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Risk Assessment Under SAS No. 145
Audit & Assurance

Risk Assessment Under SAS No. 145

Overcome the challenges commonly faced when conducting risk assessment in conjunction with SAS No. 145.

$118 - $142
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NASBA Field of Study




CPE Credits



Maria Manasses, Elizabeth Gantnier


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 Business & partner 
Product Details

Get familiar with SAS No. 145

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

Key Topics

  • 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

Learning Outcomes

  • 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.

Who Will Benefit

  • Practitioners who perform audit engagements
Credit Info
CPE Credits
NASBA Field of Study
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
2 hrs
For more information, please refer to CPE requirements and NASBA sponsorship information
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Contact us
Maria Manasses
Maria Manasses is a partner with Grant Thornton LLP with over 25 years of experience in accounting and auditing. She acts a steward to the accounting and auditing profession at large by supporting young developing professionals, promoting quality work and ethical behavior, and establishing and reinforcing sound professional standards. As Deputy Chief Auditor, Maria is primarily focused on audit methodology and supports the establishment of policies and procedures to comply with auditing and attestation standards, including the development and review of letters, documentation templates, practice aids, and other guidance as well as learning materials. She interfaces with others on the implementation of new standards and the implications to methodology, and consults on various technical assurance-related matters across service lines. Maria is a member of the AICPA Auditing Standards Board and was the chair of the ASB’s Risk Assessment Task Force.
Elizabeth Gantnier
Elizabeth Gantnier serves as a Professional Practice Partner for various offices in the DHG footprint, providing accounting and auditing services to both privately held and publicly traded companies. In this role she provides support to engagement teams on technical accounting and auditing issues, completes second-level reviews, communicates new developments and monitors the quality of assurance services provided. As a partner in DHG’s Assurance Innovation and Methodology Group, Elizabeth brings more than 30 years of experience to the table. She focuses on statistical audits and has been a National AICPA instructor on technical accounting and auditing topics, winning the AICPA Outstanding Discussion Leader Award multiple years. Liz is the immediate past Chairperson of the Small Firm Task Force Committee of the Center for Audit Quality, a two time past member of the SEC Regulations Committee, a member of the AICPA Peer Review Board and Chairperson of the Standards Task Force, Chairperson of the Auditing Standards Board’s Other Information Task Force, immediate past chairman of the Maryland State Board of Public Accountancy, a two time past member of the Standing Advisory Group of the Public Company Accounting Oversight Board, and a past member of the Center for Audit Quality’s Professional Practice Executive Committee. Before joining Dixon Hughes Goodman, Liz worked with a Big Four firm as a statistical audit specialist, IT audit specialist and as an in-house professional development instructor. She is also a former Vice President of Finance for a publicly held manufacturing firm in Chesapeake, VA. Most recently she was the President and Director of Quality Control for Stegman & Company.

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Risk Assessment Under SAS No. 145
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