Self-Study

Applying and Scaling Audit Risk Assessment Procedures Under SAS No. 145

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Enhance audit quality and ensure compliance with SAS No. 145, the risk assessment standard, which became effective for audits of financial statements for periods ending on or after December 15, 2023, and learn the ins and outs of AU-C section 315.

Major subjects

• Changes and enhancements contained in SAS No. 145.
• Risk assessment process and procedures.
• Obtaining an understanding of the entity and its environment.
• Obtaining an understanding of the entity's system of internal control.
• Identifying and assessing the risk of material misstatement.

Learning objectives

• Distinguish the key concepts addressed by SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.
• Determine the auditor's role in the risk assessment process and identify the auditor's requirements for performing risk assessment procedures.
• Determine the scope, objectives, and key definitions contained in AU-C section 315.
• Identify the auditor requirements for obtaining an understanding of the entity and its environment, the applicable financial reporting framework, and the entity's system of internal control.
• Determine the required risk assessment procedures regarding the auditor's understanding and evaluation of the entity's control environment, risk assessment process, and process for monitoring the system of internal controls.
• Determine the required risk assessment procedures regarding the auditor's understanding and evaluation of the entity's information and communication and control activities.
• Determine the required procedures for identifying and assessing the risks of material misstatement.
• Identify the relevant requirements of linking risk assessment to further audit procedures.

Who should take this program?

• CPAs, peer reviewers, AICPA members and auditors.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $275.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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