Applying Scaling Audit Risk Assessment Procedures Under SAS No. 145
You'll enhance audit quality and ensure compliance by delving into the risk assessment standard (SAS No. 145) and learning the ins and outs of AU-C section 315.
Format
Online
NASBA Field of Study
Auditing
Level
Intermediate
CPE Credits
6
Author(s)
AICPA and CIMA staff
Availability
1 year
Product Number
RAEAQ226SSO
A deep dive into SAS No. 145
SAS No. 145 does not fundamentally change the key concepts underpinning audit risk. Rather, it clarifies and enhances certain aspects related to identifying and assessing the risks of material misstatement to drive better risk assessments and improve audit quality.
You'll learn delve into SAS No. 145 and the ins and outs of AU-C section 315, including:
- Key concepts addressed by SAS No. 145
- the steps to use when applying it, and
- additional considerations when using it.
Key Topics
- Risk assessment process
- Auditor's role in the risk assessment process and procedures
- Scope, objectives, and key definitions of AU-C section 315
- Auditor requirements
- Further audit procedures
Learning Outcomes
- 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 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 information system and communication relevant to the preparation of the financial statements.
- Determine the required procedures for identifying and assessing the risks of material misstatement.
- Apply the final steps to complete the risk assessment procedures required by AU-C section 315.
- Identify the relevant requirements of linking risk assessment to further audit procedures.
Who Will Benefit
- CPAs
- Peer reviewers
- AICPA members
- Auditors
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