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Risk Assessment Under SAS No. 145

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Webinar

2.00 Credits

Member Price $118.00

Non-Member Price $142.00

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

  • Risk assessment under SAS No. 145
  • Overview of the steps to perform during risk assessment
  • Testing the design, implementation, and operating effectiveness of controls
  • New concepts due to the issuance of SAS No. 145

    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.

    Notice

    This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by AICPA.

    • Leader(s):

    Leader Bios

    Elizabeth Gantnier

    Elizabeth Gantnier is an individual practitioner providing consulting and accounting services. Formally a Vice President, Finance for a publicly held manufacturing firm in Chesapeake Virginia, Ms. Gantnier spent ten years with KPMG Peat Marwick in the Richmond and Norfolk, Virginia offices where she was a statistical audit specialist, in-house professional development instructor, and EDP specialist. Additionally, she has been a nationally recognized CPA Review Instructor. Ms. Gantnier has expertise with audits of governments and construction contractors, financial institutions, manufacturers and governmental/not-for-profit entities. She is a highly rated instructor on technical, management and personal development topics, and is also the author of the AICPA’s “Auditing in a Paperless Society” and “Auditing Electronic Evidence and Soft Information”.

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    Non-Member Price $142.00

    Member Price $118.00

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