The AICPA issued Statement on Auditing Standards No. 145 in October and the new auditing standard will supersede the current risk assessment auditing standard. It's time to learn about what's changing and how these changes affect the planning and performance of your upcoming audits.
NASBA Field of Study
Maria Manasses, Tracy Harding
In 2020 U.S. peer reviews, the currently effective AU-C section 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was the leading source of matters for further consideration.
SAS No. 145 will supersede current AU-C section 315 and enhance auditing standards relating to the auditor’s risk assessment. The SAS enables auditors to:
Gain a targeted understanding of the entity's system of internal control to better identify and assess risks of material misstatement and to improve audit procedures
Better understand the role of information technology (IT), including identifying risks arising from an entity’s use of IT
Identify and assess risks of material misstatement and perform audit procedures responsive to those risks
Practice monitoring programs around the world have identified common issues in risk assessment procedures. Join us to learn how to strengthen your audits.
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