Recent feedback from the AICPA has emphasized the importance of performing an effective risk assessment to identify and evaluate the risk of material misstatement in a financial statement audit. SAS 145, the 2023 amendment to AU-C 315, makes significant changes to the extant risk assessment standard and certain changes to other standards as well.
This course features a live instructor and has been specifically designed for the NJCPA.
DESIGNED FOR
All auditors involved in applying the risk assessment requirements
BENEFITS
- Recall key concepts in the risk assessment standards, including various requirements
- Recognize how to implement the standards in practice
- Identify approaches to comply with professional standards while auditing in a virtual environment
HIGHLIGHTS
- Audit process and planning
- Materiality, performance materiality, and tolerable misstatement
- Assessing the risk of material misstatement
- Understanding internal controls and when the auditor must evaluate the design and implementation of internal controls
- Designing procedures to test the effectiveness of controls
- Issues noted related to performing substantive procedures
- Documentation
- Communication with the Client and Governance
PREREQUISITES
None
ADVANCE PREPARATION
None