Special purpose audit — an audit of a separate financial statement or a separate element, account or item of a financial statement (ISA 800).
Financial reporting for a special purpose — financial reporting prepared in accordance with the conceptual basis of a special purpose, i.e. to meet the information needs of specified users.
Examples of a conceptual framework for a special purpose:
- the tax basis of accounting for the set of financial statements submitted together with the tax declaration of the business entity;
- the basis of accounting by the method of cash receipts and expenses, necessary for information on the flow of cash, which may be required by creditors from the business entity;
- financial reporting provisions established by a regulatory body to meet the requirements of that body, or
- the requirements of a contractual provision relating to financial reporting, such as a debt agreement, loan agreement or project grant.
