Risk Assessment Under SAS No. 145 - Connecticut Society of CPAs

Overview

Get familiar with SAS No. 145 (bold)

In October 2021, the AICPA Auditing Standards Board issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement.

SAS No. 145 does not fundamentally change the key concepts underpinning audit risk. Rather, it clarifies and enhances certain aspects of the identification and assessment of the risks of material misstatement to drive better risk assessments and, therefore, enhance your audit quality.

Hear from members of the Auditing Standards Board’s risk assessment task force as they help you learn to navigate SAS No. 145 and examine new and updated concepts including:

A new definition of significant risk

New guidance on maintaining professional skepticism

Revised requirements to evaluate the design of certain controls

Separately assessing inherent risk and control risk

Revised requirements regarding audit documentation

New guidance on scalability

Objectives

Recall why risk assessment is important.
Recognize the areas where practitioners may struggle.
Identify the major differences in risk assessment under SAS No. 145 and why they were incorporated by the Auditing Standards Board.
Recognize the practical impact to the risk assessment process and the work to be performed.

Highlights

Risk assessment under SAS No. 145

Overview of the steps to perform during risk assessment

Testing the design, implementation, and operating effectiveness of controls

New concepts due to the issuance of SAS No. 145

Designed For

Practitioners who perform audit engagements

Prerequisites

None

Notice

You will receive an email from the AICPA with instructions to access the webinar.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Elizabeth Gantnier

Leader Bios

Elizabeth Gantnier

Elizabeth S. Gantnier, CPA Vitae Elizabeth Gantnier is a Certified Public Accountant and Director of Quality Control for Stegman & Company of Baltimore, MD. She is a former Vice President - Finance for a publicly held manufacturing firm in Chesapeake Virginia after having spent ten years with KPMG in the Richmond, VA and Norfolk VA offices where she was a statistical audit specialist, in-house professional development instructor, and EDP specialist. When she is not working with clients of Stegman & Company, she is a national instructor for the AICPA on topics including fraud, accounting and auditing as well as SEC related topics and internal control. Additionally, she has been a nationally recognized CPA Review Instructor. Liz is a panelist in the national AICPA continuing education videos on SEC Reporting, Forensic Accounting and Understanding the New Statements on Auditing Standards. Liz has been a recipient of the AICPA’s Outstanding Discussion Leader Award for several years. She is a member of the Center for Audit Quality’s Professional Practice Executive Committee. Currently, Liz is the moderator for the quarterly AICPA Webcast on SEC related topics. Ms. Gantnier has expertise with audits of publicly held companies, governments and construction contractors, financial institutions, manufacturers, employee benefit plans and not-for-profit entities. She is a highly rated instructor on technical, management and personal development topics, and is also the author of the AICPA’s programs on benchmarking, inventory valuation, auditing in a paperless society and auditing electronic evidence.

Return to Top