Risk Assessment Under SAS No. 145
Overview
Get familiar with SAS No. 145 (bold)
In October 2021, the AICPA Auditing Standards Board issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.
SAS No. 145 does not fundamentally change the key concepts underpinning audit risk. Rather, it clarifies and enhances certain aspects of the identification and assessment of the risks of material misstatement to drive better risk assessments and, therefore, enhance your audit quality.
Hear from members of the Auditing Standards Board’s risk assessment task force as they help you learn to navigate SAS No. 145 and examine new and updated concepts including:
- A new definition of significant risk
- New guidance on maintaining professional skepticism
- Revised requirements to evaluate the design of certain controls
- Separately assessing inherent risk and control risk
- Revised requirements regarding audit documentation
- New guidance on scalability
Highlights
Prerequisites
none
Designed For
Practitioners who perform audit engagements
Objectives
- Recall why risk assessment is important.
- Recognize the areas where practitioners may struggle.
- Identify the major differences in risk assessment under SAS No. 145 and why they were incorporated by the Auditing Standards Board.
- Recognize the practical impact to the risk assessment process and the work to be performed.
Leader(s):
- Liz Gantnier, AICPA
Non-Member Price $182.00
Member Price $138.00