SAS 145 & You: An Ongoing Assessment

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Effective Dec. 15, 2023, the AICPA Statement on Auditing Standards (SAS) No. 145 brings risk assessment processes to the forefront. Explore the road so far by reviewing the enhanced definitions SAS 145 sets forth, including those impacting assertions, relevant assertion, inherent risk and more. 

Basic Course Information

Learning Objectives

• Analyze the enhanced definitions and key concepts introduced by AICPA SAS No. 145 to assess risks of material misstatement and their impact on audit procedures

Major Subjects

• SAS 145 - Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
• Understanding the Components of the Entity's System of Internal Control
• Accounting Process vs. Control
• Audit Documentation and Risk Assessment
• Risks Arising from the Use of IT
• Inherent Risk