{"id":"F2009L04106","name":"ASA 800 - Special Considerations - Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks - October 2009","slug":"asa-800-special-considerations-audits-of-financial-reports-prepared-in-accordance-with-special-purpo","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":81718,"registerId":"commonwealth-F2009L04106-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Obtaining a Copy of this Auditing Standa","sectionType":"section","heading":"Obtaining a Copy of this Auditing Standard","content":"##### Obtaining a Copy of this Auditing Standard\n\nThe most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au","sortOrder":0},{"sectionNumber":"Contact Details","sectionType":"section","heading":"Contact Details","content":"##### Contact Details\n\n| Auditing and Assurance Standards BoardPodium LevelLevel 14, 530 Collins StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA |\n| -------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------- |","sortOrder":1},{"sectionNumber":"COPYRIGHT","sectionType":"section","heading":"COPYRIGHT","content":"##### COPYRIGHT\n\n© 2015 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nThis Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.\n\nAll existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.\n\nFurther information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Any decision to approve a request may also require the agreement of IFAC.\n\nISSN 1833-4393","sortOrder":2},{"sectionNumber":"CONTENTS","sectionType":"part","heading":"CONTENTS","content":"# CONTENTS\n\nCOMPILATION DETAILS\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication......................................................Aus 0.1-Aus 0.2\n\nOperative Date.........................................................Aus 0.3\n\nIntroduction\n\nScope of this Auditing Standard.................................................1-3\n\nEffective Date...............................................................4\n\nObjective..................................................................5\n\nDefinitions................................................................6-7\n\nRequirements\n\nConsiderations When Accepting the Engagement......................................8\n\nConsiderations When Planning and Performing the Audit..............................9-10\n\nForming an Opinion and Reporting Considerations.................................11-14\n\nApplication and Other Explanatory Material\n\nDefinition of Special Purpose Framework.......................................A1-A4\n\nConsiderations When Accepting the Engagement..................................A5-A8\n\nConsiderations When Planning and Performing the Audit...........................A9-A12\n\nForming an Opinion and Reporting Considerations...............................A13-A15\n\nAppendix 1: Illustrations of Auditors’ Reports on Special Purpose Financial Reports","sortOrder":3},{"sectionNumber":"COMPILATION DETAILS","sectionType":"part","heading":"COMPILATION DETAILS","content":"##### Obtaining a Copy of this Auditing Standard\n\nThe most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au\n\n##### Contact Details\n\n| Auditing and Assurance Standards BoardPodium LevelLevel 14, 530 Collins StreetMelbourne Victoria 3000AUSTRALIA | Phone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA |\n| -------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------- |\n\n##### COPYRIGHT\n\n© 2015 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non‑commercial use subject to the inclusion of an acknowledgment of the source as being the Australian Auditing and Assurance Standards Board (AUASB).\n\nRequests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Otherwise, no part of this Auditing Standard may be reproduced, stored or transmitted in any form or by any means without the prior written permission of the AUASB except as permitted by law.\n\nThis Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world.\n\nAll existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.\n\nFurther information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Executive Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Any decision to approve a request may also require the agreement of IFAC.\n\nISSN 1833-4393\n\n# CONTENTS\n\nCOMPILATION DETAILS\n\nAUTHORITY STATEMENT\n\nCONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING\n\nParagraphs\n\nApplication......................................................Aus 0.1-Aus 0.2\n\nOperative Date.........................................................Aus 0.3\n\nIntroduction\n\nScope of this Auditing Standard.................................................1-3\n\nEffective Date...............................................................4\n\nObjective..................................................................5\n\nDefinitions................................................................6-7\n\nRequirements\n\nConsiderations When Accepting the Engagement......................................8\n\nConsiderations When Planning and Performing the Audit..............................9-10\n\nForming an Opinion and Reporting Considerations.................................11-14\n\nApplication and Other Explanatory Material\n\nDefinition of Special Purpose Framework.......................................A1-A4\n\nConsiderations When Accepting the Engagement..................................A5-A8\n\nConsiderations When Planning and Performing the Audit...........................A9-A12\n\nForming an Opinion and Reporting Considerations...............................A13-A15\n\nAppendix 1: Illustrations of Auditors’ Reports on Special Purpose Financial Reports\n\n \n\n# COMPILATION DETAILS\n\n### Auditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (as Amended)\n\nThis compilation takes into account amendments made up to and including 1 December 2015 and was prepared on 1 December 2015 by the Auditing and Assurance Standards Board (AUASB).\n\nThis compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 800 (October 2009) as amended by other Auditing Standards which are listed in the Table below.\n\n##### Table of Standards\n\n| Standard | Date made | Operative Date |\n| -------------- | --------------- | ----------------------------------------------------------------- |\n| ASA 800 [A] | 27 October 2009 | Financial reporting periods commencing on or after 1 January 2010 |\n| ASA 2011‑1 [B] | 27 June 2011 | Financial reporting periods commencing on or after 1 July 2011 |\n| ASA 2013‑3 [C] | 1 July 2013 | Financial reporting periods commencing on or after 1 July 2013 |\n| ASA 2015-1 [D] | 1 December 2015 | Financial reporting periods ending on or after 15 December 2016 |\n\n\\[A\\] Federal Register of Legislative Instruments – registration number F2009L04106, 27 October 2009\n\n\\[B\\] Federal Register of Legislative Instruments – registration number F2011L01379, 30 June 2011\n\n\\[C\\] Federal Register of Legislative Instruments – registration number F2013L01326, 5 July 2013\n\n\\[D\\] Federal Register of Legislative Instruments – registration number F2015L02032, 16 December 2015\n\n##### Table of Amendments\n\n```html\n

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\n```\n\n \n\n## AUTHORITY STATEMENT\n\nAuditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (as amended to 1 December 2015) is set out in paragraphs Aus 0.1 to A15 and Appendix 1.\n\nThis Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.\n\nDated: 1 December 2015\n\n##### Conformity with International Standards on Auditing\n\nThis Auditing Standard conforms with International Standard on Auditing ISA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).\n\nParagraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.\n\nCompliance with this Auditing Standard enables compliance with ISA 800.","sortOrder":4},{"sectionNumber":"Auditing Standard ASA 800 Special Consid","sectionType":"division","heading":"Auditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (as Amended)","content":"### Auditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (as Amended)\n\nThis compilation takes into account amendments made up to and including 1 December 2015 and was prepared on 1 December 2015 by the Auditing and Assurance Standards Board (AUASB).\n\nThis compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 800 (October 2009) as amended by other Auditing Standards which are listed in the Table below.","sortOrder":5},{"sectionNumber":"Table of Standards","sectionType":"section","heading":"Table of Standards","content":"##### Table of Standards\n\n| Standard | Date made | Operative Date |\n| -------------- | --------------- | ----------------------------------------------------------------- |\n| ASA 800 [A] | 27 October 2009 | Financial reporting periods commencing on or after 1 January 2010 |\n| ASA 2011‑1 [B] | 27 June 2011 | Financial reporting periods commencing on or after 1 July 2011 |\n| ASA 2013‑3 [C] | 1 July 2013 | Financial reporting periods commencing on or after 1 July 2013 |\n| ASA 2015-1 [D] | 1 December 2015 | Financial reporting periods ending on or after 15 December 2016 |\n\n\\[A\\] Federal Register of Legislative Instruments – registration number F2009L04106, 27 October 2009\n\n\\[B\\] Federal Register of Legislative Instruments – registration number F2011L01379, 30 June 2011\n\n\\[C\\] Federal Register of Legislative Instruments – registration number F2013L01326, 5 July 2013\n\n\\[D\\] Federal Register of Legislative Instruments – registration number F2015L02032, 16 December 2015","sortOrder":6},{"sectionNumber":"Table of Amendments","sectionType":"section","heading":"Table of Amendments","content":"##### Table of Amendments\n\n```html\n

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\n```\n\n \n\n## AUTHORITY STATEMENT\n\nAuditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (as amended to 1 December 2015) is set out in paragraphs Aus 0.1 to A15 and Appendix 1.\n\nThis Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.\n\nDated: 1 December 2015\n\n##### Conformity with International Standards on Auditing\n\nThis Auditing Standard conforms with International Standard on Auditing ISA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).\n\nParagraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.\n\nCompliance with this Auditing Standard enables compliance with ISA 800.","sortOrder":7},{"sectionNumber":"AUTHORITY STATEMENT","sectionType":"part","heading":"AUTHORITY STATEMENT","content":"## AUTHORITY STATEMENT\n\nAuditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks (as amended to 1 December 2015) is set out in paragraphs Aus 0.1 to A15 and Appendix 1.\n\nThis Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.","sortOrder":8},{"sectionNumber":"Conformity with International Standards ","sectionType":"section","heading":"Conformity with International Standards on Auditing","content":"##### Conformity with International Standards on Auditing\n\nThis Auditing Standard conforms with International Standard on Auditing ISA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).\n\nParagraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.\n\nCompliance with this Auditing Standard enables compliance with ISA 800.","sortOrder":9},{"sectionNumber":"Auditing Standard ASA 800","sectionType":"part","heading":"Auditing Standard ASA 800","content":"Auditing Standard ASA 800\n\nThe Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.\n\nThis compiled version of ASA 800 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 1 December 2015 (see Compilation Details).\n\n## Auditing Standard ASA 800\n\n### Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks\n\n##### Application\n\nAus 0.1 This Auditing Standard applies to:\n\n(a) an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n\n(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\nAus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\nAus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. \\[Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.\\]\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1. The Australian Auditing Standards in the ASA 100 – ASA 700 series apply to an audit of a financial report. This Auditing Standard deals with special considerations in the application of those Australian Auditing Standards to an audit of a financial report prepared in accordance with a special purpose framework.\n2. This Auditing Standard is written in the context of a financial report prepared in accordance with a special purpose framework. ASA 805[\\[1\\]](#_ftn1) deals with special considerations relevant to an audit of a single financial statement or of a specific element, account, or item of a financial statement.","sortOrder":10},{"sectionNumber":"Special Considerations‑Audits of Financi","sectionType":"division","heading":"Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks","content":"Auditing Standard ASA 800\n\nThe Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.\n\nThis compiled version of ASA 800 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 1 December 2015 (see Compilation Details).\n\n## Auditing Standard ASA 800\n\n### Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks\n\n##### Application\n\nAus 0.1 This Auditing Standard applies to:\n\n(a) an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n\n(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\nAus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\nAus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. \\[Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.\\]\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1. The Australian Auditing Standards in the ASA 100 – ASA 700 series apply to an audit of a financial report. This Auditing Standard deals with special considerations in the application of those Australian Auditing Standards to an audit of a financial report prepared in accordance with a special purpose framework.\n2. This Auditing Standard is written in the context of a financial report prepared in accordance with a special purpose framework. ASA 805[\\[1\\]](#_ftn1) deals with special considerations relevant to an audit of a single financial statement or of a specific element, account, or item of a financial statement.","sortOrder":11},{"sectionNumber":"Application","sectionType":"section","heading":"Application","content":"##### Application\n\nAus 0.1 This Auditing Standard applies to:\n\n(a) an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n\n(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\nAus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.","sortOrder":12},{"sectionNumber":"Operative Date","sectionType":"section","heading":"Operative Date","content":"##### Operative Date\n\nAus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. \\[Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.\\]","sortOrder":13},{"sectionNumber":"Introduction","sectionType":"section","heading":"Introduction","content":"Auditing Standard ASA 800\n\nThe Auditing and Assurance Standards Board (AUASB) made Auditing Standard ASA 800 Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks pursuant to section 227B of the Australian Securities and Investments Commission Act 2001 and section 336 of the Corporations Act 2001, on 27 October 2009.\n\nThis compiled version of ASA 800 incorporates subsequent amendments contained in other Auditing Standards made by the AUASB up to and including 1 December 2015 (see Compilation Details).\n\n## Auditing Standard ASA 800\n\n### Special Considerations‑Audits of Financial Reports Prepared in Accordance with Special Purpose Frameworks\n\n##### Application\n\nAus 0.1 This Auditing Standard applies to:\n\n(a) an audit of a financial report for a financial year, or an audit of a financial report for a half-year, in accordance with the Corporations Act 2001; and\n\n(b) an audit of a financial report, or a complete set of financial statements, for any other purpose.\n\nAus 0.2 This Auditing Standard also applies, as appropriate, to an audit of other historical financial information.\n\n##### Operative Date\n\nAus 0.3 This Auditing Standard is operative for financial reporting periods commencing on or after 1 January 2010. \\[Note: For operative dates of paragraphs changed or added by an Amending Standard, see Compilation Details.\\]\n\n##### Introduction\n\n###### Scope of this Auditing Standard\n\n1. The Australian Auditing Standards in the ASA 100 – ASA 700 series apply to an audit of a financial report. This Auditing Standard deals with special considerations in the application of those Australian Auditing Standards to an audit of a financial report prepared in accordance with a special purpose framework.\n2. This Auditing Standard is written in the context of a financial report prepared in accordance with a special purpose framework. ASA 805[\\[1\\]](#_ftn1) deals with special considerations relevant to an audit of a single financial statement or of a specific element, account, or item of a financial statement.","sortOrder":14},{"sectionNumber":"Scope of this Auditing Standard","sectionType":"section","heading":"Scope of this Auditing Standard","content":"###### Scope of this Auditing Standard\n\n1. The Australian Auditing Standards in the ASA 100 – ASA 700 series apply to an audit of a financial report. This Auditing Standard deals with special considerations in the application of those Australian Auditing Standards to an audit of a financial report prepared in accordance with a special purpose framework.\n2. This Auditing Standard is written in the context of a financial report prepared in accordance with a special purpose framework. ASA 805[\\[1\\]](#_ftn1) deals with special considerations relevant to an audit of a single financial statement or of a specific element, account, or item of a financial statement.","sortOrder":15},{"sectionNumber":"Effective Date","sectionType":"section","heading":"Effective Date","content":"###### Effective Date\n\n1. \\[Deleted by the AUASB. Refer Aus 0.3\\]","sortOrder":16},{"sectionNumber":"Objective","sectionType":"section","heading":"Objective","content":"##### Objective\n\n1. Standards in an audit of a financial report prepared in accordance with a special purpose framework, is to address appropriately the special considerations that are relevant to:\n 1. The acceptance of the engagement;\n 2. The planning and performance of that engagement; and\n 3. Forming an opinion and reporting on the financial report.","sortOrder":17},{"sectionNumber":"Definitions","sectionType":"section","heading":"Definitions","content":"##### Definitions\n\n1. For the purposes of this Auditing Standard, the following terms have the meanings attributed below:\n 1. \\[Deleted by the AUASB. Refer Aus 6.1\\]\n 2. Special purpose framework means a financial reporting framework designed to meet the financial information needs of specific users. The financial reporting framework may be a fair presentation framework or a compliance framework.[\\[2\\]](#_ftn2) (Ref: Para. A1‑A4)\n\nAus 6.1 Special purpose financial report means a complete set of financial statements,[\\[\\*\\]](#_ftn3) including an assertion statement by those responsible for the financial report, prepared in accordance with a special purpose framework (Ref: Para A1-A4)\n\n1. \\[Deleted by the AUASB. Refer Aus 6.1\\]","sortOrder":18},{"sectionNumber":"Requirements","sectionType":"section","heading":"Requirements","content":"1. This Auditing Standard does not override the requirements of the other Auditing Standards; nor does it purport to deal with all special considerations that may be relevant in the circumstances of the engagement.\n\n###### Effective Date\n\n1. \\[Deleted by the AUASB. Refer Aus 0.3\\]\n\n##### Objective\n\n1. Standards in an audit of a financial report prepared in accordance with a special purpose framework, is to address appropriately the special considerations that are relevant to:\n 1. The acceptance of the engagement;\n 2. The planning and performance of that engagement; and\n 3. Forming an opinion and reporting on the financial report.\n\n##### Definitions\n\n1. For the purposes of this Auditing Standard, the following terms have the meanings attributed below:\n 1. \\[Deleted by the AUASB. Refer Aus 6.1\\]\n 2. Special purpose framework means a financial reporting framework designed to meet the financial information needs of specific users. The financial reporting framework may be a fair presentation framework or a compliance framework.[\\[2\\]](#_ftn2) (Ref: Para. A1‑A4)\n\nAus 6.1 Special purpose financial report means a complete set of financial statements,[\\[\\*\\]](#_ftn3) including an assertion statement by those responsible for the financial report, prepared in accordance with a special purpose framework (Ref: Para A1-A4)\n\n1. \\[Deleted by the AUASB. Refer Aus 6.1\\]\n\n##### Requirements\n\n###### Considerations When Accepting the Engagement\n\nAcceptability of the Financial Reporting Framework\n\n1. ASA 210 requires the auditor to determine the acceptability of the financial reporting framework applied in the preparation of the financial report.[\\[3\\]](#_ftn4) In an audit of a special purpose financial report, the auditor shall obtain an understanding of:\n 1. The purpose for which the financial report is prepared;\n 2. The intended users; and\n 3. The steps taken by management to determine that the applicable financial reporting framework is acceptable in the circumstances. (Ref: Para. A5‑A8)\n\n###### Considerations When Planning and Performing the Audit\n\n1. ASA 200 requires the auditor to comply with all Australian Auditing Standards relevant to the audit.[\\[4\\]](#_ftn5) In planning and performing an audit of a special purpose financial report, the auditor shall determine whether application of the Australian Auditing Standards requires special consideration in the circumstances of the engagement. (Ref: Para. A9‑A12)\n2. ASA 315 requires the auditor to obtain an understanding of the entity’s selection and application of accounting policies.[\\[5\\]](#_ftn6) In the case of a financial report prepared in accordance with the provisions of a contract, the auditor shall obtain an understanding of any significant interpretations of the contract that management made in the preparation of that financial report. An interpretation is significant when adoption of another reasonable interpretation would have produced a material difference in the information presented in the financial report.\n\n###### Forming an Opinion and Reporting Considerations\n\n1. When forming an opinion and reporting on a special purpose financial report, the auditor shall apply the requirements in ASA 700.[\\[6\\]](#_ftn7) (Ref: Para. A13)\n\nDescription of the Applicable Financial Reporting Framework\n\n1. ASA 700 requires the auditor to evaluate whether the financial report adequately refers to, or describes the applicable financial reporting framework.[\\[7\\]](#_ftn8) In the case of a financial report prepared in accordance with the provisions of a contract, the auditor shall evaluate whether the financial report adequately describes any significant interpretations of the contract on which the financial report is based.\n2. ASA 700 deals with the form and content of the auditor’s report. In the case of an auditor’s report on a special purpose financial report:\n 1. The auditor’s report shall also describe the purpose for which the financial report is prepared and, if necessary, the intended users, or refer to a note in the special purpose financial report that contains that information; and\n 2. If management has a choice of financial reporting frameworks in the preparation of such a financial report, the explanation of management’s[\\[8\\]](#_ftn9) responsibility for the financial report shall also make reference to its responsibility for determining that the applicable financial reporting framework is acceptable in the circumstances.\n\nAlerting Readers that the Financial Report is Prepared in Accordance with a Special Purpose Framework\n\n1. The auditor’s report on the special purpose financial report shall include an Emphasis of Matter paragraph alerting users of the auditor’s report that the financial report is prepared in accordance with a special purpose framework and that, as a result, the financial report may not be suitable for another purpose. The auditor shall include this paragraph under an appropriate heading. (Ref: Para. A14‑A15)\n\n\\* \\* \\*\n\n##### Application and Other Explanatory Material\n\n###### Definition of Special Purpose Framework (Ref: Para. 6‑Aus 6.1)\n\n1. Examples of special purpose frameworks are:\n\n- A tax basis of accounting for a financial report that accompanies an entity’s tax return;\n- The cash receipts and disbursements basis of accounting for cash flow information that an entity may be requested to prepare for creditors;\n- The financial reporting provisions established by a regulator to meet the requirements of that regulator; or\n- The financial reporting provisions of a contract, such as a bond indenture, a loan agreement, or a project grant.\n\nAus A1.1 The Corporations Act 2001,[\\[\\*\\]](#_ftn10) Australian Accounting Standards,[\\[#\\]](#_ftn11) other applicable law or regulation, or specific users of the financial report, may determine if a financial report is required to be prepared. Australian Accounting Standards provide the applicable financial reporting framework for determining if the entity is a “reporting entity”[\\[†\\]](#_ftn12) or a “non‑reporting entity” and consequently if the financial report is required to be general purpose or special purpose. For “reporting entities” preparing a financial report under the Corporations Act 2001, the applicable framework is general purpose. For “non‑reporting entities” preparing a financial report under the Corporations Act 2001, the applicable framework may be general purpose or special purpose.[\\[§\\]](#_ftn13)\n\n1. There may be circumstances where a special purpose framework is based on a financial reporting framework established by an authorised or recognised standards setting organisation or by law or regulation, but does not comply with all the requirements of that framework. An example is a contract that requires a financial report to be prepared in accordance with most, but not all, of the Australian Accounting Standards. When this is acceptable in the circumstances of the engagement, it is inappropriate for the description of the applicable financial reporting framework in the special purpose financial report to imply full compliance with the financial reporting framework established by the authorised or recognised standards setting organisation or by law or regulation. In the above example of the contract, the description of the applicable financial reporting framework may refer to the financial reporting provisions of the contract, rather than make any reference to the Australian Accounting Standards.\n2. In the circumstances described in paragraph A2, the special purpose framework may not be a fair presentation framework even if the financial reporting framework on which it is based is a fair presentation framework. This is because the special purpose framework may not comply with all the requirements of the financial reporting framework established by the authorised or recognised standards setting organisation or by law or regulation that are necessary to achieve fair presentation of the financial report.\n3. A financial report prepared in accordance with a special purpose framework may be the only financial report an entity prepares. In such circumstances, that financial report may be used by users other than those for whom the financial reporting framework is designed. Despite the broad distribution of the financial report in those circumstances, it is still considered to be a financial report prepared in accordance with a special purpose framework under Australian Auditing Standards. The requirements in paragraphs 13‑14 are designed to avoid misunderstandings about the purpose for which the financial report is prepared.\n\n###### Considerations When Accepting the Engagement\n\nAcceptability of the Financial Reporting Framework (Ref: Para. 8)\n\n1. In the case of a special purpose financial report, the financial information needs of the intended users are a key factor in determining the acceptability of the financial reporting framework applied in the preparation of the financial report.\n2. The applicable financial reporting framework may encompass the financial reporting standards established by an organisation that is authorised or recognised to promulgate standards for a special purpose financial report. In that case, those standards will be presumed acceptable for that purpose if the organisation follows an established and transparent process involving deliberation and consideration of the views of relevant stakeholders. In some jurisdictions, law or regulation may prescribe the financial reporting framework to be used by management in the preparation of a special purpose financial report for a certain type of entity. For example, a regulator may establish financial reporting provisions to meet the requirements of that regulator. In the absence of indications to the contrary, such a financial reporting framework is presumed acceptable for a special purpose financial report prepared by such entity.\n3. Where the financial reporting standards referred to in paragraph A6 are supplemented by legislative or regulatory requirements, ASA 210 requires the auditor to determine whether any conflicts between the financial reporting standards and the additional requirements exist, and prescribes actions to be taken by the auditor if such conflicts exist.[\\[9\\]](#_ftn14)\n4. The applicable financial reporting framework may encompass the financial reporting provisions of a contract, or sources other than those described in paragraphs A6 and A7. In that case, the acceptability of the financial reporting framework in the circumstances of the engagement is determined by considering whether the framework exhibits attributes normally exhibited by acceptable financial reporting frameworks as described in Appendix 2 of ASA 210. In the case of a special purpose framework, the relative importance to a particular engagement of each of the attributes normally exhibited by acceptable financial reporting frameworks is a matter of professional judgement. For example, for purposes of establishing the value of net assets of an entity at the date of its sale, the vendor and the purchaser may have agreed that very prudent estimates of allowances for uncollectible accounts receivable are appropriate for their needs, even though such financial information is not neutral when compared with financial information prepared in accordance with a general purpose framework.\n\n###### Considerations When Planning and Performing the Audit (Ref: Para. 9)\n\n1. \\[Deleted by the AUASB. Refer Aus A9.1\\]\n\nAus A9.1 ASA 200 requires the auditor to comply with (a) relevant ethical requirements, including those pertaining to independence, relating to financial report audit engagements, and (b) all Australian Auditing Standards relevant to the audit. It also requires the auditor to comply with each requirement of an Australian Auditing Standard unless, in the circumstances of the audit, the entire Auditing Standard is not relevant or the requirement is not relevant because it is conditional and the condition does not exist; or application of the requirement(s) would relate to classes of transactions, account balances or disclosures that the auditor has determined are immaterial. In rare and exceptional circumstances, when there are factors outside the auditor’s control that prevent the auditor from complying with a requirement, the auditor where possible, performs appropriate alternative audit procedures.[\\[10\\]](#_ftn15)\n\n1. Application of some of the requirements of the Auditing Standards in an audit of a special purpose financial report may require special consideration by the auditor. For example, in ASA 320, judgements about matters that are material to users of the financial report are based on a consideration of the common financial information needs of users as a group.[\\[11\\]](#_ftn16) In the case of an audit of a special purpose financial report, however, those judgements are based on a consideration of the financial information needs of the intended users.\n2. In the case of a special purpose financial report, such as those prepared in accordance with the requirements of a contract, management may agree with the intended users on a threshold below which misstatements identified during the audit will not be corrected or otherwise adjusted. The existence of such a threshold does not relieve the auditor from the requirement to determine materiality in accordance with ASA 320 for purposes of planning and performing the audit of the special purpose financial report.\n3. Communication with those charged with governance in accordance with Australian Auditing Standards is based on the relationship between those charged with governance and the financial report subject to audit, in particular, whether those charged with governance are responsible for overseeing the preparation of that financial report. In the case of a special purpose financial report, those charged with governance may not have such a responsibility; for example, when the financial information is prepared solely for management’s use. In such cases, the requirements of ASA 260[\\[12\\]](#_ftn17) may not be relevant to the audit of the special purpose financial report, except when the auditor is also responsible for the audit of the entity’s general purpose financial report or, for example, has agreed with those charged with governance of the entity to communicate to them relevant matters identified during the audit of the special purpose financial report.\n\n###### Forming an Opinion and Reporting Considerations (Ref: Para. 11)\n\n1. Appendix 1 to this Auditing Standard contains illustrations of auditors’ reports on special purpose financial reports.\n\nAlerting Readers that the Financial Report is Prepared in Accordance with a Special Purpose Framework (Ref: Para. 14)\n\n1. The special purpose financial report may be used for purposes other than that for which it was intended. For example, a regulator may require certain entities to place the special purpose financial report on public record. To avoid misunderstandings, the auditor alerts users of the auditor’s report that the financial report is prepared in accordance with a special purpose framework and, therefore, may not be suitable for another purpose.\n\nRestriction on Distribution or Use (Ref: Para. 14)\n\n1. In addition to the alert required by paragraph 14, the auditor may consider it appropriate to indicate that the auditor’s report is intended solely for the specific users. Depending on the law or regulation of the particular jurisdiction, this may be achieved by restricting the distribution or use of the auditor’s report. In these circumstances, the paragraph referred to in paragraph 14 may be expanded to include these other matters, and the heading modified accordingly.","sortOrder":19},{"sectionNumber":"Considerations When Accepting the Engage","sectionType":"section","heading":"Considerations When Accepting the Engagement","content":"###### Considerations When Accepting the Engagement\n\nAcceptability of the Financial Reporting Framework\n\n1. ASA 210 requires the auditor to determine the acceptability of the financial reporting framework applied in the preparation of the financial report.[\\[3\\]](#_ftn4) In an audit of a special purpose financial report, the auditor shall obtain an understanding of:\n 1. The purpose for which the financial report is prepared;\n 2. The intended users; and\n 3. The steps taken by management to determine that the applicable financial reporting framework is acceptable in the circumstances. (Ref: Para. A5‑A8)","sortOrder":20},{"sectionNumber":"Considerations When Planning and Perform","sectionType":"section","heading":"Considerations When Planning and Performing the Audit","content":"###### Considerations When Planning and Performing the Audit\n\n1. ASA 200 requires the auditor to comply with all Australian Auditing Standards relevant to the audit.[\\[4\\]](#_ftn5) In planning and performing an audit of a special purpose financial report, the auditor shall determine whether application of the Australian Auditing Standards requires special consideration in the circumstances of the engagement. (Ref: Para. A9‑A12)\n2. ASA 315 requires the auditor to obtain an understanding of the entity’s selection and application of accounting policies.[\\[5\\]](#_ftn6) In the case of a financial report prepared in accordance with the provisions of a contract, the auditor shall obtain an understanding of any significant interpretations of the contract that management made in the preparation of that financial report. An interpretation is significant when adoption of another reasonable interpretation would have produced a material difference in the information presented in the financial report.","sortOrder":21},{"sectionNumber":"Forming an Opinion and Reporting Conside","sectionType":"section","heading":"Forming an Opinion and Reporting Considerations","content":"###### Forming an Opinion and Reporting Considerations\n\n1. When forming an opinion and reporting on a special purpose financial report, the auditor shall apply the requirements in ASA 700.[\\[6\\]](#_ftn7) (Ref: Para. A13)\n\nDescription of the Applicable Financial Reporting Framework\n\n1. ASA 700 requires the auditor to evaluate whether the financial report adequately refers to, or describes the applicable financial reporting framework.[\\[7\\]](#_ftn8) In the case of a financial report prepared in accordance with the provisions of a contract, the auditor shall evaluate whether the financial report adequately describes any significant interpretations of the contract on which the financial report is based.\n2. ASA 700 deals with the form and content of the auditor’s report. In the case of an auditor’s report on a special purpose financial report:\n 1. The auditor’s report shall also describe the purpose for which the financial report is prepared and, if necessary, the intended users, or refer to a note in the special purpose financial report that contains that information; and\n 2. If management has a choice of financial reporting frameworks in the preparation of such a financial report, the explanation of management’s[\\[8\\]](#_ftn9) responsibility for the financial report shall also make reference to its responsibility for determining that the applicable financial reporting framework is acceptable in the circumstances.\n\nAlerting Readers that the Financial Report is Prepared in Accordance with a Special Purpose Framework\n\n1. The auditor’s report on the special purpose financial report shall include an Emphasis of Matter paragraph alerting users of the auditor’s report that the financial report is prepared in accordance with a special purpose framework and that, as a result, the financial report may not be suitable for another purpose. The auditor shall include this paragraph under an appropriate heading. (Ref: Para. A14‑A15)\n\n\\* \\* \\*","sortOrder":22},{"sectionNumber":"Application and Other Explanatory Materi","sectionType":"section","heading":"Application and Other Explanatory Material","content":"1. This Auditing Standard does not override the requirements of the other Auditing Standards; nor does it purport to deal with all special considerations that may be relevant in the circumstances of the engagement.\n\n###### Effective Date\n\n1. \\[Deleted by the AUASB. Refer Aus 0.3\\]\n\n##### Objective\n\n1. Standards in an audit of a financial report prepared in accordance with a special purpose framework, is to address appropriately the special considerations that are relevant to:\n 1. The acceptance of the engagement;\n 2. The planning and performance of that engagement; and\n 3. Forming an opinion and reporting on the financial report.\n\n##### Definitions\n\n1. For the purposes of this Auditing Standard, the following terms have the meanings attributed below:\n 1. \\[Deleted by the AUASB. Refer Aus 6.1\\]\n 2. Special purpose framework means a financial reporting framework designed to meet the financial information needs of specific users. The financial reporting framework may be a fair presentation framework or a compliance framework.[\\[2\\]](#_ftn2) (Ref: Para. A1‑A4)\n\nAus 6.1 Special purpose financial report means a complete set of financial statements,[\\[\\*\\]](#_ftn3) including an assertion statement by those responsible for the financial report, prepared in accordance with a special purpose framework (Ref: Para A1-A4)\n\n1. \\[Deleted by the AUASB. Refer Aus 6.1\\]\n\n##### Requirements\n\n###### Considerations When Accepting the Engagement\n\nAcceptability of the Financial Reporting Framework\n\n1. ASA 210 requires the auditor to determine the acceptability of the financial reporting framework applied in the preparation of the financial report.[\\[3\\]](#_ftn4) In an audit of a special purpose financial report, the auditor shall obtain an understanding of:\n 1. The purpose for which the financial report is prepared;\n 2. The intended users; and\n 3. The steps taken by management to determine that the applicable financial reporting framework is acceptable in the circumstances. (Ref: Para. A5‑A8)\n\n###### Considerations When Planning and Performing the Audit\n\n1. ASA 200 requires the auditor to comply with all Australian Auditing Standards relevant to the audit.[\\[4\\]](#_ftn5) In planning and performing an audit of a special purpose financial report, the auditor shall determine whether application of the Australian Auditing Standards requires special consideration in the circumstances of the engagement. (Ref: Para. A9‑A12)\n2. ASA 315 requires the auditor to obtain an understanding of the entity’s selection and application of accounting policies.[\\[5\\]](#_ftn6) In the case of a financial report prepared in accordance with the provisions of a contract, the auditor shall obtain an understanding of any significant interpretations of the contract that management made in the preparation of that financial report. An interpretation is significant when adoption of another reasonable interpretation would have produced a material difference in the information presented in the financial report.\n\n###### Forming an Opinion and Reporting Considerations\n\n1. When forming an opinion and reporting on a special purpose financial report, the auditor shall apply the requirements in ASA 700.[\\[6\\]](#_ftn7) (Ref: Para. A13)\n\nDescription of the Applicable Financial Reporting Framework\n\n1. ASA 700 requires the auditor to evaluate whether the financial report adequately refers to, or describes the applicable financial reporting framework.[\\[7\\]](#_ftn8) In the case of a financial report prepared in accordance with the provisions of a contract, the auditor shall evaluate whether the financial report adequately describes any significant interpretations of the contract on which the financial report is based.\n2. ASA 700 deals with the form and content of the auditor’s report. In the case of an auditor’s report on a special purpose financial report:\n 1. The auditor’s report shall also describe the purpose for which the financial report is prepared and, if necessary, the intended users, or refer to a note in the special purpose financial report that contains that information; and\n 2. If management has a choice of financial reporting frameworks in the preparation of such a financial report, the explanation of management’s[\\[8\\]](#_ftn9) responsibility for the financial report shall also make reference to its responsibility for determining that the applicable financial reporting framework is acceptable in the circumstances.\n\nAlerting Readers that the Financial Report is Prepared in Accordance with a Special Purpose Framework\n\n1. The auditor’s report on the special purpose financial report shall include an Emphasis of Matter paragraph alerting users of the auditor’s report that the financial report is prepared in accordance with a special purpose framework and that, as a result, the financial report may not be suitable for another purpose. The auditor shall include this paragraph under an appropriate heading. (Ref: Para. A14‑A15)\n\n\\* \\* \\*\n\n##### Application and Other Explanatory Material\n\n###### Definition of Special Purpose Framework (Ref: Para. 6‑Aus 6.1)\n\n1. Examples of special purpose frameworks are:\n\n- A tax basis of accounting for a financial report that accompanies an entity’s tax return;\n- The cash receipts and disbursements basis of accounting for cash flow information that an entity may be requested to prepare for creditors;\n- The financial reporting provisions established by a regulator to meet the requirements of that regulator; or\n- The financial reporting provisions of a contract, such as a bond indenture, a loan agreement, or a project grant.\n\nAus A1.1 The Corporations Act 2001,[\\[\\*\\]](#_ftn10) Australian Accounting Standards,[\\[#\\]](#_ftn11) other applicable law or regulation, or specific users of the financial report, may determine if a financial report is required to be prepared. Australian Accounting Standards provide the applicable financial reporting framework for determining if the entity is a “reporting entity”[\\[†\\]](#_ftn12) or a “non‑reporting entity” and consequently if the financial report is required to be general purpose or special purpose. For “reporting entities” preparing a financial report under the Corporations Act 2001, the applicable framework is general purpose. For “non‑reporting entities” preparing a financial report under the Corporations Act 2001, the applicable framework may be general purpose or special purpose.[\\[§\\]](#_ftn13)\n\n1. There may be circumstances where a special purpose framework is based on a financial reporting framework established by an authorised or recognised standards setting organisation or by law or regulation, but does not comply with all the requirements of that framework. An example is a contract that requires a financial report to be prepared in accordance with most, but not all, of the Australian Accounting Standards. When this is acceptable in the circumstances of the engagement, it is inappropriate for the description of the applicable financial reporting framework in the special purpose financial report to imply full compliance with the financial reporting framework established by the authorised or recognised standards setting organisation or by law or regulation. In the above example of the contract, the description of the applicable financial reporting framework may refer to the financial reporting provisions of the contract, rather than make any reference to the Australian Accounting Standards.\n2. In the circumstances described in paragraph A2, the special purpose framework may not be a fair presentation framework even if the financial reporting framework on which it is based is a fair presentation framework. This is because the special purpose framework may not comply with all the requirements of the financial reporting framework established by the authorised or recognised standards setting organisation or by law or regulation that are necessary to achieve fair presentation of the financial report.\n3. A financial report prepared in accordance with a special purpose framework may be the only financial report an entity prepares. In such circumstances, that financial report may be used by users other than those for whom the financial reporting framework is designed. Despite the broad distribution of the financial report in those circumstances, it is still considered to be a financial report prepared in accordance with a special purpose framework under Australian Auditing Standards. The requirements in paragraphs 13‑14 are designed to avoid misunderstandings about the purpose for which the financial report is prepared.\n\n###### Considerations When Accepting the Engagement\n\nAcceptability of the Financial Reporting Framework (Ref: Para. 8)\n\n1. In the case of a special purpose financial report, the financial information needs of the intended users are a key factor in determining the acceptability of the financial reporting framework applied in the preparation of the financial report.\n2. The applicable financial reporting framework may encompass the financial reporting standards established by an organisation that is authorised or recognised to promulgate standards for a special purpose financial report. In that case, those standards will be presumed acceptable for that purpose if the organisation follows an established and transparent process involving deliberation and consideration of the views of relevant stakeholders. In some jurisdictions, law or regulation may prescribe the financial reporting framework to be used by management in the preparation of a special purpose financial report for a certain type of entity. For example, a regulator may establish financial reporting provisions to meet the requirements of that regulator. In the absence of indications to the contrary, such a financial reporting framework is presumed acceptable for a special purpose financial report prepared by such entity.\n3. Where the financial reporting standards referred to in paragraph A6 are supplemented by legislative or regulatory requirements, ASA 210 requires the auditor to determine whether any conflicts between the financial reporting standards and the additional requirements exist, and prescribes actions to be taken by the auditor if such conflicts exist.[\\[9\\]](#_ftn14)\n4. The applicable financial reporting framework may encompass the financial reporting provisions of a contract, or sources other than those described in paragraphs A6 and A7. In that case, the acceptability of the financial reporting framework in the circumstances of the engagement is determined by considering whether the framework exhibits attributes normally exhibited by acceptable financial reporting frameworks as described in Appendix 2 of ASA 210. In the case of a special purpose framework, the relative importance to a particular engagement of each of the attributes normally exhibited by acceptable financial reporting frameworks is a matter of professional judgement. For example, for purposes of establishing the value of net assets of an entity at the date of its sale, the vendor and the purchaser may have agreed that very prudent estimates of allowances for uncollectible accounts receivable are appropriate for their needs, even though such financial information is not neutral when compared with financial information prepared in accordance with a general purpose framework.\n\n###### Considerations When Planning and Performing the Audit (Ref: Para. 9)\n\n1. \\[Deleted by the AUASB. Refer Aus A9.1\\]\n\nAus A9.1 ASA 200 requires the auditor to comply with (a) relevant ethical requirements, including those pertaining to independence, relating to financial report audit engagements, and (b) all Australian Auditing Standards relevant to the audit. It also requires the auditor to comply with each requirement of an Australian Auditing Standard unless, in the circumstances of the audit, the entire Auditing Standard is not relevant or the requirement is not relevant because it is conditional and the condition does not exist; or application of the requirement(s) would relate to classes of transactions, account balances or disclosures that the auditor has determined are immaterial. In rare and exceptional circumstances, when there are factors outside the auditor’s control that prevent the auditor from complying with a requirement, the auditor where possible, performs appropriate alternative audit procedures.[\\[10\\]](#_ftn15)\n\n1. Application of some of the requirements of the Auditing Standards in an audit of a special purpose financial report may require special consideration by the auditor. For example, in ASA 320, judgements about matters that are material to users of the financial report are based on a consideration of the common financial information needs of users as a group.[\\[11\\]](#_ftn16) In the case of an audit of a special purpose financial report, however, those judgements are based on a consideration of the financial information needs of the intended users.\n2. In the case of a special purpose financial report, such as those prepared in accordance with the requirements of a contract, management may agree with the intended users on a threshold below which misstatements identified during the audit will not be corrected or otherwise adjusted. The existence of such a threshold does not relieve the auditor from the requirement to determine materiality in accordance with ASA 320 for purposes of planning and performing the audit of the special purpose financial report.\n3. Communication with those charged with governance in accordance with Australian Auditing Standards is based on the relationship between those charged with governance and the financial report subject to audit, in particular, whether those charged with governance are responsible for overseeing the preparation of that financial report. In the case of a special purpose financial report, those charged with governance may not have such a responsibility; for example, when the financial information is prepared solely for management’s use. In such cases, the requirements of ASA 260[\\[12\\]](#_ftn17) may not be relevant to the audit of the special purpose financial report, except when the auditor is also responsible for the audit of the entity’s general purpose financial report or, for example, has agreed with those charged with governance of the entity to communicate to them relevant matters identified during the audit of the special purpose financial report.\n\n###### Forming an Opinion and Reporting Considerations (Ref: Para. 11)\n\n1. Appendix 1 to this Auditing Standard contains illustrations of auditors’ reports on special purpose financial reports.\n\nAlerting Readers that the Financial Report is Prepared in Accordance with a Special Purpose Framework (Ref: Para. 14)\n\n1. The special purpose financial report may be used for purposes other than that for which it was intended. For example, a regulator may require certain entities to place the special purpose financial report on public record. To avoid misunderstandings, the auditor alerts users of the auditor’s report that the financial report is prepared in accordance with a special purpose framework and, therefore, may not be suitable for another purpose.\n\nRestriction on Distribution or Use (Ref: Para. 14)\n\n1. In addition to the alert required by paragraph 14, the auditor may consider it appropriate to indicate that the auditor’s report is intended solely for the specific users. Depending on the law or regulation of the particular jurisdiction, this may be achieved by restricting the distribution or use of the auditor’s report. In these circumstances, the paragraph referred to in paragraph 14 may be expanded to include these other matters, and the heading modified accordingly.","sortOrder":23},{"sectionNumber":"Definition of Special Purpose Framework ","sectionType":"section","heading":"Definition of Special Purpose Framework (Ref: Para. 6‑Aus 6.1)","content":"###### Definition of Special Purpose Framework (Ref: Para. 6‑Aus 6.1)\n\n1. Examples of special purpose frameworks are:\n\n- A tax basis of accounting for a financial report that accompanies an entity’s tax return;\n- The cash receipts and disbursements basis of accounting for cash flow information that an entity may be requested to prepare for creditors;\n- The financial reporting provisions established by a regulator to meet the requirements of that regulator; or\n- The financial reporting provisions of a contract, such as a bond indenture, a loan agreement, or a project grant.\n\nAus A1.1 The Corporations Act 2001,[\\[\\*\\]](#_ftn10) Australian Accounting Standards,[\\[#\\]](#_ftn11) other applicable law or regulation, or specific users of the financial report, may determine if a financial report is required to be prepared. Australian Accounting Standards provide the applicable financial reporting framework for determining if the entity is a “reporting entity”[\\[†\\]](#_ftn12) or a “non‑reporting entity” and consequently if the financial report is required to be general purpose or special purpose. For “reporting entities” preparing a financial report under the Corporations Act 2001, the applicable framework is general purpose. For “non‑reporting entities” preparing a financial report under the Corporations Act 2001, the applicable framework may be general purpose or special purpose.[\\[§\\]](#_ftn13)\n\n1. There may be circumstances where a special purpose framework is based on a financial reporting framework established by an authorised or recognised standards setting organisation or by law or regulation, but does not comply with all the requirements of that framework. An example is a contract that requires a financial report to be prepared in accordance with most, but not all, of the Australian Accounting Standards. When this is acceptable in the circumstances of the engagement, it is inappropriate for the description of the applicable financial reporting framework in the special purpose financial report to imply full compliance with the financial reporting framework established by the authorised or recognised standards setting organisation or by law or regulation. In the above example of the contract, the description of the applicable financial reporting framework may refer to the financial reporting provisions of the contract, rather than make any reference to the Australian Accounting Standards.\n2. In the circumstances described in paragraph A2, the special purpose framework may not be a fair presentation framework even if the financial reporting framework on which it is based is a fair presentation framework. This is because the special purpose framework may not comply with all the requirements of the financial reporting framework established by the authorised or recognised standards setting organisation or by law or regulation that are necessary to achieve fair presentation of the financial report.\n3. A financial report prepared in accordance with a special purpose framework may be the only financial report an entity prepares. In such circumstances, that financial report may be used by users other than those for whom the financial reporting framework is designed. Despite the broad distribution of the financial report in those circumstances, it is still considered to be a financial report prepared in accordance with a special purpose framework under Australian Auditing Standards. The requirements in paragraphs 13‑14 are designed to avoid misunderstandings about the purpose for which the financial report is prepared.","sortOrder":24}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":1710},"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"While the standard has been amended four times (2011, 2013, 2015) to update illustrative examples and specific definitions, the fundamental scope remains unchanged. It continues to address special considerations for audits of financial reports prepared under special purpose frameworks, covering acceptance, planning, and reporting phases."},"complexity_factors":["Extensive cross-referencing to other Australian Auditing Standards (ASA 200, 210, 315, 320, 700, 260)","Australian-specific amendments marked with 'Aus' prefix creating a dual-layer structure alongside international standards","Technical distinctions between 'fair presentation framework' and 'compliance framework'","Materiality judgments must be tailored to specific user groups rather than general financial statement users","Conditional application depending on whether entity is a 'reporting entity' or 'non-reporting entity' under the Corporations Act 2001","Requirements for professional judgement when determining acceptability of contractual or regulatory frameworks"],"plain_english_summary":"This standard tells auditors how to audit financial reports prepared under special-purpose frameworks (accounting tailored to specific users, like lenders, tax authorities, or contract parties). It requires assessing whether the framework and intended users are appropriate, applying usual audit procedures with materiality and judgments adapted to those users, including a clear emphasis-of-matter warning, and documenting any significant contract-based accounting interpretations."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"The compilation incorporates amendments (see Compilation Details up to 1 December 2015) and adds Australia‑specific paragraphs (marked “Aus”) and amended illustrations, but does not broaden the core scope: it remains focused on special considerations for audits of financial reports prepared under special purpose frameworks and their reporting (Authority Statement; Application; Scope)."},"complexity_factors":["Extensive cross‑references to other Australian Auditing Standards (e.g. ASA 200, ASA 210, ASA 315, ASA 320, ASA 700), requiring integrated application.","Professional‑judgement requirements (acceptability of framework, identification of intended users, materiality tailored to intended users).","Multiple types of special purpose frameworks (contracts, regulator provisions, tax or cash bases) with different compliance attributes.","Conditional and situational requirements (some ASA requirements may be irrelevant or modified in certain engagements).","Reporting obligations that add wording and possible distribution restrictions (Emphasis of Matter, description of purpose and intended users).","Amendments and Australian additions (Aus paragraphs) and multiple illustrative report templates increase version‑tracking and application detail."],"plain_english_summary":"ASA 800 sets rules for audits of financial reports prepared under “special purpose” frameworks. It requires auditors to assess whether the chosen framework meets the needs of the intended users, understand management’s purpose and any contract interpretations, and to describe the framework and include an Emphasis of Matter in the auditor’s report. The standard affects auditors (who must apply judgement and follow related ASAs) and entities preparing special purpose reports (which pay audit costs and choose the reporting framework)."}},"importantCases":[],"_links":{"self":"/api/acts/asa-800-special-considerations-audits-of-financial-reports-prepared-in-accordance-with-special-purpo","history":"/api/acts/asa-800-special-considerations-audits-of-financial-reports-prepared-in-accordance-with-special-purpo/history","analysis":"/api/acts/asa-800-special-considerations-audits-of-financial-reports-prepared-in-accordance-with-special-purpo/analysis","conflicts":"/api/acts/asa-800-special-considerations-audits-of-financial-reports-prepared-in-accordance-with-special-purpo/conflicts","importantCases":"/api/acts/asa-800-special-considerations-audits-of-financial-reports-prepared-in-accordance-with-special-purpo/important-cases","documents":"/api/acts/asa-800-special-considerations-audits-of-financial-reports-prepared-in-accordance-with-special-purpo/documents"}}