SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was written to improve the quality to risk-based audits. The concepts apply to financial statements audits, including those performed in accordance with Government Auditing Standards. This course will discuss the important clarifications and enhancements intended to improve audit quality. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation you will be able to...
- Identify clarifications and enhancements made to the risk-based audit process post-SAS No. 145
- Recognize core concepts fundamental to high quality risk-based financial statement audits
Major Topics
The major topics that will be covered in this class include:
- New definitions and requirements related to identifying and evaluating risks of material misstatement per SAS No. 145
- Improved application of risk-based audit concepts for a higher-quality audit
