Risk Assessment Under SAS No. 145
Overcome the challenges commonly faced when conducting risk assessment in conjunction with SAS No. 145.
Format
Webcast
Date
Sep 24, 2026
NASBA Field of Study
Auditing
Level
Basic
CPE Credits
1.5
Instructor
Maria Manasses, Elizabeth Gantnier
Availability
Product Number
WC5295961
Risk assessment is one of the most important phases of the audit. A well-executed risk assessment helps auditors understand the entity and its environment, identify where material misstatements are most likely to occur, and design audit procedures that are responsive to those risks rather than relying on standardized audit programs.
This webcast provides a practical, comprehensive look at the risk assessment process under AU-C section 315 (SAS No. 145). Participants will walk through each stage of the process, from obtaining an understanding of the entity and its system of internal control to identifying and assessing risks of material misstatement at both the financial statement and assertion levels. Along the way, the course emphasizes professional judgment, scalability, documentation, and the direct relationship between assessed risks and further audit procedures.
Special attention is given to evaluating the five components of the entity's system of internal control, determining when design and implementation of controls must be evaluated, understanding risks arising from the use of information technology, applying the concepts of inherent risk and the spectrum of inherent risk, and documenting the rationale supporting audit judgments. The course also addresses common peer review deficiencies and practical considerations for audits of less complex entities, helping practitioners build a more effective and well-supported audit approach.
Key Topics
- The audit risk model and the relationship between inherent risk, control risk, and detection risk
- Performing effective risk assessment procedures
- Understanding the entity and its environment, including the applicable financial reporting framework
- Understanding the entity’s system of internal control
- Identifying and assessing risks of material misstatement at both the financial statement and assertion levels
- Common issue areas, as noted by the AICPA Peer Review Program
Learning Outcomes
- Recall why risk assessment is important.
- Recognize the areas where practitioners may struggle.
Who Will Benefit
- Practitioners who perform audit engagements
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