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Overview

2.0 Credits
ONLINE

SAS 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was issued in October 2021. The audit statement amends AU-C 315, including many changes to address common audit deficiencies. Review SAS 145 and its changes to AU-C 315 and evaluate the impact of audit methodology and documentation.

Objectives

  • Recall changes to risk assessment requirements
  • Identify impact on audit methodology

    • Major Topics

     

    Designed For

    Ideal for accountants in public practice

    Prerequisite

    Prior experience with AU-C 315

    Advanced Preparation

    The AICPA has identified that one in ten audit firms are not compliant with the risk assessment standards. This course will discuss how to properly identify risks and assess risk under AU-C 315. We’ll then discuss how to respond to identify risks under AU-C 330. The course will focus on the audit risk model and focus on both inherent risk and internal controls. We’ll discuss common deficiencies and how risk assessment can be used to perform a more efficient and effective audit. In longer courses, the course will also address the changes to risk assessment in SAS 145.

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