’s proposal that the communication of key audit matters be made voluntary for all entities applying proposed ISA 800 (Revised) and ISA 805 (Revised), unless required by law or regulation.

For specific comments, read the full comment letter below. 


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