Description
The AICPA has identified risk assessment as an area of focus for its Enhancing Audit Quality Initiative as deficiencies in auditor’s risk assessment procedures continue to be a common issue identified in peer review. SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, was written to improve the quality of risk-based audits. While key concepts do not fundamentally change, the standard works to clarify and enhance certain aspects of the identification and assessment of the risks of material misstatement to drive better risk assessments and hopefully overall enhance audit quality.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Objective
After attending this presentation you will be able to...Recognize key risk assessment concepts applying to SAS No. 145 in identifying and assessing risks of material misstatement Determine the impact to the risk assessment process and the work to be performedIdentify risk assessment procedures related to the various components of the entity’s system of internal controlRecall how to scale risk assessment requirements to be effective and efficient, particularly for less complex entitiesRecall when and how to evaluate design and determine the implementation of controlsRecognize risk assessment requirements to appropriately identify risks arising from the use of information technology (IT) and related general IT controlsIdentify potential risk assessment and related audit documentation traps
Credit Types
- Auditing: 2
Registration Fees
| Registration | Type | Price |
|---|---|---|
| Rebroadcast - General (2 hours) | Members | $100.00 |
| Rebroadcast - General (2 hours) | Non Members | $225.00 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.