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Preparing for the New Risk Assessment Standard
Audit & Assurance

Preparing for the New Risk Assessment Standard

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.

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Nov 16, 2021

NASBA Field of Study




CPE Credits



Maria Manasses, Tracy Harding


3 months

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 Part of Webcast Pass
 Business & partner 
Product Details

AICPA Statement on Auditing Standards No. 145

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.

Key Topics

  • Risk assessment procedures, in particular, obtaining an understanding of the entity’s system of internal control and assessing control risk
  • Economic, technological and regulatory aspects of auditing
  • The applicable financial reporting framework
  • Evaluating control activities, including general IT controls
  • Assessing inherent risk and control risk
  • Maintaining professional skepticism
  • The "stand back" requirement

Learning Outcomes

  • Determine your responsibility to identify and assess the risks of material misstatement in the financial statements
  • Apply the new concepts in SAS No. 145 as you begin to plan and perform audits
  • Apply the enhanced or new requirements or guidance in SAS No. 145 that addresses several topics

Who Will Benefit

  • Auditors who are involved in performing risk assessment procedures, including identifying and assessing the risks of material misstatement in the financial statements
Credit Info
CPE Credits
NASBA Field of Study
Basic accounting and auditing experience
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
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Contact us
Maria Manasses
Tracy Harding
Tracy is BerryDunn’s Director of Quality Assurance. In this role, he coordinates the firm’s audit and accounting technical resources. He also serves as Chair of the AICPA Auditing Standards Board’s (ASB) Risk Assessment Task Force.

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Preparing for the New Risk Assessment Standard
Nov 16, 2021
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Nov 16, 2021
6pm7pm GMT
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