ISA 800 applies to audits of financial statements prepared under a special

Isa 800 applies to audits of financial statements

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ISA 800 applies to audits of financial statements prepared under a special purpose framework (ASA 800/ISA (NZ) 800) YES NO ISAE 3000** (Revised) applies to assurance engagements other than the audit or review of historical financial information (ASAE 3000 (Revised)/ ISAE (NZ) 3000 (Revised)) NO EITHER Is the engagement an audit or review? ISREs apply – refer to the unit on review engagements YES NO YES ISAs 200–720 apply to audits of a complete set of financial statements or other historical financial information as appropriate (ASAs 100–720/ISAs (NZ) 200–720) Key What level of assurance is being requested? Is the subject matter of the engagement historical financial information? What is the specific subject matter of the engagement? Am I the auditor of the financial statements of the entity? * No national equivalent in Australia or New Zealand. However, Australia has ASAE 3450, which has a much broader scope than ISAE 3400. Refer ASAE 3450 para. 8 for types of assurance ** Where inconsistencies are identified, the requirements of ISAE 3000 (Revised) take precedence ISA 805 applies to audits of single financial statements and specific elements, accounts or items of a financial statement (ASA 805/ISA (NZ) 805) ISA 810 applies to audits of summary financial statements (ASA 810/ISA (NZ) 810) AUDIT REVIEW 1 1 1 Reasonable assurance Limited assurance EITHER Reasonable assurance Limited assurance Reasonable assurance Reasonable assurance Reasonable assurance Limited assurance Not specified. The Auditor-General reports findings, recommendations and, where appropriate, conclusions EITHER 1 1 Reasonable assurance Limited assurance EITHER ASAE 3100/SAE 3100 applies in Australia/NZ to compliance engagements No equivalent ISAE ASAE 3500 applies in Australia to performance engagements No equivalent ISAE/ISAE (NZ) AG-5 applies to public sector entities in New Zealand ISAE 3420 applies to reporting on the compilation of pro forma financial information included in a prospectus ISAE (NZ) 3420 ASAE 3420 ISAE 3400* applies to the examination of prospective financial information ISAE 3402 applies specifically to assurance reports on controls at a service organisation (ASAE 3402/ ISAE (NZ) 3402) Am I the auditor of the financial statements of the entity? Cannot perform an audit of the summary financial statements Moderate assurance that is based on assumptions No assurance on the achievement of results ASAE 3150/SAE 3150 applies in Australia/NZ to engagements on controls No equivalent ISAE EITHER
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Quick Reference Guide 17.2 Other assurance engagements: Audits of historical financial information not presented in GPFSs Special Purpose Financial Statements (SPFSs) Single Financial Statements OR Components of Financial Statements Summary Financial Statements (SFSs) Historical financial information presented in the form of: ISA 800 Also apply all ISAs (ISAs200-720) (as audit of complete set of financials) • Reasonable Assurance • Before accepting the engagement auditor to determine the acceptability of the special purpose framework that has been used • Auditor’s report must include an EOM paragraph alerting users that financial statements are prepared under special purpose framework ISA 805
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