10 Questions
Which of the following best describes special purpose financial statements?
Designed to meet the specific needs of particular users
What is the purpose of ISA 800 (Revised)?
To provide guidance on special considerations for audits of financial statements prepared in accordance with special purpose frameworks
Which ISA provides guidance on audits of single financial statements and specific elements of a financial statement?
ISA 805 (Revised)
What type of audits does ISA 805 (Revised) provide guidance on?
Audits of single financial statements and specific elements of a financial statement
Which of the following is NOT a purpose for which special purpose financial statements may be prepared?
General purpose financial reporting
What type of framework are special purpose financial statements prepared in accordance with?
Special purpose framework
Which of the following statements is TRUE about ISA 800 (Revised) and ISA 805 (Revised)?
ISA 800 (Revised) provides guidance on audits of financial statements prepared in accordance with special purpose frameworks, while ISA 805 (Revised) provides guidance on audits of single financial statements and specific elements
Which of the following is NOT a reason for preparing special purpose financial statements?
To prepare consolidated financial statements for a group
What type of audits does ISA 805 (Revised) provide guidance on?
Audits of single financial statements and specific elements of a financial statement
Which of the following statements is TRUE about special purpose financial statements?
They cover a range of purposes, such as tax basis, regulator and contract provisions
Test your knowledge on audits of special purpose financial statements, single financial statements, or components thereof. Learn about the three international auditing standards in the 800 series that cover audits of specialized areas.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
