Audits of Specific Elements, Accounts, or Items
Reporting on Individual Financial Statement Components
An auditor may be engaged to audit only one financial statement, a specific account, or a particular financial statement element rather than a complete set of financial statements. The auditor performs sufficient procedures to support an opinion on that specific subject matter.
- Specific account balances.
- Individual financial statement schedules.
- Specific transactions.
- Selected financial statement elements.
Note
The report should clearly identify the specific subject matter covered by the opinion.
Summary
Auditors may express opinions on selected financial information without auditing the entire financial statements.