ISA 805 (Revised) deals with special considerations in the application of the ISAs to an audit of a financial statement or a specific element, account, or item of a financial statement.

It includes limited amendments to provide clarity about how the new and revised Auditor Reporting standards apply in the context of special purpose financial statements. These amendments are not intended to substantively change the underlying premise of these engagements in accordance with the extant ISAs.

ISA 800 (Revised) deals with special considerations in the application of the ISAs to an audit of financial statements that are prepared in accordance with a special purpose framework.

It includes limited amendments to provide clarity about how the new and revised Auditor Reporting standards apply in the context of special purpose financial statements. These amendments are not intended to substantively change the underlying premise of these engagements in accordance with the extant ISAs.

As a response to stakeholder concerns about downward pressure on fees being a factor potentially adversely impacting audit quality, this publication highlights important considerations in the Code of Ethics for Professional Accountants (the Code) for auditors in relation to the setting of audit fees.